Physician Turnover Increased In Private Equity-Acquired Physician Practices
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View abstract on PubMed
Summary
This summary is machine-generated.Private equity (PE) acquisitions of physician practices significantly increased clinician numbers but also led to a substantial rise in physician turnover. This impacts workforce stability and care continuity.
Area Of Science
- Health Policy
- Health Economics
- Ophthalmology Practice Management
Background
- Private equity (PE) firm consolidation of physician practices is accelerating.
- Concerns exist regarding PE's focus on short-term profits potentially increasing physician turnover and disrupting patient care continuity.
- Limited evidence exists on the specific effects of PE acquisitions on physician employment and turnover.
Purpose Of The Study
- To examine the impact of private equity (PE) acquisitions on physician employment and turnover in ophthalmology practices.
- To quantify changes in clinician numbers and the rate of physicians leaving practices post-PE acquisition.
Main Methods
- Utilized clinician-level data linked to practice acquisition data from 2014-2021.
- Employed a difference-in-differences design to compare PE-acquired practices with matched controls.
- Analyzed data from 200 ophthalmology practices involving 1,980 clinicians.
Main Results
- PE-acquired practices saw a 46.8% increase in total clinicians within three years post-acquisition.
- Growth included a 30.7% rise in ophthalmologists and a 36.2% rise in optometrists.
- Physician turnover increased by 13 percentage points (265%) in PE-acquired practices compared to controls.
Conclusions
- Private equity acquisitions are significantly reshaping physician employment dynamics and workforce stability in ophthalmology.
- The rise in physician turnover necessitates monitoring by policymakers to address potential negative impacts on patient care.
- Findings underscore the need for careful consideration of PE's long-term effects on healthcare delivery.
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