Table 3.

The estimated regression models for hospital cost

	(1) All	(2) With APCD	(3) Without APCD
APCD adoption	0.0877***
	(0.00499)
HHI	0.200***	0.00916	0.178**
	(0.0727)	(0.203)	(0.0745)
APCD*HHI	0.0485
	(0.0650)
HHI*2012		-0.141	-0.000946
		(0.112)	(0.0417)
HHI*2013		-0.129	-0.0496
		(0.108)	(0.0424)
HHI*2014		-0.171	-0.0977**
		(0.108)	(0.0429)
HHI*2015		-0.185*	-0.0996**
		(0.109)	(0.0430)
HHI*2016		-0.160	-0.153***
		(0.109)	(0.0427)
HHI*2017		-0.176	-0.115**
		(0.111)	(0.0447)
Size	0.000423***	0.000810***	0.000748***
	(4.48e-05)	(7.30e-05)	(4.80e-05)
Urban	0.00196	-0.0220	0.00552
	(0.0201)	(0.0491)	(0.0242)
Nonprofit	0.0283**	0.0117	0.0619***
	(0.0114)	(0.0243)	(0.0109)
Teaching	-0.0503***	0.0196	-0.00880
	(0.0173)	(0.0265)	(0.0183)
Lobby	0.205***	0.0857**	-0.0387**
	(0.0156)	(0.0432)	(0.0161)
Adjusted admission	16.75***	7.137***	12.79***
	(0.381)	(0.592)	(0.428)
2012		0.0762***	0.0611***
		(0.00708)	(0.00351)
2013		0.109***	0.0943***
		(0.00684)	(0.00369)
2014		0.148***	0.127***
		(0.00658)	(0.00380)
2015		0.193***	0.160***
		(0.00660)	(0.00382)
2016		0.239***	0.210***
		(0.00661)	(0.00385)
2017		0.275***	0.246***
		(0.00696)	(0.00407)
Constant	17.84***	18.00***	17.70***
	(0.0127)	(0.0276)	(0.0131)
Observations	24,191	6,297	17,894
R-squared	0.146	0.399	0.369
Number of hospitals	3,835	1,314	3,337

^***p < 0.01, ^**p < 0.05, ^*p < 0.1 and standard errors in parentheses