Evaluating Hospital Financial Performance Before and During Covid-19: A Financial Statement Analysis of Indonesian Stock Exchange Listed Hospitals

This study examined the financial performance of hospitals listed on the Indonesia Stock Exchange (IDX) during the COVID-19 pandemic. Contrary to the trend observed in government-run hospitals, which experienced a decline in financial performance, it was hypothesized that IDX-listed hospitals would exhibit an improvement. To test this hypothesis, financial ratios, including liquidity, activity, solvability, and profitability, were analyzed for the period 2016-2021. A Mann-Whitney test was employed to compare the financial performance before and during the pandemic. The results indicated that there was no significant difference in the financial performance of IDX-listed hospitals between the two periods. Therefore, the hypothesis that the pandemic would lead to improved financial performance for these hospitals was not supported by the empirical evidence.