STRENGTHENING FINANCIAL LITERACY OF MANAGERS IN PRIVATE HOSPITALS: STRATEGIES, CHALLENGES AND PRACTICAL IMPLICATIONS
STRENGTHENING FINANCIAL LITERACY OF MANAGERS IN PRIVATE HOSPITALS: STRATEGIES, CHALLENGES AND PRACTICAL IMPLICATIONS

Summary/Abstract: Financial literacy among managers is a key factor in making informed business decisions and achieving sustainable competitive advantage. It plays a crucial role in navigating complex markets, preventing errors, and supporting the attainment of financial objectives. The contemporary business environment is characterized by dynamic market changes, increasing complexity, and heightened risks, all of which require managers to possess advanced financial management knowledge. With societal development, the demand for medical services continues to grow. Consequently, an efficient financial management system and the professional competencies of staff are essential for the successful functioning of private hospitals. This paper examines the challenges that private hospitals face in financial management, emphasizing the importance of financial literacy among managers for effective resource allocation. The study identifies key weaknesses in financial information management and proposes strategic measures to strengthen hospital managers’ financial competencies, thereby enhancing overall operational efficiency. The findings may assist policymakers and organizational leaders in developing strategies aimed at improving financial competencies.

• Details
• Contents