标题： 私募股权是损害还是提升医疗价值？ 新证据和机制 显示英文标题

标题： Does Private Equity Hurt or Improve Healthcare Value? New Evidence and Mechanisms

摘要： 私人股权（PE）投资对医疗保健价值有何影响？ PE投资是损害还是提升医疗保健价值，如果是这样，是否可以通过使用医疗信息科技（IT）来缓解其影响？ 鉴于近年来PE公司对医疗保健领域的大量投资，这些问题具有重要的研究意义。 利益相关者，包括政策制定者、医疗服务提供者和患者，需要了解其可能的影响，并确定PE所有权是否符合他们的利益。 使用交错的双重差分方法和2008-2020年美国医院的数据，我们观察到，PE投资后，医院提供的整体医疗保健价值下降。 然而，我们的实证证据显示，基于IT的医疗信息共享在其中起到重要的调节作用。 具有更强信息共享能力的医院表现出更高的成本效率和护理质量的改善，从而在PE投资后产生更高的医疗保健价值。 此外，我们发现医疗信息共享的类型很重要。 具体而言，我们观察到护理质量的提高主要是由医院与门诊护理提供者之间的信息共享驱动的，而不是仅仅由医院之间共享患者健康数据。 我们的研究还识别了医疗信息共享如何通过减少医院获得性感染和再入院率来提高护理价值的潜在机制，从而改善护理质量，并通过降低运营成本提高劳动力生产率。 我们的结果突出了政策和通用数据标准在促进医疗保健提供者之间基于IT的信息共享中的关键作用，这反过来可以将PE公司的激励措施与以价值为基础的护理目标相一致。 显示英文摘要

摘要： What is the impact of private equity (PE) investment on healthcare value? Does PE investment hurt or improve healthcare value, and if so, can its effect be mitigated through the use of health information technologies (IT)? Given the significant investments by PE firms in the healthcare sector in recent years, these are important research questions. Stakeholders, including policy makers, care providers, and patients, need to understand their likely impact and whether PE ownership is aligned with their interests. Using a staggered difference-in-differences approach and data from US hospitals from 2008-2020, we observe that the overall value of healthcare delivered by hospitals declines after PE investment. However, our empirical evidence reveals that IT-enabled, health information sharing plays an important moderating role. Hospitals with stronger information-sharing capabilities exhibit greater cost efficiencies and improvements in care quality, leading to higher healthcare value after PE investment. Furthermore, we find that the type of health information sharing matters. Specifically, we observe that improvements in care quality are primarily driven by information sharing between hospitals and ambulatory care providers, instead of simply hospital-to-hospital sharing of patient health data. Our research also identifies the underlying mechanisms through which health information sharing improves care value by reducing hospital-acquired infections and readmission rates, thereby improving care quality, and enhancing labor productivity by reducing operating costs. Our results highlight the critical role of policies and common data standards needed to promote IT-enabled information sharing between healthcare providers, which, in turn, can align incentives of PE firms with the goals of value-based care.