Efficiency of Financial Management of Hospitals in Sakon Nakhon Fiscal Years 2017-2021

Abstract

     This study was survey research aimed to study financial performance and management strategies implemented in hospitals encountered with financial crises. The research involved with interviews, questionnaires, and group discussions with 11 key stakeholders, including hospital and provincial financial managers. Data were analysed from 18 healthcare units in Sakon Nakhon Province between 2017 and 2021,

     The findings indicated varying degrees of success in financial performance metrics over the studied years. While revenue versus expenditure targets were achieved at rates ranged from 77.78% to 100.00%, overall revenue-expenditure comparisons against budgets fell short, fluctuating from 16.67% to 100.00%. However, accounting quality consistently surpassed the 80% benchmark from 2017-2021. Nevertheless, financial management efficiency remained below the targeted 65% throughout the studied period. Service costs were within 80% of benchmarks, varied from 77.78% to 100.00%. The assessment of financial crisis risk showed mixed results, with only some years meeting expectations. Successful financial management strategies among hospital managers facing crises revolve around revenue collection policies, effective communication of financial performance, continuous monitoring of revenue centers, and strategies for seeking new revenue sources. Efficient financial management development focuses on analysis, compliance with problem-based analysis guidelines, continuous monitoring, and rectification of persisting problems.

     Factors contributing to resolving financial crises in hospitals included leadership qualities, financial management expertise among managers, adaptable provincial financial policies, potential of provincial financial managers, and consistent supervision by financial managers at different levels.