Abstract
Hospitals, surprisingly, have emerged as a prime growth industry attractive to entrepreneurs. Seemingly, a legacy of overbuilding combined with competitive cost-cutting pressures should reduce the earnings of nonprofit and for-profit hospitals alike, making them unattractive investment candidates. Yet in the 1990s, for-profit hospital chains on a buying binge have outpaced the stock market. Conversions of nonprofit to investor-owned hospitals have accelerated, reaching a level of 58 in 1995, up from 34 in 1994.1 This two-part article addresses the medical, ethical, and public-policy issues posed by the resurgence of for-profit chains and their acquisition of nonprofit community hospitals. The prime case . . .
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