FINANCIAL MANAGEMENT STRATEGIES IN THE HEALTHCARE INDUSTRY
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Abstract: FINANCIAL MANAGEMENT STRATEGIES IN THE HEALTHCARE INDUSTRY
This research explores financial management strategies in the healthcare industry. Objectives include identifying key financial strategies used by healthcare organizations, assessing their impact on financial performance, and evaluating the challenges faced in financial management. A survey research design is employed to gather data from financial managers in healthcare institutions. Using Taro Yamane's formula, a sample size of 250 healthcare organizations in Lagos, Nigeria, was determined. The reliability coefficient score of the survey instrument is 0.88. Findings indicate that strategic financial management, including cost control and efficient resource allocation, significantly enhances the financial performance of healthcare organizations. Recommendations include adopting advanced financial management tools and practices tailored to the unique needs of the healthcare industry to improve financial sustainability and service delivery.
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