IDEAS home Printed from https://ideas.repec.org/a/ers/journl/vxxvy2022i4p323-341.html
   My bibliography  Save this article

Comparative Financial Analysis of Main Private Companies in the Health Sector in Greece, 2015-2020

Author

Listed:
  • Roupas Theodoros
  • Charamis Vasilios

Abstract

Purpose: The purpose of this paper is to examine the financial situation of Hygeia Hospital, Athens Medical Center, Henry Dunant Hospital Center, Metropolitan Hospital, Euroclinic of Athens, Mediterraneo, Metropolitan General and Mitera Maternity Hospital for the years 2015-2020. Design/methodology/approach: The Greek health system is one of the most privatized systems in the EU. The public NHS health system is characterized by its hospital-centric character, the lack of primary health care, its limited and irrational funding and the reduced satisfaction of citizens. On the other hand, the private sector of health service provision has grown in recent years and especially in the secondary care sector there are trends of centralization. A percentage of 66% of the total turnover is carried out by eight large private clinics, seven of them are located in Attica, while 50% of the total market share belongs to 2 Groups. Alongside, is to examine the importance of the private sector and especially the specific companies, which are the largest in the health sector, in covering the population with health services. Findings: The analysis presented above, seems to indicate that, in the aftermath of the financial crisis, the sample companies, on average, operate at low levels of liquidity and depend crucially on future sales. In addition, most firms depend heavily on loan capital to finance their assets, e.g., loan capital is almost four times greater compared to equity capital for companies in the sector, while for the sample companies, extreme discrepancies are recorded, both, between companies and between financial years. Practical implications: The analysis presented above, seems to indicate that, in the aftermath of the financial crisis, the sample companies, on average, operate at low levels of liquidity and depend crucially on future sales. Originality value: The article briefly evaluates the financial position of the major private health providers in Greece, due to their importance in the health sector in the country. An important issue that must be examined in the future is the impact of the Covid-19 pandemic on the financial operation of the health sector in Greece.

Suggested Citation

  • Roupas Theodoros & Charamis Vasilios, 2022. "Comparative Financial Analysis of Main Private Companies in the Health Sector in Greece, 2015-2020," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 323-341.
    • Handle: RePEc:ers:journl:v:xxv:y:2022:i:4:p:323-341
    as

    Download full text from publisher

    File URL: https://ersj.eu/journal/3084/download
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Siskou, Olga & Kaitelidou, Daphne & Papakonstantinou, Vasiliki & Liaropoulos, Lycourgos, 2008. "Private health expenditure in the Greek health care system: Where truth ends and the myth begins," Health Policy, Elsevier, vol. 88(2-3), pages 282-293, December.
    2. Niki Kalavrezou & Hui Jin, 2021. "Health Care Reform in Greece: Progress and Reform Priorities," IMF Working Papers 2021/189, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Isabel Marques & Zélia Serrasqueiro & Fernanda Nogueira, 2021. "Managers’ Competences in Private Hospitals for Investment Decisions during the COVID-19 Pandemic," Sustainability, MDPI, vol. 13(4), pages 1-14, February.
    2. Kazanis, Ilias, 2013. "Reforming the Greek health system: A role for non-medical, clinical bioscientists," Health Policy, Elsevier, vol. 109(1), pages 46-51.
    3. Olga Siskou & Daphne Kaitelidou & Charalampos Economou & Peter Kostagiolas & Lycourgos Liaropoulos, 2009. "Private expenditure and the role of private health insurance in Greece: status quo and future trends," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 10(4), pages 467-474, October.
    4. Ifanti, Amalia A. & Argyriou, Andreas A. & Kalofonou, Foteini H. & Kalofonos, Haralabos P., 2014. "Physicians’ brain drain in Greece: A perspective on the reasons why and how to address it," Health Policy, Elsevier, vol. 117(2), pages 210-215.
    5. Giannouchos, Theodoros V. & Ukert, Benjamin & Vozikis, Athanassios & Steletou, Evangelia & Souliotis, Kyriakos, 2021. "Informal out-of-pocket payments experience and individuals’ willingness-to-pay for healthcare services in Greece," Health Policy, Elsevier, vol. 125(6), pages 693-700.
    6. Michael Kourtis & Panayiotis Curtis & Michael Hanias & Eleftherios Kourtis, 2021. "A Strategic Financial Management Evaluation of Private Hospitals’ Effectiveness and Efficiency for Sustainable Financing: A Research Study," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 1025-1054.
    7. Cherecheş, Răzvan M. & Ungureanu, Marius I. & Sandu, Petru & Rus, Ioana A., 2013. "Defining informal payments in healthcare: A systematic review," Health Policy, Elsevier, vol. 110(2), pages 105-114.
    8. Grigorakis, Nikolaos & Floros, Christos & Tsangari, Haritini & Tsoukatos, Evangelos, 2018. "Macroeconomic and financing determinants of out of pocket payments in health care: Evidence from selected OECD countries," Journal of Policy Modeling, Elsevier, vol. 40(6), pages 1290-1312.
    9. Chantzaras, Athanasios E. & Yfantopoulos, John N., 2018. "Financial protection of households against health shocks in Greece during the economic crisis," Social Science & Medicine, Elsevier, vol. 211(C), pages 338-351.
    10. Grigorakis, Nikolaos & Floros, Christos & Tsangari, Haritini & Tsoukatos, Evangelos, 2016. "Out of pocket payments and social health insurance for private hospital care: Evidence from Greece," Health Policy, Elsevier, vol. 120(8), pages 948-959.
    11. Puiu Ionut Fatulescu, 2011. "Romanian Health System: Lessons Still to Learn," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 3(3), pages 193-202, June.
    12. Kaitelidou, Daphne Ch. & Tsirona, Christina S. & Galanis, Petros A. & Siskou, Olga Ch. & Mladovsky, Philipa & Kouli, Eugenia G. & Prezerakos, Panagiotis E. & Theodorou, Mamas & Sourtzi, Panagiota A. &, 2013. "Informal payments for maternity health services in public hospitals in Greece," Health Policy, Elsevier, vol. 109(1), pages 23-30.
    13. Krůtilová, Veronika & Yaya, Sanni, 2012. "Unexpected impact of changes in out-of-pocket payments for health care on Czech household budgets," Health Policy, Elsevier, vol. 107(2), pages 276-288.
    14. Manos Matsaganis & Theodore Mitrakos & Panos Tsakloglou, 2009. "Modelling health expenditure at the household level in Greece," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 10(3), pages 329-336, July.
    15. Kyriakos Souliotis & Christina Golna & Yannis Tountas & Olga Siskou & Daphne Kaitelidou & Lycourgos Liaropoulos, 2016. "Informal payments in the Greek health sector amid the financial crisis: old habits die last..," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 17(2), pages 159-170, March.
    16. Kyriopoulos, Ilias & Nikoloski, Zlatko & Mossialos, Elias, 2021. "Financial protection in health among the middle-aged and elderly: Evidence from the Greek economic recession," Health Policy, Elsevier, vol. 125(9), pages 1256-1266.
    17. Aristidis Bitzenis & Vasileios Vlachos & Friedrich Schneider, 2016. "An Exploration of the Greek Shadow Economy: Can Its Transfer into the Official Economy Provide Economic Relief Amid the Crisis?," Journal of Economic Issues, Taylor & Francis Journals, vol. 50(1), pages 165-196, January.
    18. Nikolaos Grigorakis & Christos Floros & Haritini Tsangari & Evangelos Tsoukatos, 2017. "Combined social and private health insurance versus catastrophic out of pocket payments for private hospital care in Greece," International Journal of Health Economics and Management, Springer, vol. 17(3), pages 261-287, September.
    19. Giannouchos, Theodoros V. & Vozikis, Athanassios & Koufopoulou, Paraskevi & Fawkes, Leanne & Souliotis, Kyriakos, 2020. "Informal out-of-pocket payments for healthcare services in Greece," Health Policy, Elsevier, vol. 124(7), pages 758-764.
    20. Antonia Kountoura & Stavros Emmanouil & Efthymios Ziagkas, 2020. "Financial, Economic Crisis and Quality in Health Services Provision, New Challenges to Improve Quality Policy in the Healthcare System of Greece," Technium Social Sciences Journal, Technium Science, vol. 10(1), pages 267-273, August.

    More about this item

    Keywords

    Private Clinics; financial analysis; financial statements; financial indicators.;
    All these keywords.

    JEL classification:

    • I11 - Health, Education, and Welfare - - Health - - - Analysis of Health Care Markets
    • I15 - Health, Education, and Welfare - - Health - - - Health and Economic Development

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ers:journl:v:xxv:y:2022:i:4:p:323-341. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Marios Agiomavritis (email available below). General contact details of provider: https://ersj.eu/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.