Bill H.71 aims to strengthen the oversight of health care entity transactions in Vermont by requiring these entities to notify the Green Mountain Care Board and the Attorney General before engaging in significant transactions. The bill establishes a new chapter in the Vermont Statutes Annotated that defines key terms related to transactions and mandates a 180-day advance notice period for material change transactions. It also emphasizes public reporting on ownership and control of health care entities while ensuring that confidential information remains protected from public inspection. The Green Mountain Care Board, in consultation with the Attorney General, will review proposed transactions and can approve, conditionally approve, or disapprove them based on various criteria, including market impact and compliance with laws.

Additionally, the bill introduces regulations to prevent the corporate practice of medicine, ensuring that only licensed individuals can own medical practices and maintain control over clinical decisions. It prohibits noncompetition agreements and certain nondisclosure agreements between employed licensees and their employers, rendering them void. Health care entities are required to report detailed ownership information to the Green Mountain Care Board every two years, with penalties for noncompliance. The act is set to take effect on July 1, 2025, and aims to enhance transparency, accountability, and the integrity of medical practice ownership in Vermont.