“Health care entity” shall:
(1) Have the meaning set forth in section 127500.2(k) of the Code;
(2) Include pharmacy benefit managers as set forth in sections 127501(c)(12) and 127507(a) of the Code; and
(3) Include any parents, affiliates, or subsidiaries that act in California on behalf of a payer and:
        (A) control, govern, or are financially responsible for the health care entity or are subject to the control, governance, or financial control of the health care entity, or
        (B) in the case of a subsidiary, are a subsidiary acting on behalf of another subsidiary; but
(4) Exclude physician organizations with less than 25 physicians, unless determined to be a high-cost outlier, as described in 127500.2(p)(6) of the Code. Any health care entity entering into a transaction with a physician organization of less than 25 physicians remains subject to the notice filing requirements of section 97435.