Achieving Financial resilience in Hospitals During Crisis: Strategies and Outlook

Introduction: The ability of healthcare systems to withstand and overcome catastrophic events, such as economic downturns, natural disasters, and disease outbreaks like the Covid-۱۹ pandemic, hinges on their resilience. However, financial systems are often fraught with uncertainty and various risks, making financial resilience a crucial aspect to address. Financial resilience denotes an organization's capacity to navigate crises and restore normal operations by effectively utilizing ample financial resources in the long term, while optimizing their utilization to meet evolving needs. This article explores the factors contributing to the financial resilience of hospitals during times of crisis.Methodology: This study adopts a qualitative approach, employing the content analysis method. A focused working group was convened, comprising hospital managers and financial officers, to exchange their insights, experiences, and perspectives on the factors underpinning financial resilience in hospitals. Additionally, separate interviews were conducted with hospital managers and financial officers to glean deeper and more comprehensive insights on these factors.Findings: The findings of this study reveal that key factors for achieving financial resilience in hospitals encompass the establishment of a robust management system, fostering inter-organizational cooperation and partnerships, implementing structured programs and processes, providing relevant and adequate training, enhancing cash management practices, diversifying income sources, leveraging technology for optimal efficiency, engaging in ongoing collaboration with research centers and universities, proactive planning for future crises, increasing financial resources, formulating effective financial contracts, adopting preventive risk management approaches, establishing relationships with other hospitals and relevant departments, and developing a robust financial information system. Moreover, hospitals should prioritize financial۲and economic contingency plans, anticipate financial outcomes, establish effective financial contracts, and embrace preventive risk management measures.Conclusion:Looking ahead, hospitals should concentrate on advancing and upgrading financial technology, refining financial and operational processes, harnessing the power of artificial intelligence and data analysis, optimizing financial information systems, and utilizing new tools for financial management. Furthermore, hospitals should devise strategies to attract capital and bolster their financial resources, while forging strong collaborations with governmental, industrial, and academic entities to strengthen their effectiveness.