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 current framework for assessing the need for new healthcare equipment and institutional health services. In its place, the bill introduces new sections that include a short title, definitions, and a purpose statement aimed at establishing standards for the authorization and allocation of new healthcare services and equipment.

The bill outlines a review and approval process for proposed services or equipment, ensuring alignment with state health plans and financial feasibility, while emphasizing the importance of affordability in the health services council's recommendations. It introduces amendments that exempt certain capital expenditures from the certificate of need review, such as nonclinical capital expenditures and capital expenditures related to research in basic biomedical or medical research areas, as well as voter-approved capital bond issues for healthcare facilities.

Additionally, the bill establishes procedures for expedited reviews of proposals addressing emergency needs or safety hazards and redefines the role of the health services council as an advisory body to the state agency. It sets forth new application fee structures for certificate of need applicants, including fees for expeditious reviews and for applications proposing new or expanded tertiary or specialty care services. The bill allows the state agency to engage experts and consultants at the applicant's expense, with a maximum cost limit established.

The repeal of existing statutes aims to streamline the regulatory process and reduce burdens on healthcare providers, with the new framework taking effect immediately upon passage.