Exhibit 182

Changes in hospital adverse events and patient outcomes associated with private equity acquisition

Exhibit 182 · Peer-reviewed cohort study

Changes in hospital adverse events and patient outcomes associated with private equity acquisition

After private equity acquisition, Medicare beneficiaries admitted to private equity hospitals experienced a 25.4% increase in hospital-acquired conditions compared with those treated at control hospitals

Compared 51 hospitals acquired by private equity with 259 matched controls in Medicare claims, 2009–2019, using a difference-in-differences design. Hospital-acquired conditions rose by 4.6 per 10,000 admissions after acquisition (95% CI 2.0–7.2), a 25.4 percent increase over a baseline of 18.1. The composite sums conditions, so one admission can contribute several. Falls stayed at 6.8 per 10,000 in acquired hospitals while controls improved from 8.7 to 6.9. Thirty-day mortality showed no differential change. Staffing cuts were proposed as an explanation and not tested.

Source: Kannan, Bruch and Song, JAMA 330(24):2365–2375
Date: 26 December 2023
Quoted from: Abstract, Results (JAMA 330(24):2365-2375; PMC10751598)
Grade: Peer-reviewed
Document: https://doi.org/10.1001/jama.2023.23147
Accessed: 2026-11-09
Cited by: Findings citing this exhibit

Cited by

Finding MED-9.8: Peer-reviewed After private equity acquisition, hospital-acquired conditions rose at acquired hospitals and patient mortality rose at acquired nursing homes. A third study found lower heart-attack mortality at acquired hospitals.