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A large new study presented at the 2026 ATS International Conference shows that patients treated for COPD or pneumonia experience worse outcomes across several important measures when they are treated at hospitals that have been acquired by private equity firms.
Notably, patients with pneumonia are more likely to die during their stay in hospitals that have been acquired by private equity than in other hospitals. At the same time, patients with COPD are more likely to revisit the hospital within the first 30 days compared to patients at other hospitals.
This is the first study to show that private equity acquisition is linked to worse outcomes for patients with these pulmonary conditions.
Our findings add to growing concerns around the detrimental effects of private equity in health care and highlight a critical need for stronger regulations of these acquisitions to protect our patients."
Stephen Mein, MD, first author, pulmonologist at Beth Israel Deaconess Medical Center and researcher at the Richard A. and Susan F. Smith Center for Outcomes Research, Boston
The number of U.S. hospitals acquired by private equity firms is rapidly increasing. Previous studies have shown that when hospitals are acquired by private equity firms, patients report worse experiences with care and have higher rates of hospital-acquired adverse events like falls and bloodstream infections. However, few studies have examined how private equity acquisition impacts specific diseases, including COPD and pneumonia – the most common lung-related reasons for hospital admission.
For the study, researchers analyzed data from more than 146,900 COPD and 194,900 pneumonia encounters at private-equity hospitals. They matched the private equity hospitals with a control group of hospitals not owned by private equity firms, and compared outcomes among patients hospitalized at two groups of hospitals.
Patients with COPD saw a 1-percentage-point increase. Deaths among pneumonia patients increased by almost 1 percentage point.
"The rise in deaths among patients hospitalized with pneumonia is especially concerning," Dr. Mein said. "While a 1-percentage-point increase may sound small, it represents a substantial change when the typical in-hospital mortality rates for patients with pneumonia is only 3 percent to 4 percent."
Dr. Mein noted that private equity firms are incentivized to generate profits over short time periods, a goal that may not always align with delivering high-quality care.
