The Public-Private Alliance to Retain Talent and Expand Regional Health Program Act establishes a new grant program within the New Jersey Department of Health aimed at recruiting and retaining health care professionals by providing student loan and tuition relief. The program will offer grants to qualified recruitment and retention servicers, which will assist health care professional students in securing post-graduation employment and managing their educational expenses. To qualify for the grants, servicers must partner with hospitals that provide employment opportunities and commit to matching state funds at a rate of 200 percent, except for University Hospital, which is exempt from this requirement.

The bill appropriates $5 million from the General Fund to support the program and outlines specific application and reporting requirements. It mandates that the Department of Health open an application period for grants within 60 days of funding appropriations and award grants within 30 days of the application period's close. Additionally, the Commissioner of Health is required to submit an annual report detailing the program's effectiveness in improving the recruitment and retention of health care professionals in the state. The act will take effect immediately but will remain inoperative for 60 days following its enactment.