Establishes Aligning for Health Pilot Program (Pilot Program) administered by the Oregon Health Authority (OHA). Specifies Pilot Program goals, including: establishing more predictable and aligned payment models and metrics for providers regardless of payer; increasing the number of providers receiving population-based payments tied to health outcomes; rewarding health systems for keeping people healthy and containing costs; giving health systems and providers flexibility in how to deliver care; and providing more equitable and meaningful; access to quality health services and continuity of care. Specifies three phases for Pilot Program and prescribes requirements for phases and payers and purchasers participating in Pilot Program. Exempts payers participating in Pilot Program from requirements of Health Care Market Oversight program. Specifies requirements for OHA in administering Pilot Program, including allowable regulatory relief to given payers and providers and sufficient flexibility to provide incentives for innovation. Requires OHA to convene advisory group to make recommendations regarding required health equity fund. Specifies fixed rate of growth in global budgets for first five years of Pilot Program. Specifies stop-loss coverage amounts required to be included in risk mitigation strategy. Requires OHA to report to Legislative Assembly on responses received to request for proposals issued for Pilot Program. Requires OHA to complete formal evaluation of Pilot Program and submit report to Legislative Assembly following implementation of third phase. S