New evidence of the prevalence and scope of physician joint ventures
J. M. Mitchell and E. Scott
Department of Economics, Florida State University, Tallahassee 32306.
Physician ownership of health care businesses (outside their own practice)
to which they refer patients has attracted considerable attention in the
medical literature, in the media, and from federal and state policymakers.
Despite the concerns raised about these ownership arrangements, known as
joint ventures, the prevalence and scope of joint ventures involving
physicians is not well documented. This report examines the prevalence and
scope of physician joint ventures in Florida based on data collected under
a legislative mandate. Our results indicate that physician ownership of
health care businesses providing diagnostic testing or other ancillary
services is common in Florida. While this conclusion is based on our
comprehensive survey of health care businesses in Florida, it is at least
indicative that such arrangements are likely to occur elsewhere. We find
that at least 40% of Florida physicians involved in direct patient care
have an investment interest in a health care business to which they may
refer their patients for services; over 91% of the physician owners are
concentrated in specialties that may refer patients for services. About 40%
of the physician investors have a financial interest in diagnostic imaging
centers. The estimates reported here indicate that the proportion of
referring physicians involved in direct patient care who participate in
joint ventures is much higher than previous estimates suggest.
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