This bill amends the Social Security Act to revise certain physician self-referral exemptions related to physician-owned hospitals. It introduces a new exemption for "covered rural hospitals" from specific self-referral prohibitions, aiming to facilitate physician ownership in underserved areas. A "covered rural hospital" is defined as one located in a rural area and situated more than a 35-mile drive (or 15-mile drive in certain terrains) from another hospital or critical access hospital. Furthermore, the bill removes the existing prohibition on the expansion of existing physician-owned hospitals , allowing these facilities to grow their capacity.