infectious diseases hospitals. The results of the research, apart from its scientific aspect, constitute a rich

knowledge base and directions for action for the managers, supervisors and owners of infectious diseases

hospitals in Poland, as well as for the state bodies responsible for the proper functioning of the infectious

diseases treatment system, especially in the era of the pandemic, which, according to specialists, the world will

be facing for several more years. The article addresses a timely topic of interest to a wide range of stakeholders.

It is one of the first surveys to attempt to analyze the impact of coronavirus on the financial and asset situation

of infectious diseases hospitals in Poland after the first pandemic period, especially since not all financial

statements for 2020 of medical entities have yet been approved by ownership bodies. The research sample

covered 89.8% of the general population.

Key-Words: - Finance company, financial liquidity, hospital, pandemic, virus, COVID-19 pandemic

coronavirus of acute respiratory syndrome leads to

severe pneumonia in humans, other serious

complications and often death. The COVID-19

pandemic has a negative impact not only on the

economies of individual countries. The impact of

the pandemic can be seen in many areas of the

average person's life, such as household finances,

domestic violence, psycho-physical problems,

isolation resulting from the need to study and work

remotely, and restrictions on access to sporting,

the COVID-19 pandemic on the formation of the

financial and asset situation of infectious diseases

hospitals in Poland after the first year of the

Pandemic infectious disease COVID-19

(coronavirus disease 2019) caused by SARS-CoV-2

coronavirus (coronavirus of acute respiratory

syndrome 2) began in late 2019 in Wuhan city,

central China [1]. The first case of the new disease

in Poland was reported in March 2020. The

emergence of outbreaks with hundreds of sick

people outside China, including Europe, caused

significant declines in stock markets around the

28.5% in Europe. Poland with registered 2,887,739

cases of coronavirus in this respect ranks very high

both in the world - 16th place out of 175 countries

(1.3% of infections) [5] and in Europe - 8th place

out of 46 countries (4.7% of infections) [6].

a particular country only against the number of

infections of other economies in the world and

assessing the country in this respect entails

a significant error. This is by not taking into account

in relation to the size of the population of that

country and only then should it be compared with

other economies of the world. By comparing the

proportion of confirmed coronavirus cases in the

total population of a country, the order of countries

in the ranking changes.

cases, ranks first in the world with 17.8% of

infections, but if we consider the proportion of

coronavirus cases in the total population which is

ranks only 42nd among 46 European countries.

Only Germany, Iceland, Norway and Finland have

a lower rate. In the approach considering the total

Polish population, Poland ranks lower. With 7.6%

of infections calculated against the country's

and combating infection or a contagious disease,

and the terms of covering the costs of the tasks.

Pursuant to the provisions of the Act, healthcare

services performed in connection with counteracting

COVID-19 are to be provided by healthcare entities

state budget from a part at the disposal of the

Minister of Health.

President of the NFZ issued an order on 8 March

2020 on the reporting rules and conditions for

settlement of healthcare services related to the

prevention, counteraction and suppression of

COVID-19 [11]. A catalogue of billing products

related to the services in question was made

available in an annex to the Order, including a flat

dental problems, as well as people with chronic

diseases and oncological ailments and those

requiring immediate rehabilitation, for example after

a car accident. The organizational chaos in the

operation of public health services is exacerbated by

priorities and strategies of hospitals. In the first

phase of the epidemic, hospitals in order to keep

medical staff and motivate them to work often paid

salary top-ups from their own resources, which

significantly burdened their budgets and contributed

to increased liabilities. In addition, throughout 2020,

hospitals incurred increased overtime costs for

medical and non-medical staff due to high sickness

absence related to quarantine and isolation, as well

research material for the general population, were

obtained from the National Court Register (KRS) in

the on-line version [23] or directly from medical

entities.

made available in the Public Information Bulletin on

the website of the Ministry of Finance. When an

entity is registered with the National Court Register,

it generally files with the competent court register,

inter alia, the annual financial statements and the

audit report [24]. A special situation applies to

Autonomous Public Health Care Institutions

(SPZOZ) conducting economic activity, even if they

are not entered in the register of entrepreneurs. They

must also file their financial documents in electronic

2.1 billion, or 15.2%, in relation to the previous year

of operation of hospitals in non-pandemic

conditions. In the last three years, these units

generated revenues of PLN 40.6 billion.

years, these units have incurred an EBIT loss of

PLN 3.l billion. The total EBITDA of the research

sample in 2020 was also negative at PLN -191.5

million and was higher than the previous period by

PLN 196.1 million or 50.6%. Over the last three

years, these units have incurred an EBITDA loss of

PLN 880.1 million.

financing activities, the research sample recorded

a net profit of PLN 30.1 million in the first year of

results obtained translated into a low return on

equity (ROE), with an arithmetic mean of 7.06% in

the first year of the pandemic and a median of

5.85% in 2020.

a result of the bailouts and recapitalization of

hospitals, as well as the cancellation of part of their

debts, the average ROE improved compared to the

pre-pandemic year, when it was at an average level

of -16.47%. The number of entities making

a negative ROE also decreased from 40.5% in 2019

to 38.0% in 2020 (Table 1).

Table 1. Return on equity and return on assets of the

Source: Own study.

The analysis of the observation distribution of basic

statistics on total assets formation of the research

sample in 2020 shows that in 50% of cases its level

is in the range of PLN 69.8 million to PLN 186.9

million with the median at the level of PLN 120.3

million. This distribution over the last three years

earn a higher profit, but they are also increasing the

assets involved in their operations. The average

returns on assets of the research sample remained

first year of the pandemic. All entities – except one

hospital – recorded an increase in revenues from

product sales in 2020 compared to 2019. This sole

case resulted in the minimum value of revenues

dropping to PLN 11.9 million in 2020.

period (Table 2). In the first year of the pandemic,

65.8% of the research sample achieved an ROS ratio

above 0%, which is more than double that of the

previous year. The ROS ratio for 50% of the

surveyed hospitals in 2020 was in the range of -

3.3% to 3.4%. In 2019, the range was -8.2% to

0.1%. The average ROS ratio per entity in 2020

became positive for the first time in several years

and was 0.8%.

Source: Own study.

Analyzing the EBIT result for the last three years,

on core operations of PLN 1.03 billion. This was

a better result than in the last year before the

pandemic by PLN 83.7 million, however, worse

than that obtained in 2018 by PLN 91.7 million.

group with an EBITDA margin <0%, the average

margin level was -5.21% in 2020 and was slightly

higher than in 2019, i.e. by 0.41 p.p. In turn, in the

research sample group with EBITDA margin >0%,

the average margin level in 2020 was 5.53%, higher