Analisis Dinamika Keuangan Rumah Sakit di Indonesia: Studi Komparatif RS Bunda dan RS Hermina Tahun 2022–2024

Rosita Indriani; Aulia Ayu Hartini; Suci Zahara; Putri Batenia; Siti Sahara; Yanuar Ramadhan

doi:10.55606/jaemb.v5i3.7525

Authors

Rosita Indriani Universitas Esa Unggul
Aulia Ayu Hartini Universitas Esa Unggul
Suci Zahara Universitas Esa Unggul
Putri Batenia Universitas Esa Unggul
Siti Sahara Universitas Esa Unggul
Yanuar Ramadhan Universitas Esa Unggul

DOI:

https://doi.org/10.55606/jaemb.v5i3.7525

Keywords:

Comparative Analysis, Financial Performance, Financial Strategy, Operational Efficiency, Private Hospitals

Abstract

This study aims to analyze and compare the financial performance of RS Bunda and RS Hermina, two major private hospitals in Indonesia that have been publicly listed on the Indonesia Stock Exchange, during the 2022–2024 period. A descriptive comparative quantitative approach was used through financial ratio analysis, trend analysis, common size analysis, and index analysis to assess operational efficiency, capital structure, and profitability. The data analyzed were audited annual financial statements. The findings show that RS Bunda had a higher liquidity level and conservative leverage management; however, its performance declined significantly, particularly in net income and asset utilization efficiency. On the other hand, RS Hermina consistently demonstrated superior performance in terms of profitability, operational efficiency, and asset growth, supported by an efficient, leverage based expansion strategy. These findings reflect managerial differences and provide valuable insights for the development of data driven and accountable financial policies in hospital management. This study is expected to serve as a reference for strategic decision making in Indonesia’s healthcare sector.

References

[1] Kementerian Kesehatan Republik Indonesia, “Profil Kesehatan Indonesia 2022.” Diakses: 12 Juli 2025. [Daring]. Tersedia pada: https://kemkes.go.id/id/indonesia-health-profile-2022

[2] International Trade Administration, “Healthcare Resource Guide - Indonesia.” Diakses: 12 Juli 2025. [Daring]. Tersedia pada: https://www.trade.gov/healthcare-resource-guide-indonesia

[3] M. Kourtis, P. Curtis, M. Hanias, dan E. Kourtis, “A Strategic Financial Management Evaluation of Private Hospitals’ Effectiveness and Efficiency for Sustainable Financing: A Research Study,” Eur. Res. Stud., vol. XXIV, no. 1, hlm. 1025–1054, Mar 2021.

[4] E. Rachmawati dkk., “ANALYSIS OF THE MARKET STRUCTURE OF HOSPITAL INDUSTRY IN INDONESIA,” Indones. J. Health Adm. J. Adm. Kesehat. Indones., vol. 12, no. 1, Art. no. 1, Jun 2024, doi: 10.20473/jaki.v12i1.2024.37-48.

[5] A. F. Putra, D. W. Maharani, dan A. F. Shafir, “Hospital financial performance: Effectiveness, efficiency and economic approach,” Proceeding Int. Conf. Account. Finance, hlm. 960–976, Jan 2024.

[6] F. A. Rexana dan I. Widjaja, “FINANCIAL PERFORMANCE ANALYSIS OF PUBLIC HOSPITALS BEFORE AND DUR-ING THE COVID-19 PANDEMIC,” Int. J. Appl. Econ. Bus., vol. 1, no. 2, Art. no. 2, Mei 2023, doi: 10.24912/ijaeb.v1i2.290-299.

[7] M. H. Sanga dan D. Y. Kefi, “(PDF) The effect of EVA and REVA’s financial performance on shareholder value creation in the healthcare industry during the COVID-19 pandemic,” Enrich. J. Manag., vol. 13, no. 6, hlm. 3699–3707, doi: 10.35335/enrichment.v13i6.1831.

[8] M. C. Jensen dan W. H. Meckling, “Theory of the firm: Managerial behavior, agency costs and ownership structure,” J. Financ. Econ., vol. 3, no. 4, hlm. 305–360, Okt 1976, doi: 10.1016/0304-405X(76)90026-X.

[9] “Tensions in Stakeholder Theory - R. Edward Freeman, Robert Phillips, Rajendra Sisodia, 2020.” Diakses: 12 Juli 2025. [Daring]. Tersedia pada: https://journals.sagepub.com/doi/abs/10.1177/0007650318773750

[10] M. Spence, “Job Market Signaling,” Q. J. Econ., vol. 87, no. 3, hlm. 355–374, 1973, doi: 10.2307/1882010.

[11] I. K. Yulita, “Financial performance of healthcare sector companies prior and during the covid-19 pandemic,” MSDJ Manag. Sustain. Dev. J., vol. 5, no. 2, Art. no. 2, Nov 2023.

[12] N. Nasrullah, A. Khaliq, N. Astuti, dan N. A. Ayu, “Financial Performance Analysis At Pt. Siloam Hospitals International TBK 2018-2022 Period,” Eur. Union Digit. Libr., 2024, doi: 10.4108/eai.2-8-2023.2341866.

[13] D. E. Kieso, J. J. Weygandt, dan T. D. Warfield, Intermediate Accounting, 17th Edition eBook : Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield: Kindle Store, 17th Edition. Kindle Store, 2019. Diakses: 12 Juli 2025. [Daring]. Tersedia pada: https://www.amazon.com/Intermediate-Accounting-17th-Donald-Kieso-ebook/dp/B07RGSNWL7

[14] Mulyadi, Sistem Akuntansi, Edisi 4. Penerbit Salemba, 2023.

[15] Hery, Analisis Laporan Keuangan : Intergrated and comperhesive edtion. Jakarta: Gramedia Widiasarana Indonesia, 2023.

[16] R. H. Garrison, Managerial Accounting 17th Edition by: Ray H Garrison - 9781260709568 | RedShelf, 17th ed. New York: McGraw-Hill Education, 2021. Diakses: 12 Juli 2025. [Daring]. Tersedia pada: https://redshelf.com/book/1504055/managerial-accounting-1504055-9781260709568-ray-h-garrison

[17] SUBRAMANYAM, Financial Statement Analysis, 11th ed. McGraw Hill, 2013.