https://doi.org/10.29013/EJEMS-23-2-21-23
Maridashvili Manana, Professor at Georgian National University, Tbilisi. Georgia
Doctor of Business Administration Meparishvili Davit, Professor at Ilia State University, Tbilisi. Georgia Doctor of Business Administration Gvinianidze Sofiko, Doctoral student at Caucasus International University,
Tbilisi. Georgia
FINANCIAL SUSTAINABILITY OF MEDICAL ORGANIZATIONS AND TOOLS FOR ITS IMPLEMENTATION
Abstract. This article represents overview of Financial sustainability of medical organizations. Financial sustainability of medical organizations is an important factor in the management methodology of organizational-economic sustainability and competitiveness of the enterprise, including medical organizations integrated in the structure of the cluster. Financial sustainability is assessed through financial and economic analysis. Moreover, the analysis is more effective based on management than financial statements.
Key words: Financial sustainability, medical organizations, financial and economic analysis.
Introduction adaptation of the training structure to the structure
It is necessary to analyze internal and external fac- of the external environment of the cluster. tors, which are inseparably connected with the internal External factors affect all elements and process-
and external environment of the organization. From es in the cluster. They can be divided into two main
the point ofview offinancial management, the ongoing groups. The first group includes the so-called envi-
processes within the organization play an important ronmental factors that are common to many organi-
role in occupying the appropriate place in the mar- zations (the state of the organization's economy, nat-
ket. First of all, they include: production, marketing, ural-geographical conditions, the legal system, the
finance, working with personnel, training and raising level of development of techniques and technologies,
the qualifications of specialists, recording and analyz- the world market). The second group includes the
ing economic activity (accounting), social component, factors of direct interaction of the medical organiza-
which includes interaction with customers. action. tion with the cluster structure (customers, competi-
For medical organizations creating products cor- tors, suppliers, bodies of the state regulatory system).
responding to their own missions and management Internal and external factors have a significant impact
strategies, the existence of similar products on the on the management of any cluster member, as well
market, export, introduction into clinical practice, as on the management of the medical organization.
including at the expense of state programs, is an im- Therefore, it is necessary to analyze the activity from
portant factor. The essential rule that determines the the positions of an independent entity and an ele-
internal structure of the medical organization is the ment included in the cluster structure.
Section 3. Management
For this purpose, on the basis of financial indicators, an analysis of the factors affecting the profit of medical organizations and its dynamics is carried out. Such factors can be classified into 3 groups: productive, commercial, financial. The production factors are determined by the volume of production, the rhythm of the production process, the technological, scientific-technical and organizational-technical equipment of medical organizations, treatment-prophylactic institutions and clusters. The commercial factor is mainly determined by financial indicators and includes marketing, conclusion of business agreements, consideration of current and future terms of the agreement, regulation of product sales prices and organizational and economic provision.
Different types of financial and economic analysis of medical organizations
For the medical organizations and medical-prophylactic institutions included in the cluster, the efficiency, technical support, repair, metrological support and utilization of medical devices are necessary. Reliability of forecast of commercial factors, on the one hand, is based on insurance risks (mainly, risks of loss of property, interruption of supply, refusal or removal of payments), on the other hand - attraction of paying customers (customers, buyers). In the healthcare system, social issues should also be resolved, which, in turn, requires non-governmental production costs
We distinguish the following types of analysis:
1. Financial analysis, which includes: financial reporting of profits and expenses, balance sheet, turnover of funds, profitability of the enterprise, no loss, return on investments (ROI) of medical organizations; also in the structure of the cluster, the analysis of the financial efficiency of the interdependence of medical organizations and treatment-prophylactic institutions;
2. Harmonized analysis of the work and services performed by the medical organizations and treatment-prophylactic institutions in the structure of the cluster, the structure, the means of production and
sale of the products, the expenses spent on production, the efficiency of the use of production opportunities; as well as financial analysis and analysis of the use of the main funds, analysis of the main types of raw materials and materials, personnel reserve, technical, organizational and technological level of production, analysis of reserves and problems of activity of medical organizations and curative-prophylactic institutions that are part of the cluster [1, p. 30];
3. Comparison method — one of the common methods of analysis in management, which includes: comparison of actual indicators with planned ones, comparison with previous indicators, comparison with average and maximum data in the medical field, comparison of foreign medical organizations with similar indicators (including similar structural departments);
4. The method of detailing, which includes theoretically justified quality improvement and preliminary classification of financial indicators, in accordance with the importance criteria of the analysis of medical organizations and treatment-prophylactic institutions integrated in the cluster. After the level of uncertainty reaches the allowed limit, we move on to the structural analysis, or to the one-by-one exclusion of the considered indicators [2, p. 27];
5. Structural analysis, including provisions of financial management analysis, institutional theories, analysis of financial results (including profitability) of enterprise activity, their interrelationship with medical enterprises and technologies, allows to review the financial indicators of clusters and medical organizations, their preliminary When dividing into defined structural parts, the specific weight of each is determined in the total value of the indicator, and changes in weight are recorded compared to the standard, which can be, for example, normative or expert documents. The contribution of shares is evaluated in relation to the total budget;
6. Analysis of factors, as an element of financial analysis, is the identification of factors on which the value level of the financial indicator to be analyzed
depends. For this purpose, the analytical relationship between the factors and the analyzed indicators is determined. Factors are classified by their impact, potential risks of impact, market situation, level of competitiveness of medical equipment. Taking this into account, appropriate management decisions are made, which determine the financial situation of the medical organization: it includes the assessment of potential risks of usability, the competitiveness of medical organizations and the medical products produced by them [3, p. 29];
7. Coefficient analysis, which includes the calculation of certain coefficients and then comparing the results obtained in different areas of the organization's activity for a certain period of time with the indicators obtained in the regulatory documentation. The main indicator of ratio analysis is the leading ratio. It is defined by interdependent indicators, the value of one of which determines the value of the other. For example, monetary equivalent of labor productivity (leading indicator) and wage level
(dependent indicator). The leading coefficient obtained under the conditions of operation of stable and stable medical organizations integrated in the structure of the cluster [4, p. 23].
Conclusion
Thus, the financial analysis of the activities of the medical organizations integrated in the structure of the cluster is a necessary additional scientifically based approach to study the economic indicators of the medical enterprises and organizations in the cluster system. In financial activities, it is important to assess the state of the enterprise in the market.
The result of the effectiveness of the activities of medical organizations in the market is determined by objective and subjective factors. As a rule, objective factors do not depend on the enterprise, but, as it is predetermined, should be taken into account in its strategy. Subjective factors depend on the work of medical organizations and individual performers integrated in the cluster structure. Therefore, management decisions should take this into account.
References:
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