Research Trends Review of Financial Performance in Hospitals / 간호행정학회지

Purpose@#This study aims to analyze the financial performance research trends in medical institutions and to suggest the necessity and future research direction for financial management from the perspective of nursing organizations. @*Methods@#Financial performance research in medical institutions was extracted by combining the keywords ‘finance’, ‘nursing’, ‘medical’, and ‘hospital’ in three domestic and foreign online databases. 55 studies were finally extracted. @*Results@#Of the 55 studies selected, 41.8% have been published after 2010, and 79.6% have been published in Korea. 83.6% of the studies used financial statements, and 74.5% used the financial ratio. Among the studies on the use of financial statements, 40 balance sheets and 41 profit and loss statements were used. @*Conclusion@#There were some limitations in deriving implications for financial performance management at the level of nursing organization. When establishing strategies for future financial performance improvement, it is recommended to prioritize nursing cost optimization and profitability enhancement at the nursing organization level.

Nursing Productivity of Tertiary General Hospitals using Financial Statements / 간호행정학회지

PURPOSE: This study was performed to analyze financial ratios and nursing productivity and to interpret comparisons of financial standard ratios. METHODS: The financial statements of 21 tertiary general hospitals were collected from the webpage of the National Tax Service in Korea. General characteristics of the hospitals were acquired from their webpages. RESULTS: The results obtained were compared with the financial standard ratios of Korean hospitals. The majority of hospitals showed poor liquidity, performance, turnover, and growth. Nursing productivity was measured by calculating annual value added per nurse (￦ 39,746,938) and annual gross revenues per nurses (￦ 65,803,550). CONCLUSION: Interestingly, although the financial ratios were generally poor, nursing productivities were very good. Nurse managers can suggest increasing nursing staff levels based on high nursing productivity despite poor financial conditions.

Corrigendum to Nurses' Educational Needs Assessment for Financial Management Education Using the Nominal Group Technique Asian Nursing Research (2015) 152–157

The authors declare that in the above article requires changes in following sections which is reproduced in this article.

Development and Application of a Performance Prediction Model for Home Care Nursing Based on a Balanced Scorecard using the Bayesian Belief Network

PURPOSE: This study was conducted to develop key performance indicators (KPIs) for home care nursing (HCN) based on a balanced scorecard, and to construct a performance prediction model of strategic objectives using the Bayesian Belief Network (BBN). METHODS: This methodological study included four steps: establishment of KPIs, performance prediction modeling, development of a performance prediction model using BBN, and simulation of a suggested nursing management strategy. An HCN expert group and a staff group participated. The content validity index was analyzed using STATA 13.0, and BBN was analyzed using HUGIN 8.0. RESULTS: We generated a list of KPIs composed of 4 perspectives, 10 strategic objectives, and 31 KPIs. In the validity test of the performance prediction model, the factor with the greatest variance for increasing profit was maximum cost reduction of HCN services. The factor with the smallest variance for increasing profit was a minimum image improvement for HCN. During sensitivity analysis, the probability of the expert group did not affect the sensitivity. Furthermore, simulation of a 10% image improvement predicted the most effective way to increase profit. CONCLUSION: KPIs of HCN can estimate financial and non-financial performance. The performance prediction model for HCN will be useful to improve performance.

Nurses' Educational Needs Assessment for Financial Management Education Using the Nominal Group Technique

PURPOSE: The purpose of this study was to identify the financial management educational needs of nurses in order to development an educational program to strengthen their financial management competencies. METHODS: Data were collected from two focus groups using the nominal group technique. The study consisted of three steps: a literature review, focus group discussion using the nominal group technique, and data synthesis. RESULTS: After analyzing the results, nine key components were selected: corporate management and accounting, introduction to financial management in hospitals, basic structure of accounting, basics of hospital accounting, basics of financial statements, understanding the accounts of financial statements, advanced analysis of financial statements, application of financial management, and capital financing of hospitals. CONCLUSIONS: The present findings can be used to develop a financial management education program to strengthen the financial management competencies of nurse.

Financial Ratio Analysis for Developing Nursing Management Strategies in University Hospitals / 간호행정학회지

PURPOSE: The purpose of this study was to analysis the financial statements of university hospitals and to apply the results to build nursing management strategies. METHODS: Data on the financial statements of university hospitals were collected each hospital's homepage or internet search from February to June, 2010. Financial statements of 11 hospitals were analyzed using the 4 categories of financial ratio analysis method: liquidity, performant, growth and turnover. RESULTS: Overall results showed that the financial status the university hospitals were unstable, and many financial indicators did not meet financial standard ratios. Only 8 financial indicators of total 19 indicators satisfied financial standard ratios. CONCLUSION: The results of financial statements analysis suggest that nurse managers should develop the blue ocean strategy for diversification of nursing services to improve financial ratios of liquidity, performance, and growth. Using a unit-based just-in-time system for effective supply management would help to increase profits and to decrease costs of hospital by improving financial ratios of turnover.