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 governed the review and approval process for new healthcare services and equipment. It introduces new sections that include a short title, definitions, and a purpose statement while eliminating extensive legal language related to the criteria for determining the need for new healthcare services and equipment. The aim is to streamline the regulatory process for healthcare providers by removing the previous requirements for prior review and approval by the health services council and the state agency.

Additionally, the bill establishes exemptions for certain expenditures, such as nonclinical capital expenditures, research-related costs, and voter-approved capital bond issues for healthcare facilities, which will no longer require a certificate of need review. It modifies the health services council's review process to emphasize affordability and mandates the development of rules for timely reviews and public participation. The bill also introduces new provisions regarding application fees and the engagement of experts, while repealing existing requirements related to economic conditions and the initiation of new health services. Overall, the act seeks to simplify and expedite the approval process for healthcare initiatives in Rhode Island.