Comprehensive Assessment of Slovakian Hospitals Using Financial and Non-Financial Criteria in the COVID-19 Context

Sylvia Jenčová, Petra Vašaničová () and Marta Miškufová
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Sylvia Jenčová: Faculty of Management and Business, University of Prešov, 080 01 Prešov, Slovakia
Petra Vašaničová: Faculty of Management and Business, University of Prešov, 080 01 Prešov, Slovakia
Marta Miškufová: Faculty of Management and Business, University of Prešov, 080 01 Prešov, Slovakia

Economies, 2024, vol. 12, issue 9, 1-23

Abstract: Comparing hospitals using multicriteria methods facilitates a thorough assessment of performance across multiple dimensions, supports informed decision-making, promotes accountability, and drives continuous improvement in healthcare delivery. This paper aims to apply multicriteria methods to assess hospitals in Slovakia in the pre-crisis (2019), crisis (2021), and post-crisis (2023) periods of the COVID-19 pandemic. The assessment is conducted using four multicriteria methods, i.e., a ranking method, scoring method, normed variable method, and TOPSIS method, and nonmetric multidimensional scaling (NMDS). The research sample comprises a group of hospitals classified under the sector (SK) NACE 86.1—Hospital activities. Seven indicators (financial and non-financial) were entered into the analysis. The results show that the agreement among the employed multicriteria evaluation methods was statistically significant. Moreover, the findings demonstrate that Slovak hospital rankings based on the selected criteria vary over time. The perfect quality of the NMDS models, as indicated by stress values below 0.025, shows that NMDS analysis provides a highly accurate and reliable representation of hospital comparisons. By combining multicriteria methods with NMDS, we harness the strengths of each approach to improve decision-making and achieve greater insights into intricate datasets. A comprehensive assessment of hospitals allows for the identification of the system’s strengths and weaknesses, which can be utilized to formulate new improvement strategies. As an additional benefit, this paper includes a bibliometric analysis, offering a systematic evaluation and synthesis of existing research on multicriteria evaluation methods.

Keywords: hospital; healthcare; multicriteria evaluation; multidimensional scaling; COVID-19; financial management (search for similar items in EconPapers)
JEL-codes: E F I J O Q (search for similar items in EconPapers)
Date: 2024
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