Development of Strategies Based on Financial Indicators in Healthcare Organizations
Development of Strategies Based on Financial Indicators in Healthcare Organizations

Summary/Abstract: The healthcare system represents the lifeline of every social system. Due to its undeniable importance, healthcare faces numerous internal and external pressures in its struggle to meet the needs of diverse users. Rising healthcare costs, irrational use of limited resources, inefficient business process management, and constrained budgets emerge as the greatest business challenges. This paper aims to examine and assess the possibilities offered by strategic management for improving the performance of healthcare organizations in the Republic of Serbia, based on the development of a complementary set of financial indicators. To conduct the research, a questionnaire was developed to assess the financial choices of healthcare organizations across both private and public ownership in the context of strategic management. The study findings indicate that the target group possesses almost no knowledge of financial indicators, that the concept of strategic financial management is applied but inconsistently, and that, nevertheless, there is a prevailing positive attitude among respondents regarding the benefits of financial indicator-based strategies for their healthcare organizations. Addressing the identified issue requires significant efforts and systemic initiatives to enhance financial education and ensure the consistent application of strategic financial management in both public and private healthcare organizations, representing a crucial step toward improving financial performance.

• Details
• Contents