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

共 116 条

[31] Can Health Insurance Competition Work? Evidence from Medicare Advantage [J].

Curto, Vilsa ;

Einav, Liran ;

Levin, Jonathan ;

Bhattacharya, Jay .

JOURNAL OF POLITICAL ECONOMY, 2021, 129 (02) :570-606

[32] Health Care Spending and Utilization in Public and Private Medicare [J].

Curto, Vilsa ;

Einav, Liran ;

Finkelstein, Amy ;

Levin, Jonathan ;

Bhattacharya, Jay .

AMERICAN ECONOMIC JOURNAL-APPLIED ECONOMICS, 2019, 11 (02) :302-332

[33]

Cutler DM., 2001, HEALTH AFFAIR, V20, P11, DOI [10.1377/hlthaff.20.5.11, DOI 10.1377/HLTHAFF.20.5.11]

[34] Paying a Premium on Your Premium? Consolidation in the US Health Insurance Industry [J].

Dafny, Leemore ;

Duggan, Mark ;

Ramanarayanan, Subramaniam .

AMERICAN ECONOMIC REVIEW, 2012, 102 (02) :1161-1185

[35] Private Equity, Jobs, and Productivity [J].

Davis, Steven J. ;

Haltiwanger, John ;

Handley, Kyle ;

Jarmin, Ron ;

Lerner, Josh ;

Miranda, Javier .

AMERICAN ECONOMIC REVIEW, 2014, 104 (12) :3956-3990

[36]

Dixon K., 2007, US SENATORS PROBE NU

[37] Hospital ownership and public medical spending [J].

Duggan, MG .

QUARTERLY JOURNAL OF ECONOMICS, 2000, 115 (04) :1343-1373

[38]

Dummit L.A., 2002, Nursing homes: Quality of care more related to staffing than spending

[39] When Investor Incentives and Consumer Interests Diverge: Private Equity in Higher Education [J].

Eaton, Charlie ;

Howell, Sabrina T. ;

Yannelis, Constantine .

REVIEW OF FINANCIAL STUDIES, 2020, 33 (09) :4024-4060

[40] Paying on the Margin for Medical Care: Evidence from Breast Cancer Treatments [J].

Einav, Liran ;

Finkelstein, Amy ;

Williams, Heidi .

AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY, 2016, 8 (01) :52-79

← 1 2 3 4 5 6 7 8 9 10 →