Volume 2, 2021

 

THE HOSPITAL FINANCIAL - ECONOMIC ANALYSIS AS A SUCCESSFUL HEALTH MANAGEMENT REQUIREMENT EVEN IN THE CONDITIONS OF THE COVID-19 PANDEMIC

Stoyanka Petkova-Georgieva
Pages: 41-52


ABSTRACT: The current conditions of the World Pandemic of COVID-19 require a flexible approach on the part of health managers in Bulgaria in terms of precise and effective management of the entire activity of medical institutions. Each of their decisions has a direct impact on the financial and economic condition of the hospital they manage. The biggest multidisciplinary hospitals are the heart of the health system in every region in Bulgaria, especially in the fight to overcome the crisis. For this purpose, it is necessary for the management of each medical institution to purposefully and periodically conduct research on the financial condition of the hospital by rhythmically analyzing and evaluating the current values of the financial and economic indicators in order to maintain financial stability. Also, through the rhythmic conduct of business analysis it becomes possible, despite the conditions of crisis, to follow the defined strategies and guidelines of the planned financial policy of the medical institution. The real assessment of the financial condition gives an idea of the possibilities of the medical institution to carry out its so-called "business activity" in terms of the application of health technologies for the treatment of patients, even in a pandemic. The focus of the study is on the presentation of financial and economic analysis as a prerequisite for successful health management even in a COVID-19 pandemic, and not on the specifics of analytical calculations and data. The hospital financial and economic condition also affects the quality of its relations with other business entities in the overall organizational and management "network" of the Bulgarian health system.

 

Keywords: Medical institution, financial and economic analysis, health management, The COVID-19 Pandemic

 

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