The past decade has witnessed a new wave of hospital-physician integration, with the fraction of hospitals owning any office-based physician practice increasing from 28% in 2009 to 53% in 2015 nationwide. We offer one of the first hospital-level longitudinal analyses in examining how hospital-physician integration affects hospital prices in the modern healthcare environment. We find a robust 3–5% increase in hospital prices following integration. There is little indication that hospital quality is commensurately higher or that patient mix has changed following integration. Our supplementary analyses point to stronger bargaining leverage and foreclosure of rival hospitals as potential mechanisms for the estimated price effects.

过去十年见证了新一轮医医融合的浪潮，全国拥有办公室医师执业的医院比例从 2009 年的 28% 增加到 2015 年的 53%。我们提供了首批医院级纵向分析之一，以检查医院与医生的整合如何影响现代医疗保健环境中的医院价格。我们发现整合后医院价格强劲增长 3-5%。几乎没有迹象表明医院质量相应提高或患者组合在整合后发生了变化。我们的补充分析指出，更强的谈判杠杆和对竞争对手医院的止赎是估计价格影响的潜在机制。