Financial statement analysis : A comparison between Bangkok Dusit Medical Services PCL, Bumrungrad Hospital PCL and Thonburi Healthcare Group PCL during COVID pandemic

Abstract

Many industries are suffering greatly because of the COVID pandemic, and the hospital industry is one of them that has been disrupted since the disease first spread in Thailand in early 2020. This study demonstrates the financial performance of three Thai healthcare firm groups, BDMS, BH, and THG, as a result of economic activities intervening on both the demand and supply sides. This study will examine the financial performance of BDMS, BH, and THG during the COVID pandemic in Thailand, using financial ratio analysis to compare their performance in four areas: liquidity, efficiency, profitability, and leverage. Operational statistics analysis and financial forecasting reveal the ratio's underlying cause.

According to the findings, the care portfolio and financial burden are two key factors that influence financial performance. During a crisis, a company with a heavy financial debt, poor cost management, and an unbalanced care portfolio is vulnerable. As a result, we recommended hospitals to balance their care portfolios, avoid excessive debt, and constantly improve their cost management. In addition, one option for a company to alleviate the issue and improve their financial performance is to use a strategic move to profit from advantageous opportunities during the crisis.