Allows reverse auctions for certain health benefits.

S 3470 allows New Jersey to use reverse auctions for specific health care contracts under the State Health Benefits Program, School Employees' Health Benefits Program, and Medicaid Managed Care Program, excluding pharmacy benefit management contracts. In a reverse auction, health care providers would compete by lowering their prices in real-time to secure state contracts, aiming to achieve better value for taxpayers. The bill requires the state to document and later make public the details of any negotiations related to these contracts to ensure transparency. This change modifies existing procurement rules to expand competitive bidding options for these health benefits programs.