Comparative Financial Analysis of Greek Hospitals Before and During the Covid-19 Pandemic

Abstract

During the Covid-19 pandemic, hospitals faced financial and social challenges due to the growing demand for healthcare and the costly measures required to combat the virus. Expenses increased and the hospitals were forced to acquire additional equipment and staff to cope with the crisis. Within this framework, this paper compares and analyses, through certain ratios, the financial data of 6 Greek hospitals before and during the Covid-19 pandemic. The purpose of the study is to determine if: i) the increased expenses worsened the financial condition of the hospitals, and ii) the pandemic created a financial crisis for hospitals. Findings indicate that the pandemic did not create a financial crisis for the hospitals. This, however, does not mean that, on a practical level, managers and policymakers should be complacent regarding the financial self-sufficiency of hospitals.