The Impact of Financial Management on the Sustainability of Private Hospitals: A Study of Healthcare Facilities in Kaduna State
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Background of the Study
Effective financial management is critical for the sustainability of private hospitals, as it ensures efficient allocation of resources, cost control, and long-term viability. Private hospitals, unlike public ones, rely heavily on revenue generated from patients and other sources, making sound financial practices essential (Adeola & Ahmed, 2023).
In Kaduna State, private hospitals face significant challenges in maintaining financial stability due to high operational costs, limited funding sources, and fluctuating patient volumes. Poor financial management practices can lead to inefficiencies, debt accumulation, and eventual closure (Musa et al., 2024). This study investigates the impact of financial management on the sustainability of private hospitals in Kaduna State.
Statement of the Problem
Many private hospitals in Kaduna State struggle with sustainability due to poor financial management practices. Issues such as inadequate budgeting, poor cash flow management, and lack of financial planning undermine their ability to provide quality healthcare services. Despite the critical role of financial management, there is limited research on its impact on the sustainability of private hospitals in the region (Bello & Garba, 2023).
This study explores how financial management practices influence the sustainability of private hospitals in Kaduna State and offers recommendations for improvement.
Objectives of the Study
1. To evaluate the financial management practices of private hospitals in Kaduna State.
2. To assess the impact of financial management on the sustainability of private hospitals.
3. To recommend strategies for improving financial management practices in private hospitals.
Research Questions
1. What are the financial management practices of private hospitals in Kaduna State?
2. How does financial management impact the sustainability of private hospitals?
3. What strategies can improve financial management practices in private hospitals?
Research Hypotheses
1. Financial management practices in private hospitals are inadequate for sustainability.
2. Effective financial management significantly impacts the sustainability of private hospitals.
3. Improved financial management practices significantly enhance the sustainability of private hospitals.
Scope and Limitations of the Study
This study focuses on private hospitals in Kaduna State, examining their financial management practices and their impact on sustainability. Limitations include variations in hospital sizes and access to detailed financial records.
Definitions of Terms
• Financial Management: The planning, organizing, and controlling of financial resources to achieve organizational goals.
• Sustainability: The ability of private hospitals to maintain operations and provide services over the long term.
• Private Hospitals: Healthcare facilities owned and operated by private entities.
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