From crisis to crisis: Assessment of financial performance of SMEs in the healthcare sector in Visegrad Countries

Abstract

The living standards of the population in Visegrad Countries (V4) have long been below the EU and OECD averages, and the increase of negative impacts and crisis phenomena may be detected in their health systems, too. Our study examines the similarities and differences of the SMEs of healthcare sector in Visegrad Countries and their characteristics and common hallmarks of the overburdened healthcare system in which they are integrated. The aim of our research is to explore the similarities the financial indicators (liquidity, profitability, indebtedness, and efficiency) of SMEs in the healthcare sector of the four Visegrad Countries and to identify the possible clusters with similar financial typology. The research covers two crisis periods – from the 2008 financial and capital market crisis to the 2020 Covid-19 health crisis – and analyses the relationship and patterns in the financial performance of healthcare SMEs using correlation and cluster analysis. Based on our primary research results we found that the financial typology of SMEs in the healthcare sector in the Visegrad Countries shows similar characteristics in terms of liquidity – profitability – indebtedness – efficiency. Financial indicators of indebtedness and efficiency were significantly similar for all four countries. In addition, three relatively homogeneous groups could be formed according to the typical financial characteristics of each country