Bill S.55, introduced by Senators Hardy and Gulick, aims to direct the Green Mountain Care Board to create a comprehensive plan for implementing reference-based pricing for hospital services in Vermont. The bill outlines specific requirements for the plan, including a timeline for gradual implementation across all inpatient and outpatient services, recommendations for initial benchmark rates based on Medicare, estimated potential savings, and methods to ensure quality of care and protect patients from balance billing. Additionally, the plan must address the impacts on hospitals and align with the state's healthcare reform efforts.

The Green Mountain Care Board is required 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 bill also states that it will take effect upon passage.