A proposal to increase oversight of hospital mergers in New Mexico — and shift the duty from the state insurance superintendent to the Health Care Authority — has gained traction as the legislative session heads toward its last day.
The House of Representatives approved House Bill 586 in a 41-26 vote Monday. It now heads to the Senate, where it faces a committee process before it can receive a vote on the Senate floor.
The effort to expand the state's oversight of hospital transactions comes as New Mexico grapples with a particularly high rate of private equity-owned hospitals. Currently, 38% of the state's hospitals are owned by private equity firms — the highest rate in the nation — according to a 2024 report by the Private Equity Stakeholder Project.
“As health care is increasingly impacted by large corporations and private equity, our communities are worried about fewer services, increasing health care costs, and poor working conditions for health care professionals,” Rep. Reena Szczepanski, D-Santa Fe, the sponsor of HB 586, said in a statement after the bill's passage in the House.
She added, “House Bill 586 increases transparency and accountability while giving the state authority to review mergers or buyouts so we can ensure quality care remains affordable and accessible for all New Mexicans.”
Along with increasing oversight and shifting that responsibility, the measure bolsters public input requirements and adds whistleblower protections.
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