| Titre : | Does Private Equity Investment in Healthcare Benefit Patients? Evidence from Nursing Homes. |
| Titre original: | Les investissements privés dans les soins de santé profitent-ils aux patients ? Le cas des maisons de retraite |
| Titre de série : | NBER Working Paper, 28474 |
| Auteurs : | A. GUPTA ; S.T. HOWELL ; C. YANNELIS ; et al. ; National Bureau of Economic Research. (N.B.E.R.). Cambridge CA. USA |
| Type de document : | Document de travail |
| Editeur : | Cambridge : N.B.E.R., 2021 |
| Format : | 76p., tabl., fig. |
| Note générale : | Référence : réf. bib. |
| Langues: | Anglais |
| Catégories : |
[BDSP5] Economie descriptive > Secteur économique > Secteur marchand [BDSP5] Etablissement social > Structure sociale personne âgée > Maison retraite [BDSP5] Etudes méthodes et statistiques [NI] > Méthodologie > Modèle [BDSP5] Géographie politique > Monde > Amérique > Amérique du Nord > Etats Unis [BDSP5] Information sanitaire > Mesure santé > Indicateur santé > Morbidité [BDSP5] Information sanitaire > Mesure santé > Indicateur santé > Mortalité [BDSP5] Psychologie > Comportement |
| Résumé : | 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. |
| En ligne : | https://www.nber.org/papers/w28474 |