私募股权投资在医生诊所的生命周期:私募股权投资退出概述

Yashaswini Singh, Megha Reddy, Jane M. Zhu
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摘要

私募股权公司通过附加合并的方式收购和发展医生诊所,在 3-8 年内通过出售收购获得超额回报("退出")。私募股权投资的投资期限缩短和退出激励可能会阻碍对医疗服务和高质量医疗服务所需的劳动力进行长期投资。据我们所知,目前还没有关于私募股权从医生诊所退出的性质或持续时间的公开分析。为了填补这一知识空白,我们利用新数据描述了 2016-2020 年间收购数量最多的皮肤科、眼科和消化科等医生专科的 PE 退出情况。在 807 项收购中,超过一半(51.6%)的私募股权收购诊所在初始投资后 3 年内完成了退出。几乎在所有情况下(97.8%),私募股权投资公司都是通过二次收购退出投资的,即医生诊所被转售给其他拥有更大投资基金的私募股权投资公司。从投资到退出,私募股权投资公司在 3 年内将隶属于该私募股权投资公司的医生诊所数量平均增加了 595%。研究结果凸显了在私募股权投资下所有权变化和整合的快速规模,并促使政策制定者对私募股权投资在其生命周期内的影响进行评估。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Life Cycle of Private Equity Investments in Physician Practices: An Overview of Private Equity Exits
Private equity firms acquire and grow physician practices through add-on consolidation, generating outsized returns on the sale of the acquisition in 3-8 years (“exit”). PE’s abbreviated investment timeline and exit incentives may deter long-term investments in care delivery and workforce needed for high quality care. To our knowledge, there has been no published analyses of the nature or duration of PE exits from physician practices. We address this knowledge gap by using novel data to characterize PE exits from dermatology, ophthalmology, and gastroenterology, physician specialties with the largest number of acquisitions between 2016-2020. Of 807 acquisitions, over half (51.6%) of PE-acquired practices underwent an exit within 3 years of initial investment. In nearly all instances (97.8%), PE firms exited investments through secondary buyouts, where physician practices were resold to other PE firms with larger investment funds. Between investment and exit, PE firms increased the number of physician practices affiliated with the PE firm by an average of 595% in 3 years. Findings highlight the rapid scale of ownership change and consolidation under PE ownership and motivate evaluations by policymakers on the effects of PE ownership over the life cycle of PE investments.
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