Document Type

Thesis or dissertation

Date of this Version



Dr. David T. Grande, Dr. Jane M. Zhu


Over the past few decades, private equity has become a growing force in health care, with the number of private equity deals in health care increasing tenfold from 2000 to 2018. Behavioral health has seen significant private equity investment, with addiction treatment facilities being a particular target due to the high reimbursement rates and growing demand for services. Private equity investment in this sector can infuse facilities with capital and improve operational efficiencies. However, the profit motive of private equity firms can lead to strategies that prioritize revenue over quality of care, patient choice, and patient safety, perpetuating low-value care. This paper uses PitchBook data and statistical analysis to map private equity acquisitions of addiction treatment facilities across the U.S. and compare them to overdose and social determinants of health data. Understanding the scope of private equity activity in addiction treatment can inform appropriate government intervention to ensure patients receive quality care.


addiction, private equity, behavioral health, substance use disorder, acquisition, treatment



Date Posted: 24 May 2023


To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.