Exhibit 2:

Average differential change associated with private equity acquisition of substance use disorder treatment establishments, 2009–22

	Coefficient	Standard error	Constant	Observations
Insurance accepted
Medicare	0.250****	0.023	0.301	15,654
Medicaid	0.154****	0.026	0.626	15,654
Private	0.200****	0.026	0.668	15,654
Medication treatments offered
Buprenorphine	−0.029	0.025	0.306	15,654
Methadone	−0.015*	0.009	0.176	15,654
Naltrexone	−0.009	0.025	0.263	12,777
Therapy services offered
Cognitive behavioral therapy	−0.005	0.015	0.921	10,470
Group counseling	−0.001	0.015	0.928	10,470
Twelve-step program	−0.014	0.025	0.653	9,201
Mentoring or peer support	−0.050*	0.028	0.607	9,201

SOURCE Authors’ analysis of data from the National Survey of Substance Abuse Treatment Services paired with a data set of private equity acquisitions. NOTES Coefficients document the association between an indicator for the post–private equity acquisition period and the outcome indicator noted in each column, using a difference-in-differences estimator proposed in the cited materials (see Sun L, Abraham S. Estimating dynamic treatment effects in event studies with heterogeneous treatment effects. See note 22 in text). Establishment, year and state-by-year fixed effects are included in all estimates. Values in brackets are 95% confidence intervals computed from standard errors clustered by establishment. Data reporting of naltrexone availability starts in 2013. Data reporting on cognitive behavioral therapy and group counseling start in 2015. Data reporting of twelve-step programs and peer counseling start in 2016.

^*p < 0.1

^****p < 0.001