We examine the survival prospects, employment profiles, and patient outcomes at private equity (PE)-acquired hospitals. Target hospitals maintain their survival rates while significantly reducing employment and wage expenditures. The number of core medical workers drops temporarily, but returns to its pre-acquisition level in the long run. However, administrative job and wage cuts persist over the long term, particularly at previously nonprofit hospitals. Using proprietary insurance claims data, we find no significant changes in patient demographics or inpatient prices at PE-acquired hospitals. While patient satisfaction declines, there is no evidence of increased patient mortality or readmission rates at PE-acquired hospitals.

中文翻译：

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医院行业的私募股权

我们研究了私募股权 （PE） 收购的医院的生存前景、就业概况和患者结果。目标医院在保持存活率的同时，显著减少就业和工资支出。核心医务工作者的数量暂时下降，但从长期来看会恢复到收购前的水平。然而，行政工作和减薪长期存在，尤其是在以前的非营利性医院。使用专有的保险索赔数据，我们发现 PE 收购的医院的患者人口统计数据或住院价格没有显着变化。虽然患者满意度下降，但没有证据表明 PE 收购医院的患者死亡率或再入院率增加。