Maine lawmakers are adding their weight behind increased oversight of proposed healthcare mergers and acquisitions in the state. The move comes as other states are enacting similar legislation.
The HB 894 proposal plans for additional oversight for Maine's attorney general, including a 60-day period a Maine-licensed healthcare entity must inform the attorney general ahead of entering a "material change transaction," according to commentary from legal group Sidley Austin.
Some transactions, including those resulting in any transfer of assets valued at over $2 million and that would result in a significant change in market share, would be subject to more comprehensive review, extending the period of approval to over six months, the commentary said.
At least six states — California, Connecticut, Massachusetts, Nevada, Oregon and Washington — have recently enacted laws designed to increase state oversight of proposed healthcare transactions, and New York is considering similar proposals to Maine.
"And we expect this number to grow," Sidley Austin said. "Sidley will continue to closely monitor these state-level developments."