S.B. No. 1595 introduces Chapter 550A to the Government Code, which requires certain health care entities in Texas, including providers and organizations with total assets or anticipated annual revenue of at least $10 million, to report ownership and control information annually. The bill specifies the information that must be reported, including details about the entity's operations, ownership interests, and affiliated providers, as well as defining "material change transactions" that trigger these reporting requirements.

The legislation also establishes exemptions for independent provider organizations with three or fewer physicians that are not controlled by another entity, provided they comply with reporting requirements if they undergo a material change transaction. Additionally, health care providers owned by another entity are exempt if the controlling entity reports on their behalf. The bill mandates the secretary of state to publish an annual report on ownership and control information and allows for audits of non-compliant entities, imposing civil penalties based on the size and revenue of the health care entity. The bill is set to take effect on September 1, 2025, with the first report due by July 1, 2026.