This bill establishes the Health Care Cost Containment Commission within the New Jersey Department of Health and allocates $5 million for its operations. The commission's primary objectives include creating data analytics and reporting mechanisms to enhance healthcare affordability, reviewing healthcare expenditures, identifying trends in healthcare cost and hospital price growth, and establishing a healthcare cost growth benchmark. The commission will consist of 15 members appointed from various sectors, including government, healthcare, and consumer advocacy, and will aim to reduce the rate of growth in per capita healthcare spending while promoting equitable access to high-quality care.

Additionally, the commission is tasked with preparing an annual report for the Governor and Legislature that includes relevant data, established cost growth benchmarks, and policy recommendations to lower healthcare costs. The bill also mandates that the Commissioner of Health adopt necessary rules and regulations to implement its provisions, with the act set to take effect 180 days after enactment.