The "Public-Private Alliance to Retain Talent and Expand Regional Health Program Act" establishes a new grant program within the New Jersey State 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 are entities that coordinate agreements between educational institutions and hospitals to facilitate financial assistance for health care professional students. The bill outlines specific definitions for key terms, such as "applicant," "partner hospital," and "qualified recruitment and retention servicer," and sets forth the criteria for grant applications, including the requirement for partner hospitals to provide non-State-sourced matching funds equal to at least 200 percent of the grant amount, with the exception of University Hospital.

Additionally, the bill appropriates $5 million from the General Fund to support the program and mandates that the Department of Health open an application period for grants within 60 days of funding appropriations. It also stipulates that recipients of the grants may not provide more than $10,000 per year or $30,000 in total to any individual health care professional for loan repayment or tuition reimbursement. The Commissioner of Health is required to submit an annual report summarizing 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.