Συγκριτική χρηματοοικονομική ανάλυση ιδιωτικών νοσοκομείων κατά την περίοδο της κρίσης
Comparative financial analysis of private hospitals during the crisis
KeywordsΧρηματοοικονομική ανάλυση ; Κριτική διερεύνηση αριθμοδεικτών ; Κριτική διερεύνηση πινάκων κεφαλαίου ; Λογιστικές καταστάσεις ; Financial analysis ; Financial system ; Financial statements
This thesis focuses on the financial analysis of the four private hospitals in Greece with the highest turnover in 2015. It aims to draw useful conclusions about the course of Greek private health services market, especially private hospitals, during the economic crisis period (2008-2015). These conclusions are related to the advantages and disadvantages of the under examination hospitals and whether their financial positions are improved or worsened over time. The methodology used for the analysis presented in this thesis is inductive (top-down analysis). Initially, the general financial environment in which the under examination hospitals operate is examined (analysis of the international and Greek economy). Subsequently, the immediate economic environment in which they operate is also examined (private health services Greek market, especially private hospitals market). Finally, the financial position of each hospital is being analysed. The tools that are being used for the study of their key variables are: i) the financial ratios and ii) the funds flow statements. The results of this study show that the private health services sector is experiencing another difficult year. The outlook for the Greek private hospitals market is not positive due to the economic crisis and the changes it has brought to their environment. The significant liquidity shortage and the lack of profitability in the market also encumbers their operational activities. At the same time, government decisions to apply discounts and automatic return mechanism (clawback and rebate) complicate the situation. The under examination hospitals try to exploit their assets to a greater extent, in order to cope with the problems brought by the crisis and changes in the context in which they operate. In order to gain more market share and survive in this highly competitive environment in which they operate, they should merge smaller hospitals, increase partnerships between them and establish strategic alliances.