A study published November 2026 in Health Affairs found Medicare spending rose 5.9% per stay at hospices acquired by private equity.^[1] The analysis was led by Harvard researchers.^[2] Average Medicare spending per hospice stay increased by $993 after private equity acquisition, from a baseline $16,922.^[3] Senior study author Zirui Song stated Medicare's flat daily hospice fee creates incentives to select lower care need patients.^[4] Study authors proposed adjusted Medicare reimbursement models to address the observed admission incentives.^[5]