The bill aims to establish a comprehensive health care entity registry in Washington State to address the challenges of access and affordability in the rapidly changing health care landscape. The legislature recognizes that significant consolidation and investment from for-profit entities, such as private equity firms, have not improved health care access, as evidenced by a 2024 survey indicating that many residents forgo necessary care due to costs. The lack of a complete and transparent registry of health care systems and entities has hindered the state's ability to evaluate the impact of these changes on access and affordability.

To create this registry, the bill mandates the Department of Health, in collaboration with various state offices and stakeholders, to develop a plan that identifies the health care entities required to report, the information they must provide, and the fees associated with registration. The plan must also consider streamlining reporting processes and understanding the business structures and funding of health care entities, including private equity investments. The department is required to update the legislature on its progress by December 31, 2027, and submit a final report by November 1, 2028, detailing any remaining data gaps and an implementation plan for the registry. Additionally, the bill stipulates that it will be null and void if specific funding is not provided by June 30, 2025.