The proposed bill, titled the "Rhode Island Healthcare Transaction Oversight Act," establishes a framework for the oversight of healthcare transactions in the state. It requires healthcare entities to submit written notice to the Rhode Island Attorney General and the Department of Health at least 180 days prior to any material change transaction. A material change transaction is defined as any corporate merger, acquisition, affiliation, joint venture, or significant change in control involving healthcare entities with total assets or annual revenues of at least $10 million. The notice must include all relevant documentation, such as transaction agreements, financial statements, and service plans.

Upon receipt of a complete notice, the Attorney General and the Department of Health will conduct a preliminary review within 30 days to either approve the transaction, approve it with conditions, or designate it for a comprehensive review if it is likely to significantly affect competition, prices, quality, access, or health equity in the Rhode Island healthcare market.

If designated for comprehensive review, the Attorney General and the Department of Health will conduct public hearings and a cost and market impact review (CMIR) within 90 days. The CMIR will assess various factors, including market share, pricing trends, access to services, and the impact on underserved populations. After the CMIR, the Attorney General and the Department of Health may approve the transaction, approve it with conditions, or disapprove it based on their findings.

The bill also allows for ongoing monitoring of approved transactions and the imposition of civil penalties for non-compliance, set at $10,000 per day. The act aims to ensure that changes in ownership or control of healthcare entities do not undermine financial sustainability, clinical independence, or the availability of essential healthcare services in Rhode Island.