Private equity groups would face limits on health care decisions

Private equity groups and hedge funds involved with Vermont health care facilities would be barred from interfering with providers’ health care decisions or controlling listed parts of patient care. The rule covers private equity groups and hedge funds involved with health care facilities in Vermont. It includes pricing, diagnosis and procedure coding and billing, and selection of medical equipment and supplies. A health care provider who is harmed by a violation may bring a case in Superior Court. The provisions take effect July 1, 2026.

Covered health care facilities and management services organizations would have to report their private equity and hedge fund ownership or investment interests to the Green Mountain Care Board. The initial report covers ownership or investment interests held as of June 1, 2026. Nursing homes, health care staffing companies, federally qualified health centers, and entities offering only telehealth services in Vermont are exempt. Entities with the specified ownership or investment must provide financial-interest information, an organizational chart, and their most recent annual profit-and-loss statement and balance sheet. After the initial deadline, covered entities must report new or changed involvement with a private equity group or hedge fund. Most reported information would be public, but providers’ Social Security numbers and personal contact information, along with profit-and-loss statements and balance sheets, must remain confidential. Knowingly failing to report or making a material misrepresentation may result in a civil penalty. The initial report is due by March 1, 2027. New or changed involvement must be reported after March 1, 2027.

The Green Mountain Care Board would publish reports about covered private equity and hedge fund involvement and could share reported information with specified state officials. The reports cover information submitted by health care facilities and management services organizations with private equity or hedge fund ownership or investment involvement. The Board may share information with the Attorney General, Secretary of State, and other state agencies or officials to avoid duplicate reporting and support oversight and enforcement. The Board’s first website report is due July 1, 2027, and additional reports are due every two years afterward.