The Hospital Financial Strategy of Chief Financial Officers in Community Hospitals under the Ministry of Public Health
Article Sidebar
Main Article Content
Abstract
The research study aimed to determine the components of the hospital financial strategy of chief financial officers in community hospitals under the Ministry of Public Health. The research study was based on the concept of financial strategy by Bielefeld (1992). The samples of this study were 160 chief financial officers in 160 hospitals. The research instrument was permission and backward translation. Content validity index (CVI) was .8965 and the reliability of the questionnaire in the form of a Cronbach’s alpha coefficient was .937. The results from confirmatory factor analysis found that the statistics were fit with the empirical data including chi-square (X2) was the p- value at .148, chi-square divided by the degrees of freedom value (CMIN/DF) at 1.102, Root Mean square error of approximate (RMSEA) at .022, Goodness of Fit (GFI) at .983, AGFI equal .943, Normed fit index at .914, Relative fit index at .984, Incremental fit index at .987 and HOELTER at 209. The research findings of this study showed that there were 3 components of the hospital financial strategies of chief financial officers in community hospitals under the Ministry of Public Health, the sequence of components according to value by factor loading from highest to lowest value were as follows: 1) New revenue (NR) factor loading at 1.00 2) Retrenchment (RET) strategy factor loading at .89 and 3) Legitimation (LEG) strategy factor loading at .78 respectively. From these research findings, Chief Financial Officer (CFO) should put first priority emphasis on competency development of hospital financial strategies especially new revenue and retrenchment. Further research should be the development of financial strategies affecting the hospital financial performance.
Article Details
Journal of Nursing and Health Science Research attribution-non-commercial 4.0 international (CC BY-NC 4.0). For more detail please visit https://creativecommons.org/licenses/by-nc/4.0/ . The ideas and opinions expressed in the Journal of Nursing and Health Science Research are those of the authors and not necessarily those of the editor .
References
2. Folcarelli, E. A. (2014). The effects of resource dependence, institutional pressure, and strategic choice on financial performance of nonprofit community behavioral healthcare organizations (Order No.3670189). Available from ProQuest Dissertations & Theses Global. Retrieved fromhttps://search.proquest.com/docview/1649187526
3. Gapenski, L., Vogel, W., and Langland-Orban, B.(1993). The determinants of hospital profitability.Hospital and Health Services Administration, 38(1), 63-80.
4. Health Insurance Group, Office of the Permanent Secretary (2011). Workshop on National Health Security Fund down 255 years.Retrieved 1 July, 2558 from https://thaipublica.org/2011/09/10-years-healthcare/ (in Thai).
5. Kanokwongnuwat, P. (2013). Model of Hospital Management on Breakthrough Financial Crisis. The Journal of Prapokklao Hospital Clinical Medical Education Center.30 (2), 106-122 (in Thai).
6. Kulriwarnarat,V. (2013). Efficiency of Fiscal Management of Service Facilitiesunder Mukdahan Provincial Health Office, fiscal year 2010 - 2012. Retrieved1 July 2015. from www.higthai.org (in Thai).
7. Nuchphong, C. (2014). Financial management model in financial crisis of Bandanlanhoi community hospital Sukhothai province. Chonburi Hospital journal. 39(3), 165-172 (in Thai).
8. Sornchumni, C. (2007). Financial Management Strategy of Health Service Sector. Sukhothai Thammathirat Open University (Mimeographed) (in Thai).
9. Tairuekham, S. (2008). Research Methodology for Humanities and Social Sciences. 2nd Edition. Kalasin : Prasan Printing (in Thai).
10. Wongrattana, C.(2001). Research for Learning. Bangkok: Tips Publication (in Thai).
