Keywords hospital; financial analysis; DuPont financial analysis
Financial analysis arose in the late 19th and early 20th centuries, and the earliest financial analysis was mainly credit analysis for banking services. Later expanded to enterprises and institutions organizations, and become an important part of financial management. Hospital financial analysis refers to the hospital financial information and non-financial information as the basis for the use of specialized methods, the hospital a certain period of time for the analysis of the financial situation and financial results, summary and evaluation.
I, the content of the hospital financial analysis
(1) the definition of the nature of the hospital. The purpose of financial analysis is to find problems, analyze problems and solve problems, so as to achieve the goal of financial management. Thus, the content of financial analysis depends on the nature of the object of analysis. Hospitals are directly invested by the state or enterprises and institutions by and individuals to raise funds for the formation of medical institutions. The state is or enterprises and institutions and individuals are the owner of the hospital, the national health administration only to its business is the management and guidance. Whether it is a public hospital, or private hospitals, most of the implementation of enterprise management, that is, independent operation, self-financing. Therefore, in essence, hospitals are also profit-oriented, there are also financial risks, and financial analysis is needed to identify weaknesses in their operations and management, and to improve them in order to provide operational efficiency and effectiveness. The similarity between the hospital and the enterprise operation, the hospital borrowed the enterprise financial analysis theory and method of financial analysis provides the basis for the organization. (2) The content of hospital financial analysis. Hospital financial analysis includes: assets, liabilities and owner's equity and other financial status; income (medical income, drug income and other income), expenditure (medical expenditure, drug expenditure and other expenditure) and operating results (operating profit) analysis; analysis of hospital business activities, including the number of outpatient clinics, bed utilization rate and other analysis. First, profitability analysis. Profit is the eternal theme of economic organizations, because only by consistently making profits can we provide for the survival and development of hospitals. The indicators reflecting the profitability of business mainly include business income margin, return on net assets and net assets growth rate. Among them, the business income margin is the most direct, the return on net assets is the most comprehensive, and the net assets growth rate is the centralized embodiment of the business income margin and return on net assets. The second is the analysis of operating capacity. Operating capacity refers to the hospital's ability to manage assets and management efficiency. Reflecting the efficiency of hospital asset management indicators are mainly medical receivables turnover, drug turnover, bed turnover and total asset turnover and other indicators. Medical receivables turnover rate is the ratio of medical income on credit to the balance of medical receivables, which reflects the speed of the hospital to recover medical income and the average collection time; drug turnover rate is the ratio of the cost of drug sales to the average drug inventory balance, which reflects the speed of the turnaround time of the hospital's medicines; bed turnover is the ratio of the average number of inpatients to the average number of days the bed is open, which reflects the effective utilization degree of the hospital's beds; total asset turnover rate is the ratio of the average number of inpatients to the average number of days the beds are open. The degree of utilization; total asset turnover rate for the ratio of medical income to the average total assets, which reflects the efficiency of the hospital's total asset utilization. Third, the development capacity analysis. The development ability of the hospital can be measured by the growth of business scale, or by the growth of asset scale, or by the growth of net profit. On behalf of the ability to grow the business scale of the index is mainly operating income growth rate, the index of the development of the ability to reflect the most direct; on behalf of the ability to grow the size of the fixed asset growth rate of the index, because the hospital's scale of operation depends on the size of the fixed assets, rather than depending on the size of the total assets, and even less depends on the size of the current assets; net profit growth reflects the growth of the size of the asset scale and the scale of business growth, its growth capacity of the hospital growth. The growth of net profit integrally reflects the growth of asset scale and business scale, and its growth ability of the hospital is reflected indirectly, and of course, it also contains the connotative growth of the hospital scale. Because only in a relatively long period of time, to be able to find the hospital's growth trend, so the growth capacity indicators are generally used more than three years of balance. Fourth, solvency analysis. The solvency indicators of the hospital mainly include gearing ratio, current ratio and interest coverage multiple. Gearing ratio is the ratio of total liabilities to total assets, it is the main indicator to reflect the long-term solvency of the hospital, through this indicator can understand the hospital assets to the degree of assurance of liabilities, the rationality of the capital structure, the degree of financial leverage and the use of financial risk; current ratio is the ratio of current assets to current liabilities, reflecting the hospital in the short term the degree of assets to the degree of assurance of the liabilities; interest coverage times Is the ratio of EBITDA to interest, reflecting the relationship between the hospital's capital margin and interest rate, this indicator further reflects the hospital's solvency from the perspective of profit.
Two, financial analysis methods
Financial analysis is a combination of overall analysis and special analysis, single analysis and comprehensive analysis. On the basis of the analysis of individual indicators, through the comprehensive financial indicators or indicator system, from the overall judgment of the hospital's financial situation. At the same time, but also for the abnormal phenomenon reflected in the financial indicators, that is, the weakness of hospital management to carry out thematic financial analysis. (1) single financial analysis. Individual financial analysis refers to the financial analysis carried out with the help of a single financial indicator, such as the aforementioned profitability analysis, operating capacity analysis, development capacity analysis and solvency analysis belongs to a single financial analysis, which is the basis for comprehensive financial analysis. Single financial analysis includes comparative analysis, trend analysis and ratio analysis. Comparative analysis is mainly to reveal the number of differences between the financial indicators to reveal the key differences in the project, for further financial analysis to point out the direction; trend analysis is to reveal the nature and extent of changes in the hospital's financial position and operating results, to help hospital managers predict the future development trend of the hospital and the law of the method; ratio analysis can eliminate the impact of scale, enhance the comparability of financial indicators. (2) Comprehensive financial analysis. DuPont financial analysis is a typical representative of comprehensive financial analysis, which was created by the U.S. DuPont Company, a financial analysis method, its most notable feature is the use of financial indicators of the intrinsic link between the combination of a number of indicators to comprehensively evaluate the enterprise's financial position and operating results. For hospitals, you can also borrow the DuPont financial analysis of ideas, with the help of a number of financial indicators to carry out comprehensive financial analysis, and at the same time, with the help of the indicator decomposition method to seek the weak links in the financial management, for the next step in the development of special financial analysis to provide direction. (3) Specialized financial analysis. Individual analysis is the focus of an individual area of analysis, comprehensive financial analysis is a comprehensive evaluation of the financial situation as a whole, the two are at different levels of financial analysis, if only a single analysis, as the blind man feeling the elephant. Thematic analysis of the weak links in the hospital management analysis, belong to the problem-solving type of financial analysis, so whether it is a single financial analysis or comprehensive financial analysis can not replace the special financial analysis. For example, if the DuPont financial analysis method shows that the consumption of specialized materials and large-scale medical equipment operation problems, it can take special analysis measures.
Third, the financial analysis of the effectiveness of the enhancement
Currently, the hospital financial analysis and management, whether from the degree of attention, the depth of analysis compared with the financial analysis of enterprises, compared with the requirements of the hospital's development strategy, there is a considerable gap. In the concept of financial analysis, favoring the business process analysis, did not establish the whole process of financial analysis of the idea, did not extend the financial analysis to the medical design process. As a result, the financial analysis methodology is characterized by "post-hoc" post facto analysis, without the use of operational analysis tools to determine value-added and non-value-added operations, thus failing to provide financial information for the integration of the value chain. Therefore, in order to improve the effectiveness of financial analysis and provide decision support for the strategic management of hospitals. In terms of business philosophy, then patients should be regarded as strategic allies, which means that the entire financial analysis of the hospital. And even the entire financial management workers are centered around providing patient value services. This also means that the financial analysis should be extended to the health care design process, value chain analysis, the use of operational analysis, identify ineffective operations in the diagnosis and treatment process, and be eliminated, in order to improve the quality of health care services, and to reduce the patient's consumption expenditures. In addition, in terms of strategic management of hospitals, non-financial information is more important than financial statement information, because non-financial information contains more predictive information, which requires that the financial analysis of hospitals should pay more attention to the analysis of non-financial information, in order to help decision makers in hospitals to more accurately predict the development trend of hospitals in the future and the main sources of profitability, and to improve the ability of strategic management and the level of strategic decision-making. A better way to combine the analysis of financial and non-financial indicators is recognized as the "Balanced Scorecard", which mainly evaluates the financial performance of hospitals from four dimensions: financial, customer, process and learning, and helps to achieve a balance between financial and non-financial, and between current and long-term interests. Non-financial information that can be included in the Balanced Scorecard includes healthcare market share, patient satisfaction, quality of healthcare services, development opportunities and risks faced by the hospital, management's development plans, industry background information, and information on major competitors.
The above financial analysis is borrowed from the enterprise financial analysis methods, therefore, the hospital to deepen the financial analysis, improve the effectiveness of financial analysis, in addition to the use of scientific methods of analysis, change the concept of financial analysis, but also must be used in the enterprise financial accounting standards or systems, clearly put forward the concept of profit, in the financial statements clearly reflect the enterprise's financial position and operating results for financial analysis. Provide data support.
References
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