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References: Private Equity in Healthcare

  • Writer: FibonacciMD
    FibonacciMD
  • 3 days ago
  • 3 min read

References for CME Article


References

[1] Cai C, Song Z. A Policy Framework for the Growing Influence of Private Equity in Health Care Delivery. JAMA. 2023;329(18):1545-1546. Retrieved from: https://pmc.ncbi.nlm.nih.gov/articles/PMC10699936/

[2] PESP Private Equity Hospital Tracker. The Private Equity Stakeholder Project. Retrieved from: https://pestakeholder.org/private-equity-hospital-tracker/

[3] Morgenson G and Rosner J. These Are the Plunderers. Simon & Schuster. 2023. 

[4] Gao J, Kim Y, Merih Sevilir M. Private equity in the hospital industry. Journal of Financial Economics. Volume 171. 2025. Retrieved from: https://www.sciencedirect.com/science/article/abs/pii/S0304405X25001151

[5] Blumenthal D.  Private Equity’s Role in Health Care. The Commonwealth Fund. November 17, 2023. Retrieved from: https://www.commonwealthfund.org/publications/explainer/2023/nov/private-equity-role-health-care

[6] Shrank WH, Rogstad TL, Parekh N. Waste in the US Health Care System: Estimated Costs and Potential for Savings. JAMA. 2019;322(15):1501–1509. Retrieved from: 

[7] Ayash B, Rastad M. Leveraged buyouts and financial distress. Finance Research Letters. 2021;38:101452. Retrieved from: https://www.sciencedirect.com/science/article/abs/pii/S1544612320301549?via%3Dihub

[8] Beerman L, When Private Equity Sees Hospitals as Land, Not Care. Healthleaders. July 07, 2025. Retrieved from: https://www.healthleadersmedia.com/payer/when-private-equity-sees-hospitals-land-not-care

[9] Schrier E et al. Hospital Assets Before and After Private Equity Acquisition. JAMA. 2024 Aug 27;332(8):669-671. Retrieved from: https://pmc.ncbi.nlm.nih.gov/articles/PMC11289721/

[10] Bruch J D et al. Changes in hospital financial performance and quality of care after real estate investment trust acquisition: quasi-experimental difference-in-differences study BMJ 2025. Retrieved from: https://www.bmj.com/content/391/bmj-2025-086226

[11] The Pillaging of Steward Health Care. The Private Equity Stakeholder Project. June 26, 2024. Retrieved from: https://pestakeholder.org/wp-content/uploads/2024/07/PESP_report_Steward-Bankruptcy_2024.pdf

[12] Singh Y, Song Z, Polsky D, Bruch JD, Zhu JM. Association of Private Equity Acquisition of Physician Practices With Changes in Health Care Spending and Utilization. JAMA Health Forum. 2022;3(9):e222886. Published 2022 Sep 2. Retrieved from: https://pmc.ncbi.nlm.nih.gov/articles/PMC9440392/

[13] Borsa A, Bejarano G, Ellen M, Bruch J D. Evaluating trends in private equity ownership and impacts on health outcomes, costs, and quality: systematic review BMJ 2023. Retrieved from: https://www.bmj.com/content/382/bmj-2023-075244

[14] No Surprises: Understand your rights against surprise medical bills. CMS.gov. Jan 03, 2022. Retrieved from: https://www.cms.gov/newsroom/fact-sheets/no-surprises-understand-your-rights-against-surprise-medical-bills

[15] Appelbaum E & Rosemary Batt R. Private Equity and Surprise Medical Billing.  Institute for New Economic Thinking.  Sep 4, 2019. Retrieved from: https://www.ineteconomics.org/perspectives/blog/private-equity-and-surprise-medical-billing

[16] Olsen E.  Staffing firm American Physician Partners files for bankruptcy. Healthcare Dive. Sept. 21, 2023. Retrieved from: https://www.healthcaredive.com/news/american-physician-partners-files-chapter-11-bankruptcy/694360/

[17] Muoio D. Hospital, ED staffer American Physician Partners files for Chapter 11 bankruptcy. Fierce Healthcare. Sep 20, 2023. Retrieved from: https://www.fiercehealthcare.com/providers/hospital-ed-staffer-american-physician-partners-files-chapter-11-bankruptcy

[18] Halleman S. Envision Healthcare files for Chapter 11 bankruptcy. May 15, 2023. Retrieved from: https://www.healthcaredive.com/news/envision-chapter-11-bankruptcy/650277/

[19] Bruch JD, Gondi S, Song Z. Changes in Hospital Income, Use, and Quality Associated With Private Equity Acquisition. JAMA Intern Med. 2020 Nov 1;180(11):1428-1435. Retrieved from: https://pmc.ncbi.nlm.nih.gov/articles/PMC7445629/

[20] Kannan S, Bruch JD, Song Z. Changes in Hospital Adverse Events and Patient Outcomes Associated With Private Equity Acquisition. JAMA. 2023;330(24):2365–2375. Retrieved from: https://jamanetwork.com/journals/jama/fullarticle/2813379

[21] Gupta A, Howell S, Yannelis C, Gupta A. Does Private Equity Investment in Healthcare Benefit Patients? Evidence from Nursing Homes. Published online February 2021. Retrieved from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3790212

[22] Kannan S et al. Hospital Staffing and Patient Outcomes After Private Equity Acquisition. Ann Intern Med. [Epub 23 September 2025]. Retrieved from:   https://www.acpjournals.org/doi/10.7326/ANNALS-24-03471

[23] Chalfin DB et al. DELAY-ED study group. Impact of delayed transfer of critically ill patients from the emergency department to the intensive care unit. Crit Care Med. 2007 Jun;35(6):1477-83. Retrieved from: https://journals.lww.com/ccmjournal/abstract/2007/06000/impact_of_delayed_transfer_of_critically_ill.4.aspx

[24] Bugbee M. Steward Health Care’s bankruptcy: one year later. The Private Equity Stakeholder Project May 6, 2025. Retrieved from: https://pestakeholder.org/news/steward-health-cares-bankruptcy-one-year-later/

[25] Vogel, S. Prospect Medical Holdings files for bankruptcy. Healthcare Dive. Jan. 13, 2025https://www.healthcaredive.com/news/prospect-medical-holdings-files-bankruptcy/737138/

[26]Klein L. Judge OKs Yale New Haven Health's $45M payout to Prospect over failed hospital deal. 'We would like ...to ...move on'. New Have Register. Oct 10, 2025. Retrieved from: https://www.nhregister.com/business/article/ct-yale-health-prospect-hospitals-waterbury-21094583.php

[27] Rinehart KE et al. Yale New Haven Health Services vs. Prospect Medical Holdings, Inc., Superior Court filing, Judicial District of Hartford. May 28, 2024. Retrieved from: https://viceroyresearch.org/wp-content/uploads/2024/05/Yale-New-Haven-Health-v-Prospect-Medical-Holdings.pdf

[28] Klein L. Judge OKs Yale New Haven Health's $45M payout to Prospect over failed hospital deal. 'We would like ...to ...move on'. The New Haven Register. Oct 10, 2025. https://www.nhregister.com/business/article/ct-yale-health-prospect-hospitals-waterbury-21094583.php

[29] Private Equity in Health Care Shown to Harm Patients, Degrade Care and Drive Hospital Closures. Senate Budget Committee. 01.07.25. Retrieved from: https://www.budget.senate.gov/ranking-member/newsroom/press/private-equity-in-health-care-shown-to-harm-patients-degrade-care-and-drive-hospital-closures



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