Exhibit 183 ยท Peer-reviewed study
Owner incentives and performance in healthcare: private equity investment in nursing homes
after instrumenting for the patient-nursing home match, we find that PE ownership increases mortality by 11%
Estimated an 11 percent relative increase in mortality among nursing-home patients after private equity acquisition, adjusting for the lower measured risk of patients the acquired homes admitted. Combined differences over time with an instrument based on relative distance to private equity and other nursing homes, so the estimate applies to patients whose placement responds to that instrument. Reported declines in patient well-being, staffing and compliance with care standards.
- Source
- Gupta et al., The Review of Financial Studies 37(4):1029
- Date
- April 2024
- Quoted from
- Abstract, as deposited by the publisher in Crossref (Rev Financ Stud 37(4):1029-1077)
- Grade
- Peer-reviewed
- Document
- https://doi.org/10.1093/rfs/hhad082
- Accessed
- 2026-11-09
- Cited by
- Findings citing this exhibit
- Note
- A 2021 Becker Friedman Institute summary of the earlier working paper reported 1.7 percentage points (about 10 percent) and an extrapolation of 20,150 deaths over twelve years; those figures belong to the earlier version.