by horizontal hospital mergers as an instrument, we show that rising prices raise the cost of labor by increasing …

Between 2000 and 2020, the share of US hospital bed capacity under multi-unit firms (systems) increased from 58% to 81 … ownership affects hospital profitability and quality. We combine novel, patient-level transaction price data from a large … commercial insurer, Medicare claims, and New York hospital discharges between 2012 and 2018 to study changes at over 100 …