New house legislation in the state is likely to "impact a large portion of healthcare-related transactions within Illinois going forward," Lexology reported May 30.
While there is no minimum dollar amount for any proposed healthcare transaction, the regulation oversight is expected to affect deals that would not be subject to federal filing requirements under the Hart-Scott-Rodino antitrust act,, the report said. It will target "provider organizations" such as physician groups and accountable care entities that represent 20 or more providers and that are contracted to healthcare carriers.
The legislation, which would become effective Jan. 1, 2024, once signed by Gov. J.B. Pritzker, would also deal with transactions where an out-of-state entity would generate more than $10 million in annual revenue from local patients.
The Illinois attorney general would have advance notice of at least 30 days for relevant transactions and can ask for further information, further extending that 30-day limit.
"It is possible that this new process may cause substantial delays for transactions," according to the report. "Further, if the Illinois attorney general deems the transaction to be anticompetitive, it is possible that the parties may be prevented from completing a covered transaction."