Requires SHBP and SEHBP to implement referenced based pricing program and bundled payment program.

This bill requires New Jersey's State Health Benefits Program (SHBP) and School Employees' Health Benefits Program (SEHBP) to implement two specific payment models for health care services. It mandates a "referenced based pricing program" that establishes maximum payment amounts for certain elective medical procedures based on external pricing data, and a "bundled payment program" that pays a single global amount for all services provided during a defined episode of care. These changes apply to health care services covered under SHBP and SEHBP for state and school employees, retirees, and their dependents. The bill also includes provisions for expediting the procurement of vendors to implement these payment models.