Owner Incentives and Performance in Healthcare: Private Equity Investment in Nursing Homes

被引：12

作者：

Gupta, Atul ^{[1
,2
]}

Howell, Sabrina T. ^{[3
,4
]}

Yannelis, Constantine ^{[3
,5
]}

Gupta, Abhinav ^{[3
,6
]}

机构：

[1] Univ Penn, NBER, Philadelphia, PA USA

[2] Univ Penn, Wharton Sch, Philadelphia, PA USA

[3] NBER, Cambridge, MA 02138 USA

[4] NYU Stern, New York, NY 10012 USA

[5] Chicago Booth, Chicago, IL USA

[6] UNC Kenan Flagler Business Sch, Chapel Hill, NC USA

来源：

REVIEW OF FINANCIAL STUDIES | 2024年 / 37卷 / 04期

关键词：

G14; G23; G28; I11; QUALITY-OF-CARE; POST-ACUTE CARE; BUYOUTS; NONPROFIT; FIRMS; CONVERSIONS; COMPETITION; FACILITIES; MORTALITY; ECONOMICS;

D O I：

10.1093/rfs/hhad082

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Amid an aging population and a growing role for private equity (PE) in the care of older adults, this paper studies how PE ownership affects U.S. nursing homes using patient-level Medicare data. We show that PE ownership leads to a patient cohort with lower health risk. However, after instrumenting for the patient-nursing home match, we find that PE ownership increases mortality by 11%. Declines in measures of patient well-being, nurse staffing, and compliance with care standards help to explain the mortality effect. Overall, we conclude that PE has nuanced effects with adverse outcomes for a subset of patients.

引用

页码：1029 / 1077

页数：49

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