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@techreport{NBERw24926,
 title = "Mergers and Marginal Costs: New Evidence on Hospital Buyer Power",
 author = "Craig, Stuart and Grennan, Matthew and Swanson, Ashley",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "24926",
 year = "2018",
 month = "August",
 doi = {10.3386/w24926},
 URL = "http://www.nber.org/papers/w24926",
 abstract = {We estimate the effects of horizontal mergers on marginal cost efficiencies – an ubiquitous merger justification – using data containing supply purchase orders from a large sample of US hospitals 2009-2015. The data provide a level of detail that has been difficult to observe previously, and a variety of product categories that allows us to examine economic mechanisms underlying “buyer power.” We find that merger target hospitals save on average $176 thousand (or 1.5 percent) annually, driven by geographically local efficiencies in price negotiations for high-tech “physician preference items.” We find only mixed evidence on savings by acquirers.},
}