Update at 2:40 p.m.: House Speaker Robert DeLeo and Rep. Steven Walsh have introduced their legislation the Health Care Quality Improvement and Cost Reduction Act of 2012 and CommonHealth has the details, including a 12-point recap of the bills main provisions.

Update at 7 p.m.: In All Things Considered, WBURs Deborah Becker reported on the parameters of the legislation, and WBURs Curt Nickisch reported on industry reaction to a so-called luxury tax on pricey hospitals.

Original post:

The latest effort to reform health care in Massachusetts what WBURs Martha Bebinger yesterday dubbed Chapter Two takes center stage on Beacon Hill today.

During an afternoon news conference, House leaders will unveil their long-awaited legislation to rein in rising health care costs in the state.

As our Newscast unit reported earlier, discussions among legislators and advocates have centered on proposals to do away with the industrys traditional fee-for-service spending model, and instead move toward a system in which providers are given a budget (so-called global payments) for the overall care of each patient.

As Martha reported yesterday in her preview feature:

The House and Senate are expected to build on movements that are already under way: global payments, electronic health records and the increased focus on primary care.

The Senate plans to unveil its version of the legislation next week. Senate President Therese Murray has said she expects the final bill to pass the Legislature by July 1.

The latest health care moves on Beacon Hill come more than a year after Gov. Deval Patrick outlined a bill to give state government more authority over controlling health spending, and more than six years after Chapter One Massachusetts landmark universal coverage law.

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Mass. House Will Unveil Bill Seeking To Rein In Health Costs