Effect of Risk Management on Financial Performance of Private Hospitals in Mombasa County

Harun Bwanamkuu Feirouz, Eric Mathuva and Paul Mwenda
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Harun Bwanamkuu Feirouz: School of Business and Economics, Kenya Methodist University
Eric Mathuva: School of Business and Economics, Kenya Methodist University
Paul Mwenda: School of Business and Economics, Kenya Methodist University

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 7, 299-307

Abstract: Effective risk management practices play a crucial role in enhancing the financial performance, operational stability, and overall resilience of organizations, ensuring they can effectively navigate uncertainties and challenges. Regardless of their importance, many private hospitals have yet to fully optimize their risk management strategies to mitigate financial uncertainties and stay competitive in the healthcare sector. This paper sought to examine the effect of risk management on the financial performance of private hospitals in Mombasa County. The study applied a descriptive research design. The study gathered data through questionnaires which were administered both physically and online. Data collected was analyzed through both descriptive and inferential analysis. Results revealed a β of 0.652 and a p-value of 0.001, between risk management and financial performance of private hospitals. The study concluded that risk management had a positive and significant effect on the financial performance of private hospitals in Mombasa County. The study recommends that private hospitals in Mombasa County should enhance their risk management practices by implementing robust systems for identifying and assessing potential risks proactively. Additionally, private hospitals in Mombasa County should prioritize risks based on their potential impact and likelihood. Lastly, the study recommends that private hospitals within Mombasa County should strive to improve monitoring and reporting mechanisms to help maintain a proactive approach to risk management, ultimately, enhancing financial performance.

Date: 2024
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