Authorizes the managed care assessment fee to be assessed against specified insurers and administered by the office of the secretary of family and social services. Establishes the managed care assessment fee committee. Sets forth requirements of the managed care assessment fee. Establishes the high risk pool fund. Expires the managed care assessment fee on June 30, 2025. Allows certain providers to contractually agree to a different reimbursement rate with a managed care organization as part of a value based services contract. Excludes hospitals and private psychiatric hospitals. Provides for payments to hospitals out of the phase out trust fund and expires the fund. Exempts: (1) physician owned hospitals; and (2) hospitals that only provide respite care to certain individuals; from the hospital assessment fee. Makes assessment of the hospital assessment fee subject to federal approval of changes made by this act. Requires the hospital assessment fee committee to: (1) review and approve the quality program; and (2) be guided to ensure hospitals are reimbursed at a rate that meets specified requirements. Specifies components of a state directed payment program. Specifies uses of the hospital assessment fee and that hospital assessment fees will not be used for disproportionate share payments if the state directed payment program is implemented. Reduces the hospital fee assessment by the managed care assessment fee and the payment from the phase out trust fund. Requires the commissioner of the department of insurance to revoke or suspend the authority of a managed care organization to do business in Indiana if the managed care organization fails to pay the managed care assessment fee. Repeals language concerning the hospital care for the indigent program. Repeals language specifying the distribution of the hospital assessment fee.