与房地产投资信托和私募股权投资相关的养老院财务

Dunc Williams, Rahul Fernandez, David Stevenson, Mark Unruh, Robert Tyler Braun
{"title":"与房地产投资信托和私募股权投资相关的养老院财务","authors":"Dunc Williams, Rahul Fernandez, David Stevenson, Mark Unruh, Robert Tyler Braun","doi":"10.1093/haschl/qxae037","DOIUrl":null,"url":null,"abstract":"\n In 2021, real estate investment trusts (REITs) and private equity (PE) held investments in 1915 (16%) and 1569 (13%) US nursing homes (NHs), respectively. We created a database of REIT and PE investments in NHs, merged it with Medicare Cost Report data (2011–2019), and used a difference-in-differences approach within an event-study framework to compare NH spending and financial performance before and after REIT or PE investment to NHs that did not receive REIT or PE investment. REIT investments were associated with higher total wages (3%), total nursing wages (3%; both logged, per resident day [PRD]), and current ratio (81%). PE investments were associated with lower net patient service revenue (7%), total expenses (7%), and total wages (8%; all logged, PRD). The impact of REIT and PE investments in NHs may vary in different market conditions, as may occur in the current environment of low, falling NH profits, potentially higher minimum staffing requirements, and rising interest rates. Therefore, it is important for stakeholders to understand the impact of these large, growing investments on the financial performance of NHs.","PeriodicalId":94025,"journal":{"name":"Health affairs scholar","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2024-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Nursing home finances associated with real estate investment trust and private equity investments\",\"authors\":\"Dunc Williams, Rahul Fernandez, David Stevenson, Mark Unruh, Robert Tyler Braun\",\"doi\":\"10.1093/haschl/qxae037\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"\\n In 2021, real estate investment trusts (REITs) and private equity (PE) held investments in 1915 (16%) and 1569 (13%) US nursing homes (NHs), respectively. We created a database of REIT and PE investments in NHs, merged it with Medicare Cost Report data (2011–2019), and used a difference-in-differences approach within an event-study framework to compare NH spending and financial performance before and after REIT or PE investment to NHs that did not receive REIT or PE investment. REIT investments were associated with higher total wages (3%), total nursing wages (3%; both logged, per resident day [PRD]), and current ratio (81%). PE investments were associated with lower net patient service revenue (7%), total expenses (7%), and total wages (8%; all logged, PRD). The impact of REIT and PE investments in NHs may vary in different market conditions, as may occur in the current environment of low, falling NH profits, potentially higher minimum staffing requirements, and rising interest rates. Therefore, it is important for stakeholders to understand the impact of these large, growing investments on the financial performance of NHs.\",\"PeriodicalId\":94025,\"journal\":{\"name\":\"Health affairs scholar\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-04-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Health affairs scholar\",\"FirstCategoryId\":\"0\",\"ListUrlMain\":\"https://doi.org/10.1093/haschl/qxae037\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Health affairs scholar","FirstCategoryId":"0","ListUrlMain":"https://doi.org/10.1093/haschl/qxae037","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0

摘要

2021 年,房地产投资信托基金(REITs)和私募股权基金(PE)分别在 1915 家(16%)和 1569 家(13%)美国养老院(NHs)中持有投资。我们创建了一个房地产投资信托基金(REIT)和私募股权投资基金(PE)在养老院投资的数据库,将其与医疗保险成本报告数据(2011-2019 年)合并,并在事件研究框架内使用差分法,将房地产投资信托基金(REIT)或私募股权投资基金(PE)投资前后的养老院支出和财务表现与未获得房地产投资信托基金(REIT)或私募股权投资基金(PE)投资的养老院进行比较。房地产投资信托与较高的工资总额(3%)、护理工资总额(3%;均为对数,每住院日[PRD])和流动比率(81%)相关。私募股权投资与较低的病人服务净收入(7%)、总支出(7%)和工资总额(8%;均按每住院日计算)相关。在不同的市场条件下,房地产投资信托基金和私募股权投资对公立医院的影响可能会有所不同,例如在当前公立医院利润低且不断下降、最低人员配备要求可能提高以及利率不断上升的环境下。因此,利益相关者必须了解这些不断增长的大型投资对养老院财务业绩的影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Nursing home finances associated with real estate investment trust and private equity investments
In 2021, real estate investment trusts (REITs) and private equity (PE) held investments in 1915 (16%) and 1569 (13%) US nursing homes (NHs), respectively. We created a database of REIT and PE investments in NHs, merged it with Medicare Cost Report data (2011–2019), and used a difference-in-differences approach within an event-study framework to compare NH spending and financial performance before and after REIT or PE investment to NHs that did not receive REIT or PE investment. REIT investments were associated with higher total wages (3%), total nursing wages (3%; both logged, per resident day [PRD]), and current ratio (81%). PE investments were associated with lower net patient service revenue (7%), total expenses (7%), and total wages (8%; all logged, PRD). The impact of REIT and PE investments in NHs may vary in different market conditions, as may occur in the current environment of low, falling NH profits, potentially higher minimum staffing requirements, and rising interest rates. Therefore, it is important for stakeholders to understand the impact of these large, growing investments on the financial performance of NHs.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
自引率
0.00%
发文量
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信