Εξαγορές και συγχωνεύσεις νοσοκομείων: επίδραση των Ε&Σ στους χρηματοοικονομικούς δείκτες των νοσοκομείων και στις τιμές των υπηρεσιών τους
Mergers and acquisitions of hospitals: effect of M&A on the financial ratios of hospitals and on the prices of services
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Keywords
Εξαγορές ; Συγχωνεύσεις ; Νοσοκομεία ; Υγεία ; Χρηματοοικονομικοί δείκτες ; Τιμές υπηρεσιώνAbstract
Mergers and Acquisitions (M&A) are developmental strategies that refer to the
consolidation of companies or assets through various types of financial transactions.
Decisions on M&A are crucial to the success of businesses and their managers, while
noteworthy are the advantages that arise. However, M&A often do not work effectively
and fail.
The agreements on mergers and acquisitions in the field of health have been
increased considerably over the last decade. Researchers support that M&A can lead in
increased revenues per patient, but they do not always result in lower operating costs.
Literature shows that M&A in hospitals usually lead to an increase in service prices and
an improvement in their operating performance. The various empirical studies highlight
the potential economic benefits of the mergers and acquisitions of hospitals, especially
with regard to cost issues and economies of scale. In the long term, achieving
economies of scale seems to lead to efficiency gains. On the other hand, there are
surveys that do not provide strong evidence of economies of scale or of
complementarity. Also, some studies have shown anti-economies of scale and so results
of literature are remaining inconclusive.
The purpose of the thesis was to correlate the phenomenon of M&A of hospitals
with the view of their economic indicators, such as financial data (turnover, operating
income, earnings) and the prices of their services. For this purpose, a quantitative
research method was followed as quantitative data were selected by ICAP, regarding
balance sheets, market shares and ratios from private hospitals. The analysis showed that M&A agreement in the hospital increases the hospital's turnover, its operating
revenues and profits as well as the prices of its services.
Further investigation on the examined subject is suggested, regarding to the
investment trends of hospitals in the context of M&A and how these can affect the
progress of the economic indicators of hospitals (turnover, operating income, earnings),
as well as their prices of services. Also, quantitative research with tool the questionnaire
to clients of hospitals and/or qualitative research with interviews to hospital executives
and specific case studies of hospitals that have conducted a M&A agreement are
interesting options for future research