The bill S.55, introduced by Senators Hardy and Gulick, mandates the Green Mountain Care Board to create a comprehensive plan for implementing reference-based pricing for both inpatient and outpatient hospital services in Vermont. The plan must include a gradual timeline for implementation across all health insurance plans and payer types, initial benchmark rates based on Medicare rates, estimated savings, quality of care measures, and protections against balance billing for patients. Additionally, the Board is tasked with assessing the impacts of this pricing model on hospitals and aligning it with the state's healthcare reform efforts.

The bill requires the Green Mountain Care Board to submit its implementation plan by February 1, 2026, to relevant legislative committees, along with recommendations for extending reference-based pricing to nonhospital services. The act will take effect upon passage.