The bill proposes the complete repeal of Chapter 23-15 of the General Laws, known as the Health Care Certificate of Need Act of Rhode Island, which previously governed the review and approval process for new healthcare services and equipment. In its place, the bill introduces new sections that include a short title, definitions, and a purpose statement, while eliminating extensive legal language related to affected persons, cost-impact analysis, and healthcare facilities.

Key changes include the establishment of exemptions for nonclinical capital expenditures, research-related expenditures, and voter-approved capital bond issues, which will no longer require a certificate of need review. The bill also modifies the health services council's review process, emphasizing affordability before recommendations can be made, and mandates the development of rules for timely reviews and public participation.

Additionally, it introduces provisions for application fees, the engagement of experts, and annual reporting on reviews conducted, ensuring transparency and accountability in the healthcare approval process. The act will take effect upon passage.