The Impact of Utilization of Balanced Scorecard Concept on Competitiveness of Health Care Companies
Inese Mavlutova and
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Inese Mavlutova: BA School of Business and Finance, Latvia
Santa Babauska: BA School of Business and Finance, Latvia
Health care is an industry that influences all the other industries and all the society groups, and it takes a more important role especially because of the ageing of society. A global trend indicates that there is a change needed in health care systems. Globally recognized is the balanced scorecard concept that can allow companies to understand their competitive position. Latvian health care companies are not using in evaluation all of the main indicators influencing the company’s competitiveness and they do not group them into four perspectives of balanced scorecard for analyzing healthcare companies' management, as well as by evaluating the factors which are significant for patients in choosing the health care company. The goal of the paper is, by doing the research of health care companies` competitiveness and balanced scorecard theoretical aspect, to develop balanced scorecard concept aiming to increase of competitiveness and value of Latvian private health care company. Research methodology includes the analysis of theoretical background and two survey data about private health care companies in Latvia. Competition on value is crucial for health care companies, because they have to take into account the immaterial value - patient’s health. Price level, quality of health care services and the company’s images in Latvia are significant factors that can influence the health care company’s competitiveness not only in the local markets, but in global ones as well.
Keywords: balanced scorecard; competitiveness; health care companies; market value; patients’ perspective (search for similar items in EconPapers)
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