{"id":"https://openalex.org/W4391597763","doi":"https://doi.org/10.1215/03616878-11186103","title":"Equity Investment in Physician Practices: What's All This Brouhaha?","display_name":"Equity Investment in Physician Practices: What's All This Brouhaha?","publication_year":2024,"publication_date":"2024-02-07","ids":{"openalex":"https://openalex.org/W4391597763","doi":"https://doi.org/10.1215/03616878-11186103","pmid":"https://pubmed.ncbi.nlm.nih.gov/38324370"},"language":"en","primary_location":{"id":"doi:10.1215/03616878-11186103","doi":"https://doi.org/10.1215/03616878-11186103","is_oa":false,"landing_page_url":"https://doi.org/10.1215/03616878-11186103","pdf_url":null,"source":{"id":"https://openalex.org/S192655146","display_name":"Journal of Health Politics Policy and Law","issn_l":"0361-6878","issn":["0361-6878","1527-1927"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-4","jufo-1","medline","norway-1","poland-100","russia-white-list-2"],"host_organization":"https://openalex.org/P4310315698","host_organization_name":"Duke University Press","host_organization_lineage":["https://openalex.org/P4310315698","https://openalex.org/P4310315572"],"host_organization_lineage_names":["Duke University Press","Duke University"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Health Politics, Policy and Law","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","pubmed"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5072048687","display_name":"Mark V. Pauly","orcid":"https://orcid.org/0000-0003-4957-4825","observed_orcids":["https://orcid.org/0000-0003-4957-4825"]},"institutions":[{"id":"https://openalex.org/I79576946","display_name":"University of Pennsylvania","ror":"https://ror.org/00b30xv10","country_code":"US","type":"education","lineage":["https://openalex.org/I79576946"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Mark V. Pauly","raw_affiliation_strings":["University of Pennsylvania"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Pennsylvania","institution_ids":["https://openalex.org/I79576946"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5101485099","display_name":"Lawton Robert Burns","orcid":"https://orcid.org/0000-0003-1252-8155","observed_orcids":["https://orcid.org/0000-0003-1252-8155"]},"institutions":[{"id":"https://openalex.org/I79576946","display_name":"University of Pennsylvania","ror":"https://ror.org/00b30xv10","country_code":"US","type":"education","lineage":["https://openalex.org/I79576946"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Lawton Robert Burns","raw_affiliation_strings":["University of Pennsylvania"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Pennsylvania","institution_ids":["https://openalex.org/I79576946"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5072048687"],"corresponding_institution_ids":["https://openalex.org/I79576946"],"apc_list":null,"apc_paid":null,"fwci":5.9361,"has_fulltext":false,"cited_by_count":6,"citation_normalized_percentile":{"value":0.95461997,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":96,"max":98},"biblio":{"volume":"49","issue":"4","first_page":"631","last_page":"664"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.9448000192642212,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.9448000192642212,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10391","display_name":"Healthcare Policy and Management","score":0.04500000178813934,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.002199999988079071,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/private-equity","display_name":"private equity","score":0.5929999947547913},{"id":"https://openalex.org/keywords/physician-practice","display_name":"physician practice","score":0.8479999899864197},{"id":"https://openalex.org/keywords/health-care-consolidation","display_name":"health care consolidation","score":0.6100000143051147},{"id":"https://openalex.org/keywords/affordable-care-act","display_name":"Affordable Care Act","score":0.8230000138282776},{"id":"https://openalex.org/keywords/public-equity","display_name":"public equity","score":0.5820000171661377},{"id":"https://openalex.org/keywords/health-care-investment","display_name":"health care investment","score":0.4909999966621399},{"id":"https://openalex.org/keywords/market-penetration","display_name":"market penetration","score":0.5600000023841858},{"id":"https://openalex.org/keywords/investment-vehicles","display_name":"investment vehicles","score":0.49000000953674316},{"id":"https://openalex.org/keywords/health-care-costs","display_name":"health care costs","score":0.3869999945163727}],"concepts":[{"id":"https://openalex.org/C202093079","wikidata":"https://www.wikidata.org/wiki/Q5418962","display_name":"Private equity firm","level":3,"score":0.6382911801338196},{"id":"https://openalex.org/C2776014549","wikidata":"https://www.wikidata.org/wiki/Q3050847","display_name":"Consolidation (business)","level":2,"score":0.5809887647628784},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.5638449788093567},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.5494623780250549},{"id":"https://openalex.org/C93236110","wikidata":"https://www.wikidata.org/wiki/Q5136435","display_name":"Club deal","level":4,"score":0.5485157370567322},{"id":"https://openalex.org/C178297102","wikidata":"https://www.wikidata.org/wiki/Q5978114","display_name":"Private equity fund","level":3,"score":0.5117602348327637},{"id":"https://openalex.org/C71110296","wikidata":"https://www.wikidata.org/wiki/Q476115","display_name":"Private equity","level":2,"score":0.49935340881347656},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.4936710298061371},{"id":"https://openalex.org/C38731271","wikidata":"https://www.wikidata.org/wiki/Q456272","display_name":"Private investment in public equity","level":4,"score":0.49191951751708984},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4775291681289673},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3470059931278229},{"id":"https://openalex.org/C100001284","wikidata":"https://www.wikidata.org/wiki/Q2248246","display_name":"Public economics","level":1,"score":0.34444713592529297},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.14428961277008057},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.10750672221183777},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.08398076891899109}],"mesh":[{"descriptor_ui":"D006801","descriptor_name":"Humans","qualifier_ui":null,"qualifier_name":null,"is_major_topic":false},{"descriptor_ui":"D007449","descriptor_name":"Investments","qualifier_ui":null,"qualifier_name":null,"is_major_topic":true},{"descriptor_ui":"D010820","descriptor_name":"Physicians","qualifier_ui":"Q000191","qualifier_name":"economics","is_major_topic":false},{"descriptor_ui":"D011216","descriptor_name":"Practice Management, Medical","qualifier_ui":"Q000191","qualifier_name":"economics","is_major_topic":false},{"descriptor_ui":"D014481","descriptor_name":"United States","qualifier_ui":null,"qualifier_name":null,"is_major_topic":false},{"descriptor_ui":"D017149","descriptor_name":"Private Sector","qualifier_ui":null,"qualifier_name":null,"is_major_topic":false},{"descriptor_ui":"D017150","descriptor_name":"Public Sector","qualifier_ui":null,"qualifier_name":null,"is_major_topic":false},{"descriptor_ui":"D058991","descriptor_name":"Patient Protection and Affordable Care Act","qualifier_ui":null,"qualifier_name":null,"is_major_topic":false}],"locations_count":2,"locations":[{"id":"doi:10.1215/03616878-11186103","doi":"https://doi.org/10.1215/03616878-11186103","is_oa":false,"landing_page_url":"https://doi.org/10.1215/03616878-11186103","pdf_url":null,"source":{"id":"https://openalex.org/S192655146","display_name":"Journal of Health Politics Policy and Law","issn_l":"0361-6878","issn":["0361-6878","1527-1927"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-4","jufo-1","medline","norway-1","poland-100","russia-white-list-2"],"host_organization":"https://openalex.org/P4310315698","host_organization_name":"Duke University Press","host_organization_lineage":["https://openalex.org/P4310315698","https://openalex.org/P4310315572"],"host_organization_lineage_names":["Duke University Press","Duke University"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Health Politics, Policy and Law","raw_type":"journal-article"},{"id":"pmid:38324370","doi":null,"is_oa":false,"landing_page_url":"https://pubmed.ncbi.nlm.nih.gov/38324370","pdf_url":null,"source":{"id":"https://openalex.org/S4306525036","display_name":"PubMed","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1299303238","host_organization_name":"National Institutes of Health","host_organization_lineage":["https://openalex.org/I1299303238"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of health politics, policy and law","raw_type":"Journal Article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":39,"referenced_works":["https://openalex.org/W110456782","https://openalex.org/W823188860","https://openalex.org/W1434621451","https://openalex.org/W1539525160","https://openalex.org/W1607780973","https://openalex.org/W1855283887","https://openalex.org/W1987058816","https://openalex.org/W1995472166","https://openalex.org/W2074393314","https://openalex.org/W2089547173","https://openalex.org/W2112086875","https://openalex.org/W2122848836","https://openalex.org/W2137964830","https://openalex.org/W2169101303","https://openalex.org/W2186110772","https://openalex.org/W2336168880","https://openalex.org/W2352107579","https://openalex.org/W2401011328","https://openalex.org/W2476952701","https://openalex.org/W2750732191","https://openalex.org/W2763048557","https://openalex.org/W2794039674","https://openalex.org/W2997622908","https://openalex.org/W3007132100","https://openalex.org/W3013898671","https://openalex.org/W3016922223","https://openalex.org/W3047500667","https://openalex.org/W3124463244","https://openalex.org/W3154982643","https://openalex.org/W4214656520","https://openalex.org/W4225121773","https://openalex.org/W4281395171","https://openalex.org/W4285385330","https://openalex.org/W4294266279","https://openalex.org/W4313678743","https://openalex.org/W4366821884","https://openalex.org/W4381895267","https://openalex.org/W4384747589","https://openalex.org/W7030362563"],"related_works":["https://openalex.org/W4410026825","https://openalex.org/W4387393002","https://openalex.org/W4385614759","https://openalex.org/W3139345696","https://openalex.org/W7117407684","https://openalex.org/W3135216684","https://openalex.org/W4391947953","https://openalex.org/W4309712621","https://openalex.org/W7154750738","https://openalex.org/W4252263318"],"abstract_inverted_index":{"There":[0],"have":[1],"been":[2],"two":[3,83],"waves":[4,84],"of":[5,15,67,109,118],"equity-based":[6],"investment":[7,26,50,131,135,146,156],"in":[8,21,28,91,98,137],"physician":[9,37,154],"practices.":[10],"Both":[11],"used":[12],"a":[13],"combination":[14],"public":[16,34],"and":[17,36,57,73,85,116,149,171],"private":[18,45],"sources":[19],"but":[20],"different":[22],"mixes.":[23],"The":[24,48,122],"first":[25],"wave,":[27],"the":[29,53,82,96,99,188,194],"1990s,":[30],"was":[31,58],"led":[32,59],"by":[33,44,60],"equity":[35,46,110],"practice":[38,155,174],"management":[39],"companies,":[40],"with":[41],"less":[42,70],"involvement":[43],"(PE).":[47],"second":[49],"wave":[51],"followed":[52],"Affordable":[54],"Care":[55],"Act":[56],"PE":[61,130,141,170,195],"firms.":[62],"It":[63,94,162,176],"has":[64],"generated":[65],"concerns":[66],"wasteful":[68],"spending,":[69],"cost-effective":[71],"care,":[72],"initiatives":[74],"harmful":[75],"to":[76,106,113],"patient":[77],"welfare.":[78],"This":[79],"article":[80,123],"compares":[81],"asks":[86],"if":[87],"they":[88],"are":[89],"parallel":[90],"important":[92],"ways.":[93],"describes":[95],"similarities":[97],"players,":[100],"driving":[101],"forces,":[102],"acquisition":[103],"dynamics,":[104],"spurs":[105],"consolidation,":[107],"types":[108],"involved,":[111],"models":[112],"organize":[114],"physicians,":[115],"levels":[117],"market":[119],"penetration":[120],"achieved.":[121],"then":[124,163],"tackles":[125],"three":[126],"unresolved":[127],"issues:":[128],"Does":[129,140,153],"differ":[132],"from":[133],"other":[134,145],"vehicles":[136,147],"concerning":[138],"ways?":[139],"possess":[142],"capabilities":[143],"that":[144,167,178,183],"lack":[148],"confer":[150],"competitive":[151],"advantage?":[152],"offer":[157],"opportunities":[158],"for":[159],"supernormal":[160],"profits?":[161],"discusses":[164],"ongoing":[165],"trends":[166],"may":[168,180,190],"disrupt":[169],"curtail":[172],"its":[173],"investment.":[175],"concludes":[177],"past":[179],"be":[181],"prologue,":[182],"is,":[184],"what":[185],"happened":[186],"during":[187],"1990s":[189],"well":[191],"repeat,":[192],"suggesting":[193],"threat":[196],"is":[197],"overblown.":[198]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":4}],"updated_date":"2026-10-31T12:09:11.096373","created_date":"2024-02-08T00:00:00"}
