Evaluation of risk factors in financial management in healthcare enterprises with multi-criteria decision making analysis

Abstract

The purpose of this study is to determine the main risk factors that are effective in the financial management of healthcare businesses and to evaluate the priority order of these factors using the Analytical Hierarchy Process (AHP). As a result of the literature review, the main risks were listed as market risk, exchange rate risk, liquidity risk, credit risk, inflation risk, competition risk, interest rate risk, legal risk and operational risks. The AHP survey prepared in accordance with the method was filled out by eight different unit managers working in a private hospital. The managers were determined according to the criteria of working in a private hospital, having at least 10 years of experience in the field and being the manager of an administrative department. As a result of the participants' opinions, the weighting order of the criteria was determined as; exchange rate risk (0.18), market risk (15%), liquidity risk (14%), inflation risk (13%), credit risk (12%), interest rate risk (9%), competition risk (8%), legal risk (8%) and operational risk (4%). Within the framework of the findings obtained, it was revealed that hospitals should be formulated in a way that will help them improve their financial management strategies and strengthen risk management. It may also be possible for decision makers to take precautions against risks in the market with integrated strategies that will primarily minimize exchange rate risk and increase liquidity opportunities in line with current conditions. In this way, healthcare businesses that manage financial risks well will be less affected by economic fluctuations in the market, gain more investor confidence, and can find funding more easily and adapt more quickly to changing economic conditions. Developments in this direction not only protect current situations, but also have critical importance for the long-term growth vision.