Osong Public Health and Research Perspectives

Original Articles

Competitive Strategy for Successful National University Hospital Management in the Republic of Korea: Munjae Lee; Osong Public Health Res Perspect. 2016;7(3):149-156. Published online June 30, 2016; DOI: https://doi.org/10.1016/j.phrp.2016.02.002

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Objectives
This study provides information to aid decision making for managers and the staff of national university hospitals through analyzing their financial statements.
Methods
In order to analyze the finances of national university hospitals, this study used the report of final accounts announced by each hospital from 2009 to 2012 as baseline data. The research participants were 10 national university hospitals.
Results
According to the results of the analysis, most hospitals (except for a few) had medical expenses exceeding their medical revenues, resulting in a net deficit; however, there were significant differences amongst the hospitals. The result of adjustments based on a standard size of 100 beds showed that most hospitals had medical revenue deficits, and there were significant differences between hospitals in terms of medical revenues and medical costs.
Conclusion
It is not clear whether an expansion of national university hospitals is always beneficial for increasing net revenues, and it is necessary to establish a differentiation strategy to increase profitability by securing financial soundness instead of externally-oriented growth.

Citations

Citations to this article as recorded by

Internal Quality Process Management Evaluation in Higher Education by Students
Lucie Vnoučková, Hana Urbancová, Helena Smolová
Danube.2018; 9(2): 63. CrossRef
What Would Be a Better Strategy for National University Hospital Management?
Hae-Wol Cho, Chaeshin Chu
Osong Public Health and Research Perspectives.2016; 7(3): 139. CrossRef

Factors associated with health services utilization between the years 2010 and 2012 in Korea: using Andersen's Behavioral model: Han-Kyoul Kim, Munjae Lee; Osong Public Health Res Perspect. 2016;7(1):18-25. Published online February 28, 2016; DOI: https://doi.org/10.1016/j.phrp.2015.11.007

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Abstract PDF

Objectives
This study aimed to examine the factors associated with health services utilization using Andersen's behavioral model.
Methods
We collected Korea Health Panel data between the years 2010 and 2012 from the consortium of the National Health Insurance Service and the Korea Institute for Health and Social Affairs, and analyzed the data to determine the outpatients and inpatients of health services utilization.
Results
Health services utilization was more significantly explained by predisposing and need factors than enabling factors. The outpatients were examined more specifically; sex, age, and marital status as predisposing factors, and chronic illness as a need factor were the variables that had significant effects on health-services-utilization experience. The inpatients were examined more specifically: sex, age, and marital status in predisposing factors; education level, economic activities, and insurance type in enabling factors; and chronic illness and disability status in need factors were the significant variables having greater effects on health-services-utilization experience.
Conclusion
This study suggests the practical implications for providing health services for outpatients and inpatients. Moreover, verifying the general characteristics of outpatients and inpatients by focusing on their health services utilization provides the baseline data for establishing health service policies and programs with regard to the recently increasing interest in health services.

Citations

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The Determinants of Research and Development Investment in the Pharmaceutical Industry: Focus on Financial Structures: Munjae Lee, Mankyu Choi; Osong Public Health Res Perspect. 2015;6(5):302-309. Published online October 31, 2015; DOI: https://doi.org/10.1016/j.phrp.2015.10.013

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Abstract PDF

Objectives
This study analyzes the influence of the financial structure of pharmaceutical companies on R&D investment to create a next-generation profit source or develop relatively cost-effective drugs to maximize enterprise value.
Methods
The period of the empirical analysis is from 2000 to 2012. Financial statements and comments in general and internal transactions were extracted from TS-2000 of the Korea Listed Company Association (KLCA), and data related to stock price is extracted from KISVALUE-Ⅲ of NICE Information Service Co., Ltd. Stata 12.0 was used as the statistical package for panel analysis.
Results
The current ratio had a positive influence on R&D investment, the debt ratio had a negative influence on R&D investment, and return on investment and net sales growth rate did not have a significant influence on R&D investment.
Conclusion
It was found in this study that the higher liquidity ratio, the greater the R&D investment. The stability of pharmaceutical companies has a negative influence on R&D investment. This finding is consistent with the prediction that if a company faces a financial risk, it will be passive in R&D investment due to its financial difficulties.

Citations

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Financial Analysis of National University Hospitals in Korea: Munjae Lee; Osong Public Health Res Perspect. 2015;6(5):310-317. Published online October 31, 2015; DOI: https://doi.org/10.1016/j.phrp.2015.10.007

3,190 View
20 Download
13 Crossref

Abstract PDF

Objectives
This paper provides information for decision making of the managers and the staff of national university hospitals.
Methods
In order to conduct a financial analysis of national university hospitals, this study uses reports on the final accounts of 10 university hospitals from 2008 to 2011.
Results
The results of comparing 2008 and 2011 showed that there was a general decrease in total assets, an increase in liabilities, and a decrease in total medical revenues, with a continuous deficit in many hospitals. Moreover, as national university hospitals have low debt dependence, their management conditions generally seem satisfactory. However, some individual hospitals suffer severe financial difficulties and thus depend on short-term debts, which generally aggravate the profit and loss structure. Various indicators show that the financial state and business performance of national university hospitals have been deteriorating.
Conclusion
These research findings will be used as important basic data for managers who make direct decisions in this uncertain business environment or by researchers who analyze the medical industry to enable informed decision-making and optimized execution. Furthermore, this study is expected to contribute to raising government awareness of the need to foster and support the national university hospital industry.

Citations

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Impact of Corporate Governance on Research and Development Investment in the Pharmaceutical Industry in South Korea: Munjae Lee; Osong Public Health Res Perspect. 2015;6(4):249-255. Published online August 31, 2015; DOI: https://doi.org/10.1016/j.phrp.2015.07.003

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Abstract PDF

Objectives
The purpose of this study is to analyze the influence of the corporate governance of pharmaceutical companies on research and development (R&D) investment.
Methods
The period of the empirical analysis is from 2000 to 2012. Financial statements and comments in general, and internal transactions were extracted from TS-2000 of the Korea Listed Company Association. Sample firms were those that belong to the medical substance and drug manufacturing industries. Ultimately, 786 firm-year data of 81 firms were included in the sample (unbalanced panel data).
Results
The shareholding ratio of major shareholders and foreigners turned out to have a statistically significant influence on R&D investment (p < 0.05). No statistical significance was found in the shareholding ratio of institutional investors and the ratio of outside directors.
Conclusion
The higher the shareholding ratio of the major shareholders, the greater the R&D investment. There will be a need to establish (or switch to) a holding company structure. Holding companies can directly manage R&D in fields with high initial risks, and they can diversify these risks. The larger the number of foreign investors, the greater the R&D investment, indicating that foreigners directly or indirectly impose pressure on a manager to make R&D investments that bring long-term benefits.

Citations

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Analysis on Time-Lag Effect of Research and Development Investment in the Pharmaceutical Industry in Korea: Munjae Lee, Mankyu Choi; Osong Public Health Res Perspect. 2015;6(4):241-248. Published online August 31, 2015; DOI: https://doi.org/10.1016/j.phrp.2015.07.001

2,801 View
14 Download
14 Crossref

Abstract PDF

Objectives
The aim of this study is to analyze the influence of the research and development (R&D) investment of pharmaceutical companies on enterprise value.
Methods
The period of the empirical analysis is from 2000 to 2012, considering the period after the influence of the financial crisis. Financial statements and comments in general and internal transactions were extracted from TS-2000 of the Korea Listed Company Association, and data related to stock price were extracted from KISVALUE-III of National Information and Credit Evaluation Information Service Co., Ltd. STATA 12.0 was used as the statistical package for panel analysis.
Results
In the pharmaceutical firms, the influence of the R&D intensity with regard to Tobin's q was found to be positive. However, only the R&D expenditure intensities of previous years 2 and 5 (t–2 and t–5, respectively) were statistically significant (p < 0.1), whereas those of previous years 1, 3, and 4 years (t–1, t–3, and t–4, respectively) were not statistically significant.
Conclusion
R&D investment not only affects the enterprise value but is also evaluated as an investment activity that raises the long-term enterprise value. The research findings will serve as valuable data to understand the enterprise value of the Korea pharmaceutical industry and to strengthen reform measures. Not only should new drug development be made, but also investment and support should be provided according to the specific factors suitable to improve the competitiveness of each company, such as generic, incrementally modified drugs, and biosimilar products.

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