Issues surrounding the ownership of private psychiatric hospitals by investor-owned hospital chains.

Investor-owned multihospital chains now operate many of the nation's private psychiatric hospitals. This paper provides data showing the extent of the chains' involvement in these hospitals; it also provides specific information about those firms that own and operate the great majority of the chain-affiliated psychiatric facilities. The substantial growth of the chains during the past 20 years is discussed, particularly from an economic perspective. Several controversial issues concerning investor-owned multihospital chains have arisen, some of which relate to the general concept of hospitals as for-profit enterprises. Other issues relate more specifically to the chains' impact on hospital operations. Finally, the author discusses why the chains will continue to expand in size and in influence.