| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28474 |
| 来源ID | Working Paper 28474 |
| Does Private Equity Investment in Healthcare Benefit Patients? Evidence from Nursing Homes | |
| Atul Gupta; Sabrina T. Howell; Constantine Yannelis; Abhinav Gupta | |
| 发表日期 | 2021-02-22 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | The past two decades have seen a rapid increase in Private Equity (PE) investment in healthcare, a sector in which intensive government subsidy and market frictions could lead high-powered for-profit incentives to be misaligned with the social goal of affordable, quality care. This paper studies the effects of PE ownership on patient welfare at nursing homes. With administrative patient-level data, we use a within-facility differences-in-differences design to address non-random targeting of facilities. We use an instrumental variables strategy to control for the selection of patients into nursing homes. Our estimates show that PE ownership increases the short-term mortality of Medicare patients by 10%, implying 20,150 lives lost due to PE ownership over our twelve-year sample period. This is accompanied by declines in other measures of patient well-being, such as lower mobility, while taxpayer spending per patient episode increases by 11%. We observe operational changes that help to explain these effects, including declines in nursing staff and compliance with standards. Finally, we document a systematic shift in operating costs post-acquisition toward non-patient care items such as monitoring fees, interest, and lease payments. |
| 主题 | Financial Economics ; Corporate Finance ; Health, Education, and Welfare ; Health |
| URL | https://www.nber.org/papers/w28474 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586146 |
| 推荐引用方式 GB/T 7714 | Atul Gupta,Sabrina T. Howell,Constantine Yannelis,et al. Does Private Equity Investment in Healthcare Benefit Patients? Evidence from Nursing Homes. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28474.pdf（1086KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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