An evaluation of healthcare cost management in Nigerian hospitals: A case study of Reddington Hospital, Lagos
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Background of the Study
Healthcare cost management is a critical aspect of ensuring that hospitals provide quality services while maintaining financial sustainability. In Nigeria, where the healthcare sector faces challenges such as insufficient government funding, rising medical costs, and an expanding patient population, effective healthcare cost management is essential for hospitals to deliver quality care (Adeoye & Okanlawon, 2023). Reddington Hospital, one of the leading private healthcare providers in Lagos, has implemented several strategies to manage its operational costs, improve financial performance, and maintain high standards of patient care. These strategies include resource optimization, cost-cutting measures in non-clinical areas, and the use of financial management systems to monitor expenditures (Durojaiye et al., 2024). Despite these efforts, the hospital continues to face pressure from rising costs, including medical supplies, staff salaries, and utility costs. This study aims to evaluate the healthcare cost management practices at Reddington Hospital, Lagos, and their impact on the hospital’s overall financial performance and service delivery.
Statement of the Problem
Reddington Hospital faces significant challenges in managing rising healthcare costs while maintaining the quality of care for its patients. The hospital's ability to effectively manage operational costs is crucial to its financial sustainability and competitive edge in the healthcare industry. However, the effectiveness of its healthcare cost management practices is unclear, and there is limited research on cost management practices in private hospitals in Nigeria. This study seeks to evaluate the healthcare cost management strategies at Reddington Hospital and assess their impact on operational efficiency.
Objectives of the Study
- To evaluate the healthcare cost management practices at Reddington Hospital, Lagos.
- To assess the impact of cost management practices on the hospital’s financial sustainability.
- To recommend strategies for improving healthcare cost management at Reddington Hospital.
Research Questions
- What healthcare cost management practices are implemented at Reddington Hospital, Lagos?
- How do these cost management practices affect the hospital's financial performance and service delivery?
- What improvements can be made to the healthcare cost management strategies at Reddington Hospital?
Research Hypotheses
- Effective healthcare cost management practices positively impact the financial sustainability of Reddington Hospital.
- Cost management strategies lead to improved operational efficiency and service delivery at Reddington Hospital.
- Enhancing healthcare cost management will result in better financial performance and patient satisfaction at Reddington Hospital.
Scope and Limitations of the Study
This study will focus on Reddington Hospital in Lagos and assess its healthcare cost management practices. Data will be collected from financial records, cost management reports, and interviews with hospital management and staff. Limitations include challenges in accessing detailed cost data and the potential variability of cost factors across different departments.
Definitions of Terms
- Healthcare Cost Management: The process of controlling and reducing expenses related to healthcare services, including medical supplies, labor costs, and operational expenses.
- Financial Sustainability: The ability of an organization to maintain financial viability over the long term, ensuring it can continue to operate without relying on external financial assistance.
- Operational Efficiency: The ability of a hospital to provide quality healthcare services while minimizing waste and unnecessary costs.
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