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Hospitals Acquired By Private Equity Firms: Increased Postoperative Mortality For Common Inpatient Surgeries
Adrian Diaz1, Mitchell Mead2, Stefanie Rohde3
1Adrian Diaz (Adrian.Diaz@uchicagomedicine.org), University of Chicago, Chicago, Illinois.
Health Affairs (Project Hope)
|May 5, 2025
Summary
Private equity (PE) acquisition of hospitals increased patient mortality by 2.7% after surgery, particularly for emergent cases. This suggests potential negative impacts on patient safety in PE-owned facilities.
Area of Science:
- Health Services Research
- Health Economics
- Surgical Outcomes
Background:
- Private equity (PE) investment in US hospitals is rising.
- Concerns exist regarding the impact of PE ownership on surgical care quality.
Purpose of the Study:
- To evaluate the effect of PE acquisition on surgical outcomes for Medicare beneficiaries.
- To assess the association between PE ownership and postoperative mortality and complications.
Main Methods:
- Difference-in-differences analysis comparing PE-acquired hospitals with control hospitals.
- Study included 67 PE-acquired and 634 control acute care hospitals.
- Focused on outcomes of four common general surgical operations.
Main Results:
- PE acquisition was linked to a 2.7-percentage-point increase in 30-day postoperative mortality.
- This increase was primarily driven by a 3.9-percentage-point rise in failure to rescue.
- No significant change in complication rates was observed; increased mortality was concentrated in emergent surgeries.
Conclusions:
- PE acquisition may negatively impact the management of emergent surgical cases.
- Findings highlight critical considerations for policymakers on PE ownership and patient safety.
- Further investigation into PE's influence on healthcare quality is warranted.
