Owner Incentives and Performance in Healthcare: Private Equity Investment in Nursing Homes
利用患者层面的医疗保险数据，研究私募股权所有权如何影响美国养老院，发现其导致患者健康风险更低但死亡率增加11%，原因包括患者福祉下降、护士配备减少和护理标准合规性降低。
Abstract 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.