PEDIATRICS Vol. 97 No. 1 January 1996, pp. 111
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MERGERS CHANGE U.S. HEALTH CARE SYSTEM; MANY QUESTIONS LIE AHEAD

J. F. L. M.D.

In 1994, publicly traded HMOs completed 13 acquisitions valued at over $4 billion. Two hospital chains, Columbia/HCA and National Medical Enterprises, recently completed mergers that give them ownership of 61% of the for-profit hospital beds in the United States. The Wall Street Journal predicts that within a year 10 publicly traded physician practice companies will be competing for a potential $200 billion market. Such concentrated market power could make the health care system more efficient—and less expensive—or, paradoxically, could produce higher prices and fewer choices for consumers.