A new Massachusetts law gives the state Health Policy Commission firepower to keep insurers’ and providers’ costs to consumers in check, the Boston Business Journal reports.

The law, an extension of  the 2012 Massachusetts health-cost containment act, will, among other things:

1. Let the commission require performance-improvement plans for entities “whose excessive cost growth is deemed to threaten the state’s overall benchmark of keeping growth in total medical expenses below that of gross state product.”

2. Identify the providers and insurers  deemed to have  excessive cost growth, using data from the Center for Health Information and Analysis.

3. Give the commission  the authority to determine whether to require a plan. Organizations  that don’t make a good-faith effort to comply could be fined $500,000.