The proposed bill, titled the "Health Facility Consolidation Prevention Act," aims to regulate health facility acquisitions and mergers by requiring approval from the hospital cost review board and imposing a tax on such transactions. The bill defines key terms related to health facility consolidations, including "health facility," "health facility acquisition," and "health facility merger." It establishes that no person may enter into a health facility consolidation without board approval and payment of a health facility consolidation prevention assessment, which is set at 12% of the total purchase price or combined value of the facilities involved. The bill also outlines conditions under which a consolidation may be exempt from these requirements, particularly for smaller health facilities owned by health professionals.

Additionally, the bill mandates that applicants demonstrate commitments to reduce health service prices following a consolidation and prohibits price increases beyond a specified limit. It includes provisions for civil penalties for violations, allows the attorney general to enforce compliance, and requires annual reporting on consolidation activities to the legislature. The board is also empowered to promulgate rules for the implementation of the act. The act will only take effect if certain related bills are enacted into law.