Financial Effects of Remote Product Delivery: Evidence from Hospitals

• 成果类型: Article
• 署名作者: Cornaggia, Kimberly; Li, Xuelin; Ye, Zihan
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Columbia University; University of Tennessee System; University of Tennessee Knoxville
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhae024
• 发表日期: 2024
• 页码: 2817
• 关键词: health-care; Investment decisions; MUNICIPAL; FIRMS; debt; cost; TELEMEDICINE; COMPETITION; prices; IMPACT

摘要

We study financial effects of remote product delivery in the healthcare industry. Exploiting staggered law adoption for identification, we find that telehealth provision redistributes hospital operations and access to capital away from rural communities. As urban telehealth providers acquire rural patients, rural hospitals experience decreased revenue and profit, credit rating downgrades, increased cost of capital, and ultimately risk of closure. Although telehealth reduces travel costs, some communities lose access to acute care. Overall, we conclude that remote healthcare services have financial consequences as well as real effects, and their benefits are unequally distributed.