{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,8]],"date-time":"2026-10-08T11:27:07Z","timestamp":1791458827954,"version":"4.3.4"},"reference-count":19,"publisher":"Oxford University Press (OUP)","issue":"9","license":[{"start":{"date-parts":[[2026,9,10]],"date-time":"2026-09-10T00:00:00Z","timestamp":1788998400000},"content-version":"vor","delay-in-days":9,"URL":"https:\/\/creativecommons.org\/licenses\/by-nc\/4.0\/"}],"funder":[{"name":"American Investment Council"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2026,9,1]]},"abstract":"<jats:title>Abstract<\/jats:title>\n                  <jats:sec>\n                    <jats:title>Introduction<\/jats:title>\n                    <jats:p>Private equity (PE) ownership of US hospitals has grown over the past 25 years, attracting substantial academic and policy attention. Despite this interest, fragmented and incomplete transaction data have made it difficult to establish basic facts critical to an informed debate about PE's effects on hospitals, patients, and payers.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Methods<\/jats:title>\n                    <jats:p>Using a harmonized, publicly available PE acquisition data set, supplemented with verified exit transactions, we identify PE ownership spells for all short-term acute care hospitals from 2000 to 2024.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Results<\/jats:title>\n                    <jats:p>We identify 3 key facts: (1) PE ownership has never exceeded 7% of short-term acute care hospitals and was below 4% in 2024; (2) most PE firms exit within 5 years, typically through a sale to another PE firm or strategic acquirer, with bankruptcy and closure representing a small share; and (3) most Americans live in hospital referral regions that have no PE-owned hospitals.<\/jats:p>\n                  <\/jats:sec>\n                  <jats:sec>\n                    <jats:title>Conclusion<\/jats:title>\n                    <jats:p>These findings indicate that PE ownership continues to represent a small share of hospitals.<\/jats:p>\n                  <\/jats:sec>","DOI":"10.1093\/haschl\/qxag217","type":"journal-article","created":{"date-parts":[[2026,9,4]],"date-time":"2026-09-04T11:30:38Z","timestamp":1788521438000},"source":"Crossref","is-referenced-by-count":1,"title":["Three facts about private equity in the US hospital sector"],"prefix":"10.1093","volume":"4","author":[{"ORCID":"https:\/\/orcid.org\/0009-0009-7392-6836","authenticated-orcid":false,"given":"Mark","family":"Naslund","sequence":"first","affiliation":[{"name":"Olin Business School, Washington University in St. Louis , 1 Brookings Dr., St. Louis, MO 63130 ,","place":["United States"]}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0009-0000-8979-4238","authenticated-orcid":false,"given":"Sungil","family":"Kim","sequence":"additional","affiliation":[{"name":"Fuqua School of Business, Duke University , 100 Fuqua Dr., Durham, NC 27708 ,","place":["United States"]}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Ambar","family":"La Forgia","sequence":"additional","affiliation":[{"name":"Haas School of Business, University of California, Berkeley , 2220 Piedmont Avenue, Berkeley, CA 94720 ,","place":["United States"]}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-3381-7618","authenticated-orcid":false,"given":"Riley","family":"League","sequence":"additional","affiliation":[{"name":"Gies College of Business, University of Illinois Urbana-Champaign , 515 Gregory Dr., Champaign, IL 61820 ,","place":["United States"]}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-4419-5239","authenticated-orcid":false,"given":"Ryan C","family":"McDevitt","sequence":"additional","affiliation":[{"name":"Olin Business School, Washington University in St. Louis , 1 Brookings Dr., St. Louis, MO 63130 ,","place":["United States"]}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0009-0000-8632-7466","authenticated-orcid":false,"given":"Xingzhi","family":"Wang","sequence":"additional","affiliation":[{"name":"Fuqua School of Business, Duke University , 100 Fuqua Dr., Durham, NC 27708 ,","place":["United States"]}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-2568-4800","authenticated-orcid":false,"given":"Kelly Kaili","family":"Yang","sequence":"additional","affiliation":[{"name":"Kelly School of Business, Indiana University , 1275 E. Tenth Street, Bloomington, IN 47405 ,","place":["United States"]}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"286","published-online":{"date-parts":[[2026,9,10]]},"reference":[{"issue":"6","key":"2026092512354367700_qxag217-B1","doi-asserted-by":"publisher","first-page":"490","DOI":"10.1001\/jama.2024.23450","article-title":"Changes in patient care experience after private equity acquisition of US hospitals","volume":"333","author":"Bhatla","year":"2025","journal-title":"JAMA"},{"issue":"11","key":"2026092512354367700_qxag217-B2","doi-asserted-by":"publisher","first-page":"1428","DOI":"10.1001\/jamainternmed.2020.3552","article-title":"Changes in hospital income, use, and quality associated with private equity acquisition","volume":"180","author":"Bruch","year":"2020","journal-title":"JAMA Intern Med"},{"issue":"2","key":"2026092512354367700_qxag217-B3","doi-asserted-by":"publisher","first-page":"277","DOI":"10.7326\/M20-1361","article-title":"Characteristics of 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