Singh Yashaswini, Cardenas Geronimo Bejarano, Torabzadeh Hamid, Whaley Christopher M, Borkar Durga
Yashaswini Singh (
Geronimo Bejarano Cardenas, Brown University.
Health Aff (Millwood). 2025 May;44(5):589-596. doi: 10.1377/hlthaff.2024.01204. Epub 2025 Apr 23.
Private equity (PE) firms have increased their ownership stake across health care sectors in the US. PE's focus on short-term profitability may decrease the provision of unprofitable services, reducing access for patients in vulnerable populations. This is a particular concern for certain eye conditions such as retinal detachment, for which access to timely surgery is necessary to prevent irreversible vision loss and for which reimbursement is below cost for the fee-for-service Medicare population. Using a difference-in-differences approach, we examined changes in the provision of retinal detachment repair by 535 physicians in PE-acquired practices and 1,070 matched controls during the period 2014-22. Relative to matched controls, physicians in PE-acquired practices decreased the number of retinal detachment repairs by 19.6 percent after acquisition. These findings shed light on how PE acquisitions can affect the provision of services that do not present financial opportunities for investors. As nearly 30 percent of retina specialists are affiliated with PE firms nationally, further investigation into PE's impact on access for patients is warranted to determine whether PE acquisitions require patients to travel longer distances or have longer wait times, which could have serious effects on patient outcomes.
私募股权(PE)公司在美国医疗保健各领域的持股比例有所增加。私募股权对短期盈利能力的关注可能会减少无利可图服务的提供,从而减少弱势群体患者获得此类服务的机会。对于某些眼部疾病,如视网膜脱离,这一问题尤为令人担忧,因为对于此类疾病,及时进行手术对于防止不可逆转的视力丧失至关重要,而且对于按服务收费的医疗保险人群而言,手术费用的报销低于成本。我们采用双重差分法,研究了2014年至2022年期间,535名在私募股权收购诊所工作的医生和1070名匹配对照组医生在视网膜脱离修复服务提供方面的变化。与匹配对照组相比,在私募股权收购诊所工作的医生在收购后视网膜脱离修复手术数量减少了19.6%。这些发现揭示了私募股权收购如何影响那些对投资者而言不存在财务机会的服务的提供。由于全国近30%的视网膜专家隶属于私募股权公司,因此有必要进一步调查私募股权对患者就医机会的影响,以确定私募股权收购是否会导致患者需要更远途就医或等待更长时间,而这可能会对患者的治疗结果产生严重影响。