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The performance of the leveraged buyout of the Hospital Corporation of America, Inc.

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dc.contributor.author김태현-
dc.date.accessioned2014-12-19T16:51:53Z-
dc.date.available2014-12-19T16:51:53Z-
dc.date.issued2012-
dc.identifier.issn0361-6274-
dc.identifier.urihttps://ir.ymlib.yonsei.ac.kr/handle/22282913/90339-
dc.description.abstractBACKGROUND: A leveraged buyout (LBO) is a type of corporate reorganization and acquisition practice whereby private investors borrow a substantial amount of debt to acquire a firm by buying back its publicly held stock to go private. The Hospital Corporation of America, Inc. (HCA), went through its second LBO in July of 2006. A prior study on the performance changes of the first LBO found no significant changes in revenues, expenses, or profitability. PURPOSES: In this study, we evaluated the changes in performance measures for HCA hospitals during the second LBO period. We looked at the effect of the LBO on financial and operational performance indicators, controlling for market and hospital characteristics. METHODOLOGY: We identified 121 urban HCA hospitals that consistently reported data over a 4-year window from 1 year pre-LBO to 3 years post-LBO and evaluated their study performance changes during the period. Primary data for operational and financial measures are derived from Health Care Cost Report Information System data sets. FINDINGS: On the basis of this study, the LBO led to significant increases in cash flow margin, net patient revenues, and total asset turnover ratio. It also increased operating expenses significantly. However, it was not associated with changes in labor costs, staffing, and capital investment. PRACTICE IMPLICATIONS: The management of publicly traded hospitals that consider an LBO should develop operating strategies to maintain a strong cash flow performance and find ways to boost patient volume. It also needs to determine if it would be able to continue investing in its facilities to keep physicians and patients loyal and to keep investing in the training and retention of employees, which ultimately improves the quality of care and enhances operational efficiency.-
dc.description.statementOfResponsibilityopen-
dc.relation.isPartOfHEALTH CARE MANAGEMENT REVIEW-
dc.rightsCC BY-NC-ND 2.0 KR-
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/2.0/kr/-
dc.subject.MESHCapital Expenditures/trends-
dc.subject.MESHEconomic Competition-
dc.subject.MESHEfficiency, Organizational*-
dc.subject.MESHFinancial Management, Hospital-
dc.subject.MESHHealth Facility Merger/economics*-
dc.subject.MESHHealth Services Research-
dc.subject.MESHHospitals, Proprietary/economics-
dc.subject.MESHHospitals, Proprietary/organization & administration*-
dc.subject.MESHHospitals, Urban/economics*-
dc.subject.MESHHumans-
dc.subject.MESHPersonnel Staffing and Scheduling/economics-
dc.subject.MESHProfessional Corporations/economics*-
dc.subject.MESHProfessional Corporations/statistics & numerical data-
dc.subject.MESHRegression Analysis-
dc.subject.MESHSocieties/organization & administration*-
dc.subject.MESHSystems Analysis-
dc.subject.MESHUnited States-
dc.titleThe performance of the leveraged buyout of the Hospital Corporation of America, Inc.-
dc.typeArticle-
dc.contributor.collegeGraduate School of Public Health (보건대학원)-
dc.contributor.departmentGraduate School of Public Health (보건대학원)-
dc.contributor.googleauthorKim, Tae Hyun-
dc.contributor.googleauthorMcCue, Michael J.-
dc.identifier.doi22067426-
dc.admin.authorfalse-
dc.admin.mappingfalse-
dc.contributor.localIdA01082-
dc.relation.journalcodeJ00968-
dc.identifier.eissn1550-5030-
dc.identifier.pmid22067426-
dc.identifier.urlhttp://ovidsp.ovid.com/ovidweb.cgi?T=JS&CSC=Y&NEWS=N&PAGE=fulltext&AN=00004010-201207000-00003&LSLINK=80&D=ovft-
dc.subject.keywordCapital Expenditures/trends-
dc.subject.keywordEconomic Competition-
dc.subject.keywordEfficiency, Organizational*-
dc.subject.keywordFinancial Management, Hospital-
dc.subject.keywordHealth Facility Merger/economics*-
dc.subject.keywordHealth Services Research-
dc.subject.keywordHospitals, Proprietary/economics-
dc.subject.keywordHospitals, Proprietary/organization & administration*-
dc.subject.keywordHospitals, Urban/economics*-
dc.subject.keywordHumans-
dc.subject.keywordPersonnel Staffing and Scheduling/economics-
dc.subject.keywordProfessional Corporations/economics*-
dc.subject.keywordProfessional Corporations/statistics & numerical data-
dc.subject.keywordRegression Analysis-
dc.subject.keywordSocieties/organization & administration*-
dc.subject.keywordSystems Analysis-
dc.subject.keywordUnited States-
dc.contributor.alternativeNameKim, Tae Hyun-
dc.contributor.affiliatedAuthorKim, Tae Hyun-
dc.citation.volume37-
dc.citation.number3-
dc.citation.startPage214-
dc.citation.endPage222-
dc.identifier.bibliographicCitationHEALTH CARE MANAGEMENT REVIEW , Vol.37(3) : 214-222, 2012-
dc.identifier.rimsid34151-
dc.type.rimsART-
Appears in Collections:
4. Graduate School of Public Health (보건대학원) > Graduate School of Public Health (보건대학원) > 1. Journal Papers

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