The Impact of the COVID-19 Pandemic on the Financial Situation of Hospitals in Europe (original) (raw)

The Impact of the COVID-19 Pandemic on the Financial and Asset Situation of Polish Infectious Diseases Hospitals

WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS, 2022

The aim of the article is to assess the impact of the COVID-19 pandemic on the financial and asset situation of infectious diseases hospitals in Poland after the first year of the pandemic, which began in late 2019. The first significant financial impacts of the pandemic were recorded in the 2020 financial statements. Fulfilling the purpose of the article, the 2020 data were referenced to 2018-2019, i.e., before the spread of the COVID-19 pandemic. The research was conducted on the basis of financial statements obtained from 79 infectious diseases hospitals. The results of the research, apart from its scientific aspect, constitute a rich knowledge base and directions for action for the managers, supervisors and owners of infectious diseases hospitals in Poland, as well as for the state bodies responsible for the proper functioning of the infectious diseases treatment system, especially in the era of the pandemic, which, according to specialists, the world will be facing for several ...

Next Pandemic? Yes, Please! How Covid-19 Pandemic Improved the Financial Condition of Polish Hospitals

Finanse i Prawo Finansowe, 2024

The purpose of the article. The study aims to analyze how these special rules of financing during the pandemic affected the financial situation of hospitals in Poland. Methodology. We analyzed a sample of 86 Polish hospitals from 2019 to 2021. The financial condition is assessed based on financial ratios and the synthetic measure M1. We employ the Kruskall-Wallis test to confirm the differences between the values of financial ratios in the analyzed period. Results of the research. We confirm that due to the special rules and financing, combined with underperformance, the financial condition of Polish hospitals has slightly improved-especially in the case of operating margin, EAT to debt ratio and ROA.

The Effects of Covid-19 on Financial-Economic and Performance Efficiency of Hospitals

Background: During the pandemic of COVID-19, the function and performance of hospitals have been affected by various economicfinancial and management aspects. The aim of the current study was to assess the process of therapeutic care delivery and also the economic-financial functions of the selected hospitals before and after COVID-19. Methods: This research is a descriptive-analytical study and a cross-sectional-comparative study in terms of time, and it was conducted in several selected teaching hospitals of Iran University of Medical Sciences. A purposeful and convenient sampling method was used. The data has been collected using the standard research tool (standard checklist of the Ministry of Health) in the two areas of financialeconomic and healthcare performance (such as Data of financial and economic indicators such as direct and indirect costs, liquidity ratio and profitability index as well as key performance indicators of hospitals such as bed occupancy ratio (BOR; %), average length of stay (ALOS), bed turnover rate (BTR), bed turnover distance rate (BTIR) and hospital mortality rate (HMR), physician-to-bed ratio and nurse-to-bed ratio) of hospitals in two times before and after the outbreak of COVID-19 (time period 2018 to 2021). The data was collected from 2018 to 2021. Pearson/Spearman regression was used for the evaluation of the relationship between variables using SPSS 22. Results: This research showed the admission of COVID-19 patients caused a change in the indicators we evaluated. ALOS (-6.6%), BTIR (-40.7%), and discharge against medical advice (-7.0%) decreased from 2018 to 2021. BOR; % (+5.0%), occupy bed days (+6.6%), BTR (+27.5%, HMR (+50%), number of inpatients (+18.8%), number of discharges (+13.1%), number of surgeries (+27.4%), nurseper-bed ratio (+35.9%), doctor-per-bed ratio (+31.0%) increased in the same period of time. The profitability index was correlated to all of the performance indicators except for the net death rate. Higher length of stay and turnover interval had a negative effect on the profitability index while higher bed turnover rate, bed occupancy ratio, bed day, number of inpatient admission, and number of surgery had a positive effect on the profitability index. Conclusion: It has been shown from the beginning of the COVID-19 pandemic, the performance indicators of the studied hospitals were negatively affected. As a consequence of the COVID-19 epidemic, many hospitals were not able to deal with the negative financial and medical outcomes of this crisis due to a significant decrease in income and a double increase in expenses.

Financial Impacts of Covid-19 Pandemic for Turkish Public Hospitals

Süleyman Demirel Üniversitesi Vizyoner Dergisi

The aim of the study is to assess financial implications of Covid-19 pandemic on Turkish public hospitals and to discuss Turkish government's responses. A comparative analysis is carried out with the medical and financial data of Turkish public hospitals between March-December 2019 and March-December 2020. Outpatient services decreased by approximately 49%, inpatient admissions dropped by %35. Due to this decrease in the number of patients, outpatient revenues decreased by 37.8%, while inpatient revenues increased by 6.3% thanks to reimbursement supports by the Social Security Institution (SSI). On the other hand, total hospital expenses increased by 24% with the impact of Covid-19-related expenses. This increase is largely caused by performance-based supplementary payments, drugs, and operating expenses. Prospective global budget model helps healthcare financing stability for Turkish public hospitals. Public hospitals receive their global budgets to compensate for revenue short...

Hospital financial control strategy in the COVID-19 Pandemic era

Public Health and Preventive Medicine Archive, 2023

Background and purpose: The pandemic of COVID-19 is an unprecedented medical and economic challenge for healthcare system. The number of patients during pandemic of COVID-19 had a rapid growth which led to changes in services aspects that threaten financial viability of hospitals, including private hospitals. This study aims to determine the efforts of private hospitals in maintaining financial stability during the pandemic of COVID-19. Methods: A qualitative study with a multi-case design carried out in 7 (seven) private hospitals in Denpasar. Informants were obtained based on a purposive sampling approach. This study recruited 19 informants from 7 private hospitals in Denpasar. Data was collected through in-depth interviews conducted face-toface, using the Zoom and Whatsapp applications. The data were analysed using a content analysis approach. Results: Almost all hospitals stated that their finances disrupted. Financial mitigation efforts were difficult to do, hospital preparation and responses were dependent on the hospital's financial condition and regulations that changing, and recovery efforts were not easy either because in general the community's economy has not recovered. Conclusion: Private hospital finances were experiencing disruption. Mitigation efforts were difficult to do due to the unpredictable changing regulations and policies during the pandemic. Based on the study results, it can be recommended that the hospital management needs to develop a service strategy that is able to overcome the problem of the surge in the number of patients.

Financial Impacts of the Covid-19 Pandemic for Turkish Public Hospitals

Süleyman Demirel Üniversitesi Vizyoner Dergisi, 2022

The aim of the study is to assess financial implications of Covid-19 pandemic on Turkish public hospitals and to discuss Turkish government's responses. A comparative analysis is carried out with the medical and financial data of Turkish public hospitals between March-December 2019 and March-December 2020. Outpatient services decreased by approximately 49%, inpatient admissions dropped by %35. Due to this decrease in the number of patients, outpatient revenues decreased by 37.8%, while inpatient revenues increased by 6.3% thanks to reimbursement supports by the Social Security Institution (SSI). On the other hand, total hospital expenses increased by 24% with the impact of Covid-19-related expenses. This increase is largely caused by performance-based supplementary payments, drugs, and operating expenses. Prospective global budget model helps healthcare financing stability for Turkish public hospitals. Public hospitals receive their global budgets to compensate for revenue shortfalls. The SSI also try to compensate the financial losses of public and private hospitals with additional reimbursement supports. However, policymakers and managers should prepare for the change of paradigm in the healthcare system and should concentrate to cost-effective policies (such as tele-health services) in hospitals as a result of Covid-19 demands.

Changes in a Hospital’s Costs and Revenues Before and After COVID-19: A Case Study of an Iranian Hospital

Health Scope

Background: The Coronavirus Disease 2019 (COVID-19) pandemic has caused a severe shock to the world economy and, consequently, healthcare systems. Objectives: The current study aimed to investigate changes in costs and revenues of an Iranian hospital before and after the COVID-19 pandemic to answer the following question: "How can hospital costs and revenues change during the COVID-19 pandemic?" Methods: This descriptive cross-sectional study was conducted retrospectively at the Masih Daneshvari Hospital in 2020. Accounting software available at the hospital (Azarakhsh for salary costs and PMQ for medical equipment costs) was used to collect cost information. Also, the hospital information system software was used to collect revenue information. The 2019 financial year was considered the base year, and the period February-August 2020 was considered the COVID-19 outbreak period. The data were entered into Excel software and analyzed using descrip¬tive statistics methods. Re...

Economic impact of COVID-19 pandemic on healthcare facilities and systems: International perspectives

Best Practice & Research Clinical Anaesthesiology, 2021

This is a PDF file of an article that has undergone enhancements after acceptance, such as the addition of a cover page and metadata, and formatting for readability, but it is not yet the definitive version of record. This version will undergo additional copyediting, typesetting and review before it is published in its final form, but we are providing this version to give early visibility of the article. Please note that, during the production process, errors may be discovered which could affect the content, and all legal disclaimers that apply to the journal pertain.

COVID-19 Pandemic and Financial Performance

International Journal of Professional Business Review

Purpose: This study aims to illustrate the impact of the corona pandemic (COVID-19) on the financial performance in industrial companies in Jordan. Theoretical framework: This study depend on review of literature review to determine variables of study and its relationship, has been determined all variables: corona pandemic (COVID-19) is independent variable, dependent variables was divide into three axes: profitability, liquidity and debts each of them was measure by some financial ratios that its will show later in hypotheses. Design/Methodology/Approach: The study was applied on 16 industrial companies in Jordan, their quarterly financial statements were collected from Amman’s stock exchange from the first quarter of the year 2017 to the end of the third quarter of the year 2021. Finding: It concluded to the fact that there is a negative impact on profitability reflected by the corona pandemic (COVID-19), and another positive impact on debts, and has no impact on the liquidi...

The effect of COVID-19 on public hospital revenues in Iran: An interrupted time-series analysis

PLOS ONE, 2022

Background The “Coronavirus Disease 2019” (COVID-19) pandemic has become a major challenge for all healthcare systems worldwide, and besides generating a high toll of deaths, it has caused economic losses. Hospitals have played a key role in providing services to patients and the volume of hospital activities has been refocused on COVID-19 patients. Other activities have been limited/repurposed or even suspended and hospitals have been operating with reduced capacity. With the decrease in non-COVID-19 activities, their financial system and sustainability have been threatened, with hospitals facing shortage of financial resources. The aim of this study was to investigate the effects of COVID-19 on the revenues of public hospitals in Lorestan province in western Iran, as a case study. Method In this quasi-experimental study, we conducted the interrupted time series analysis to evaluate COVID-19 induced changes in monthly revenues of 18 public hospitals, from April 2018 to August 2021,...