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 them with 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 be eligible for grants, servicers must demonstrate partnerships with multiple educational institutions and hospitals, and they are required to secure non-State-sourced matching funds from partner hospitals equal to at least 200 percent of the grant amount, with the exception of University Hospital.

The bill also sets specific limits on the amount of grant money that can be awarded to individual health care professionals, capping it at $10,000 per year or $30,000 in total. Additionally, it mandates that any employment agreements include a stipulation for a minimum three-year commitment to work at the partner hospital. The act appropriates $5 million from the General Fund to support the program and requires the Commissioner of Health to report annually on the effectiveness of the grants in improving the recruitment and retention of health care professionals in the state. The program is set to take effect immediately but will remain inoperative for 60 days following enactment.