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 population 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.

中文翻译：

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医疗保健领域的所有者激励和绩效：疗养院的私募股权投资

在人口老龄化和私募股权 (PE) 在老年人护理中的作用日益增强的背景下，本文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疗养院。我们表明，私募股权所有权可以降低患者群体的健康风险。然而，在对患者与疗养院匹配进行检测后，我们发现拥有 PE 会使死亡率增加 11%。患者福祉、护士人员配备和护理标准遵守情况的下降有助于解释死亡率的影响。总体而言，我们得出的结论是，PE 对一部分患者具有微妙的影响和不良后果。