earticle

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Objectives: This study examines the impact of COVID-19 on the financial performance of Korean hospitals, focusing on the differences between public and private institutions. Methods: Profit and loss data from 257 Korean hospitals (2016-2022) were analyzed. Key indicators, including Operating Margin (OM) and Net Profit, were calculated to assess pre- and post-pandemic changes. A hybrid panel model was used in this study. Results: Significant financial differences were observed between public and private hospitals during the pandemic. Public hospitals saw a major drop in OM, over 30% in 2020, which was 26.0% lower than that in 2022. However, net profits increased because of government support. Private hospitals experienced a smaller decline, and recovered to pre-pandemic levels by 2021, indicating better revenue recovery and cost control. Conclusions: This study highlights the different financial responses of public and private hospitals to the pandemic, shaped by structural characteristics, government support, and strategies.