Vermont health care facilities and management services organizations, which handle administrative work for providers, have until March 1, 2027, to tell the Green Mountain Care Board whether a private-equity group or hedge fund held a stake in them on June 1, 2026. An organization with no such stake must file a statement saying so.
The requirement comes from Act 133 of 2026, which the governor signed June 15 and which took effect July 1. The section of the act that limits control of care says its purpose is to keep clinical decision making and treatment decisions "exclusively in the hands of health care providers" and to guard against unlicensed owners, such as private equity groups and hedge funds, exerting influence or control over care. The ownership reports are how the board will learn who the investors are. The board has an implementation page for the law.
Who reports and what they say
The law covers health care facilities and management services organizations, which the act defines as organizations that contract with a provider to handle management or administrative work. A stake counts if it is direct or indirect ownership of more than 5 percent of an entity's equity, stock or profits, among other kinds of investment interest.
An organization with a stake must report the name, business address and identification numbers of each owner, controlling party and significant equity investor, plus an organizational chart, its latest profit and loss statement and its balance sheet. After March 1, 2027, it must report again when a stake appears or changes. The board's page lists exemptions that match the statute: nursing homes, health care staffing companies, federally qualified health centers, and entities that deliver Vermont services only by telehealth.
Penalties and what becomes public
An organization that knowingly fails to report faces a civil penalty of up to $50 a day, capped at $10,000 a year, which the cap reaches after 200 days. A material misrepresentation in a report carries a penalty of up to $25,000 for each one. The attorney general can sue in Superior Court to collect.
Most of what is reported is public. Profit and loss statements and balance sheets are confidential, though the board must share them with the Office of the Health Care Advocate. By July 1, 2027, and every two years afterward, the board must post a report on the ownership information it received.
Limits on control of care
Separately, the act bars a private-equity group or hedge fund with an interest in a Vermont health care facility from interfering with providers' clinical judgment. That includes choosing diagnostic tests, referrals and care plans, deciding how many patients a provider sees, and controlling clinical staffing levels, medical records content, billing and coding, or the prices the facility charges. A provider harmed by a violation can sue for equitable relief, damages and attorney's fees. Unlicensed businesses may still provide nonclinical management or consulting if a licensed provider keeps final responsibility and the arrangement does not amount to de facto control.
The board's timeline shows stakeholder meetings and development of the reporting process running from fall 2026 into winter 2027, with meeting materials and notes to be posted as they become available. It invites comments from health care organizations, providers and the public through a form on its page or by email at GMCB.Board@vermont.gov. The board's phone number is 802-828-2177.
