The General Assembly Substitute Bill No. 6873 aims to enhance the regulatory framework surrounding transactions involving health care entities by repealing Section 19a-486i and introducing new definitions for terms such as "Advanced practice registered nurse," "Group practice," "Health care entity," and "Private equity entity." The bill restructures existing definitions for clarity and relevance, replacing "group practice" with "health care entity" in the context of primary service areas. It emphasizes the role of private equity entities in health care, specifically those that acquire ownership shares in health care entities, while excluding early-stage venture capital firms. The bill also mandates that businesses involved in mergers or acquisitions of hospitals or health care providers notify the Attorney General when filing relevant information with federal authorities, extending the notification period from thirty to sixty days.

Additionally, the bill outlines specific criteria for "material change transactions," requiring written notice to the Attorney General prior to significant corporate changes, including mergers and acquisitions. It mandates annual reporting for hospitals and group practices, including advanced practice registered nurses, to enhance oversight and compliance with antitrust laws. The bill also introduces new certificate of need requirements for various health care services and equipment, imposing fines for non-compliance and clarifying the authority of state agencies to review transactions. These changes are set to take effect on October 1, 2025, aiming to improve transparency and protect market competition in the health care sector.

Statutes affected:
Governor's Bill:
PH Joint Favorable:
File No. 590:
APP Joint Favorable: