, because of the lack of understanding of how physicians' behaviors alter in response to the changes in financial ownership and … incentive structures of the integrated organizations. We study the impact of vertical integration by examining Medicare patients …,488 physicians between 2008-2015, we examine changes in various measures of care delivery, including care processes, patient outcomes …

delivery. Evidence on how physicians alter their behavior from the changes in financial ownership and the incentive structures … of the integrated organizations is scant. We examine Medicare patients treated by gastroenterologists, a specialty with a … 2.6 million patient visits across 5,488 physicians, we examine changes in various measures of care delivery. We find …