The role of financial assessment as a part of corporate social responsibility with special reference to philanthropic responsibility of a multispeciality tertiary care hospital

Abstract

Abstract Background: Corporate social responsibility (CSR), which includes the healthcare industry, has now taken a significant place within commercial practices. Multispecialty tertiary care hospitals, being major healthcare providers in their communities, have a significant role to play in fulfilling their philanthropic responsibilities and giving back to society. One crucial way in which these hospitals can make a positive impact is through the implementation of financial assessment programs. Objective: This study focused to investigate the significance and impact of financial assessment as a component of CSR in the context of a multispecialty tertiary care hospital. The research explores the hospital’s philanthropic responsibilities towards providing financial aid and support to patients in need. Materials and Methods: The study used a mixed-methods approach, combining qualitative and quantitative data collection methods to gain comprehensive insights. Interviews from 5 departments with beneficiaries (n = 40), surveys, and financial data analysis were used to assess the hospital’s CSR initiatives, focusing on financial assessment programs. Data were analyzed in SPSS version 20.0. Results: The philanthropic variables taken into account in the current study were socioeconomic status, help from external sources, ownership factors, income, and liabilities of beneficiaries. These socioeconomic characteristics were examined using the data gathered, and a significant correlation with the discount percentage was found with a P < 0.05. Conclusion: The findings concluded that financial assessment programs in the multispeciality tertiary care hospital are playing an effective role in ensuring equitable access to healthcare and fulfilling its philanthropic responsibilities of CSR.