Table 5.

One-Year Spending

Dependent Variable: log(One-Year Spending)	(1)	(2)	(3)	(4)
Average log(Hospital Spending)	0.594	0.569	0.624	0.623
	(0.111)**	(0.112)**	(0.115)**	(0.114)**
Observations	351,701	351,701	351,701	351,701
Outcome Mean	10.1	10.1	10.1	10.1
Diagnosis Controls	Yes	Yes	Yes	Yes
Demographic Controls	No	Yes	Yes	Yes
Ambulance Controls	No	No	Yes	Yes
Comorbidity Controls	No	No	No	Yes
ZIP Code Fixed Effects	Yes	Yes	Yes	Yes

Note: Estimates reported for Equation (2) in the text. All models include ZIP code and year fixed effects. Patient controls include indicators for year of age, race, sex, miles from the ZIP code centroid, and comorbidities. Ambulance controls are listed in Table 1. Standard errors in parentheses, clustered at the HSA level.

^*significant at 5%;

^**significant at 1%

Source: 2002–2010 Medicare Part A Claims Data