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Does hospital financial performance measure up?

W O Cleverley1, R K Harvey

  • 1Ohio State University, Columbus.

Healthcare Financial Management : Journal of the Healthcare Financial Management Association
|April 8, 1992
PubMed
Summary
This summary is machine-generated.

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This study compares hospital financial performance to other industries. Hospitals show weaknesses in profitability, liquidity, and asset management, necessitating strategic goals for improvement.

Area of Science:

  • Healthcare Management
  • Financial Analysis
  • Industry Benchmarking

Background:

  • Ongoing comparisons between healthcare and non-healthcare industries regarding financial performance, products, and services.
  • The hospital industry's financial health is a subject of continuous evaluation.

Purpose of the Study:

  • To compare the financial performance of the hospital industry with industrial, transportation, and utility sectors.
  • To identify specific areas of financial weakness within hospitals.
  • To propose actionable goals for enhancing hospital financial competitiveness.

Main Methods:

  • Utilized key financial performance measures: profitability, liquidity, financial risk, asset management and replacement, and debt capacity.
  • Benchmarked hospital financial metrics against those of the industrial, transportation, and utility sectors.

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Main Results:

  • Hospitals demonstrate notable weaknesses across several key financial performance indicators.
  • Identified specific areas requiring attention include profitability, liquidity, and asset management.

Conclusions:

  • The hospital industry lags behind other sectors in crucial financial areas.
  • Establishing specific performance goals for each financial measure is essential for achieving competitive levels.