Establishes Office of Health Care Affordability and transfers to office functions of Oregon Health Authority related to containment of health care costs.

Prohibits noncompetition agreements for physicians licensed to practice medicine in this state unless physician executes agreement as part of sale of 25 percent or more of medical practice. Prohibits hospital or management service organization from taking disciplinary action against physician licensed to practice medicine in this state for physician’s violation of noncompetitive agreement, nondisclosure agreement or nondisparagement agreement or for disclosing or reporting information that physician in good faith believes is violation of federal or state law, rules or regulations. Requires hospital and professional corporation organized for purpose of practicing medicine to report certain information concerning ownership of hospital or professional corporation to Oregon Health Authority and requires authority to make information publicly available.

Exempts rehabilitation facilities from requirement to obtain certificate of need.

Expands network adequacy requirements to health benefit plans offered to large employers and modifies requirements.

Directs Oregon Health Authority to administer two-year demonstration project in two counties to test whether expanding scope of compensable services provided by community health workers can improve outcomes for low-income families and children at risk of entering foster care system.

Requires Department of Consumer and Business Services to study factors contributing to cost of health insurance premiums.

Requires pharmacy benefit managers to annually report to Department of Consumer and Business Services information about certain rebates, fees, price protection payments and other payments received from prescription drug manufacturers.

Requires pharmacy benefit managers and group purchasing organizations to annually report to Department of Consumer and Business Services information relating to prices, rebates, fees and similar information.

Prohibits health benefit plans from imposing prior authorization or other utilization review requirements on coverage of proton beam therapy that do not apply to coverage of radiation therapy

Directs the Oregon Health Authority (OHA) to study the Health Evidence Review Commission (HERC), its use of research and evidence, the deliberative processes of its committees and subcommittees, and its use of vendors and experts for research and analysis. Directs the OHA to study the use of the prioritized list of health services to determine access to medically necessary treatment and services. Directs OHA to study the use of quality of life measures in determinations about coverage of treatment. Requires OHA to submit a report to interim committees of the Legislative Assembly related to health care no later than September 15, 2024. Repeals the act on January 2, 2025.