The bill establishes a framework for creating a comprehensive health care entity registry in Washington State, aimed at addressing the challenges of access and affordability in the rapidly changing health care landscape. The legislature recognizes significant consolidation and investment trends in the health care market, including a rise in private equity acquisitions, which have not alleviated existing disparities in care access. The lack of a complete and transparent registry of health care systems and entities has hindered the state's ability to evaluate these changes effectively. Therefore, the bill mandates the development of a plan and recommendations for establishing this registry, which will facilitate monitoring and understanding of market trends.

To implement this, the Department of Health, in collaboration with various state offices and stakeholders, is tasked with identifying the health care entities required to report, the information they must provide, and the associated fees for registration. The plan must also consider streamlining reporting processes and enhancing information sharing among state agencies. A progress update is required by December 31, 2027, with a final report due by November 1, 2028, detailing any remaining data gaps and an implementation strategy for the registry. Additionally, the bill stipulates that if specific funding for its purposes is not allocated by June 30, 2025, the act will become null and void.