Financial Risk Assessment in Healthcare Organizations

Abstract

Aim: Risk assessment is one of the important processes of risk management. This study aims to show how the financial risks encountered in hospitals are evaluated according to the risk management approach. Material and Methods: We used risk assessment tables for identifying the financial activities of healthcare organizations, L-type decision matrix for risk assessment, and financial risk ratio methods for enterprise performance indication. In compliance with the enterprise risk management guidelines, we collected qualitative data through an interview with the risk manager of a hospital and quantitative data was created and adapted by the authors. Results: According to the study sample, among the risks identified in the procurement process, the risk score of the risk 1 is 3, the risk score of the risk 3 is 4, and the risk score of risk number 4 is 2 points, and was found to be acceptable. The risk score for risk 2 is 10 points and was found to be remarkable. The financial risk ratio of the hospital is 0.10. Conclusion: In the financial risk assessment, the risks in the hospital’s procurement activities were determined as occurrence of public loss (No. 1), failure to procure the need (No. 2) and late procurement of the need (No. 4), which are all assessed as controllable risks. No. 4 is noteworthy enough to be distinguished from the other risks. Calculated financial risk ratios showed there were no risks for corporate performance of the healthcare organization in fulfilling the short-run obligations through its liquid assets.

Keywords

• financial risk
• risk assesment
• risk management
• finansal risk
• risk değerlendirme
• risk yönetimi