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
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
收藏
页码:1029 / 1077
页数:49
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