The Vermont Statutes Online

Title 18 : Health

Chapter 233 : Clinical Decision Making

• § 9773. Reporting of ownership and control of certain health care entities

  (a) On or before March 1, 2027, each health care facility and each management services organization shall provide to the Green Mountain Care Board either:

  (1) for a health care facility or management services organization in which one or more private equity groups or hedge funds held an ownership or investment interest as of June 1, 2026, the information required by subsection (b) of this section; or

  (2) for a health care facility or management services organization in which no private equity group or hedge fund held an ownership or investment interest as of June 1, 2026, an attestation that the health care facility or management services organization currently has no private equity or hedge fund ownership or investment.

  (b) Each health care facility or management services organization in which one or more private equity groups or hedge funds holds an ownership or investment interest as of June 1, 2026, shall report the following information to the Green Mountain Care Board, in a form and manner required by the Board:

  (1) the name, business address, and business identification numbers for each person that, with respect to the relevant health care facility or management services organization:

  (A) has an ownership or investment interest;

  (B) has a controlling interest;

  (C) for health care facilities only, is a management services organization; or

  (D) is a significant equity investor;

  (2) a current organizational chart showing the business structure of the health care facility or management services organization, including:

  (A) any entity listed in subdivision (1) of this subsection (b);

  (B) affiliates, including entities that control or are under common control as the health care facility or management services organization; and

  (C) subsidiaries; and

  (3) the health care facility’s or management services organization’s most recent fiscal year’s profit and loss statement and balance sheet.

  (c) After March 1, 2027, a health care facility or management services organization shall report the information described in subsection (b) of this section any time that:

  (1) a private equity group or hedge fund takes on an ownership or investment interest in the health care facility or management services organization that had not previously been reported to the Green Mountain Care Board in accordance with subsection (b) of this section; or

  (2) there is a modification to a private equity group’s or hedge fund’s existing ownership or investment interest in the health care facility or management services organization.

  (d) The Green Mountain Care Board shall collaborate with relevant stakeholders to develop the processes for reporting data pursuant to this section, and the Agency of Human Services shall provide relevant, necessary data to the Board.

  (e) The following entities are exempt from the reporting requirements set forth in this section:

  (1) nursing homes, as defined in 33 V.S.A. § 7102;

  (2) health care staffing companies;

  (3) federally qualified health centers; and

  (4) entities whose health care services delivered in Vermont are provided exclusively through telehealth, including services delivered using telemedicine and store-and-forward means, as those terms are defined in 8 V.S.A. § 4098a, and all forms of remote patient monitoring.

  (f) Information provided pursuant to this section shall be public information and shall not be considered confidential, proprietary, or a trade secret, except that:

  (1) any individual health care provider’s taxpayer ID that is also the individual’s Social Security number, and any nonbusiness telephone number, email address, physical address, or mailing address of any individual health care provider, shall be exempt from public inspection and copying under the Public Records Act and shall be kept confidential; and

  (2) all profit and loss statements and balance sheets submitted pursuant to subdivision (b)(3) of this section shall be exempt from public inspection and copying under the Public Records Act and shall be kept confidential, except that the Board shall provide copies of these materials, or the information contained in them, to the Office of the Health Care Advocate, which shall not further disclose this confidential information.

  (g)(1) A health care facility or management services organization that knowingly fails to report the information required by this section is liable to the State for a civil penalty of not more than $50.00 for each day, not to exceed a total of $10,000.00 for each year, that it fails to report the required information.

  (2) A health care facility or management services organization that makes a material misrepresentation in a report required under this section is liable to the State for a civil penalty of not more than $25,000.00 for each material misrepresentation included in the report.

  (3) The Attorney General may maintain an action in Superior Court to collect the penalties imposed in this subsection and to seek appropriate injunctive relief. (Added 2025, No. 133 (Adj. Sess.), § 1, eff. July 1, 2026.)