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 these grants, servicers must demonstrate partnerships with multiple educational institutions and hospitals, and they must secure non-State-sourced matching funds from partner hospitals that equal at least 200 percent of the grant amount, with the exception of University Hospital.

The bill appropriates $5 million from the General Fund to support the program and outlines specific application requirements and grant distribution processes. It limits the amount of grant money that can be awarded to individual health care professionals to $10,000 per year, with a maximum of $30,000 in total. Additionally, it mandates that health care professionals must commit to a minimum of three years of employment at the partner hospital to receive the benefits. The Commissioner of Health is tasked with reporting on the program's effectiveness annually, and the act will take effect immediately but will remain inoperative for 60 days post-enactment.