Professor Richards has carried out a variety of empirical studies on US health policy and economic topics, with his primary research area focused on healthcare provider responses to payment policies, regulation, and industry trends (e.g., consolidation and vertical integration as well as the business cycle). He also has considerable interests in the structure and delivery of the public insurance programs (i.e., Medicare and Medicaid) as well as healthcare workforce issues specific to the public and private sectors. His active and broad research portfolio allows him to collaborate with investigators with diverse backgrounds and areas of expertise at a variety of institutions all across the US.

His work can be found in the New England Journal of Medicine, Medical Care, Milbank Quarterly, Health Services Research, Health Affairs, Journal of Policy Analysis and Management, Health Economics, Journal of Health Economics, American Journal of Health Economics, Journal of Human Resources, Journal of Public Economics, American Economic Journal: Economic Policy, as well as other academic venues.