On Wednesday, May 3, 2023, Governor Kathy Hochul signed the New York State (“NYS”) budget for State Fiscal Year 2023–2024 into law, which, among other strategic initiatives, requires certain health care entities to provide a thirty (30)-day pre-closing notice to the State Department of Health (“DOH”) of certain “material transactions” that meet revenue thresholds within the State. The enacted legislation is notably different than the Governor’s initial proposal as part of her executive budget, which gave DOH broad authority to both review and approve material transactions and delegated to DOH the ability to define what transactions eclipse the threshold of materiality. While the enacted legislation imposes notice requirements, it does not grant DOH approval authority and excludes “de minimis” transactions from review.
Read the full article: New York Passes New Health Care Transaction Notice Requirements //
Source: https://www.ropesgray.com/en/newsroom/alerts/2023/05/new-york-passes-new-health-care-transaction-notice-requirements