Figure 3. Changes in Utilization Associated With Private Equity (PE) Acquisition of Physician Practice, by Quarter.

Each point represents the coefficient obtained by estimating an event study regression. The vertical dashed line represents the quarter of acquisition (reference period). In the event study regression, we compared outcomes in PE-acquired practices with those of matched controls up to 4 quarters before acquisition (event time −4, …, −1) and 8 quarters after (event time +1, +2, …, +8). The unit of analysis was the practice-quarter level, with event time 0 denoting the quarter of acquisition. Event study regressions include specialty fixed-effects. Standard errors are clustered at the level of the matched cohort. Increases in CIs (error bars) in later quarters are explained by reductions in sample size.