Financial Management Practices of Private Hospitals in Ilocos Sur
DOI:
https://doi.org/10.5281/zenodo.18997180Keywords:
financial management practices, private hospital, budgeting practices, inventory management, investment, cash managementAbstract
This study assessed the level of financial management practices of private hospitals in Ilocos Sur and examined their relationship with selected hospital profile variables. It described the hospitals in terms of bed capacity, location, classification, form of business organization, years of operation, and number of employees, and evaluated their financial management practices in budgeting, investment, inventory management, and cash management. Findings showed that most private hospitals had a bed capacity of 31 and above, were located in commercial zones, classified as Level 1 hospitals, operated as sole proprietorships, had been in operation for 5 to 17 years, and employed 41 to 70 personnel. Overall, the hospitals demonstrated a high level of financial management practices across all areas, indicating generally sound financial systems that support operational efficiency and service delivery. The study further revealed that bed capacity, hospital level, and number of employees were significantly related to the overall level of financial management practices, suggesting that hospital characteristics influence the effectiveness and sustainability of financial systems. Based on these findings, the study recommends that private hospitals sustain effective financial management through regular audits, performance-based budgeting, and continuous monitoring. They may also strengthen fiscal sustainability by pursuing strategic expansion, upgrading service capabilities, investing in diagnostics and staff development, and adopting profile-based financial strategies and performance monitoring systems. These measures may help improve both financial resilience and patient care delivery.
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