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," thereby eliminating the existing framework for determining the need for new healthcare equipment and institutional health services. It introduces new sections that establish a revised regulatory framework, including provisions for the review and approval of healthcare services and equipment, which replaces the previous requirement for prior review by the health services council and state agency.

Key changes include exemptions from the certificate of need review for nonclinical capital expenditures, research-related expenditures, and voter-approved capital bond issues, which are intended to facilitate certain capital investments. The bill also establishes a new section outlining the procedures for review, including the requirement for the state agency to act within specified timeframes and to provide justifications for decisions that contradict the health services council's recommendations.

Additionally, it emphasizes public transparency by ensuring accessibility of applications and relevant materials. The bill repeals several existing provisions, including those related to economic conditions in affordability assessments and the initiation of new health services, aiming to enhance the efficiency and accountability of the healthcare review process. The act would take effect upon passage.