The Role of Intangible Assets in Private Health Care Companies

Transcription

1 Latvijas Ekonomistu asociācijas 4. ikgadējā konference Ceļš uz labklājību ekonomikas globalizācija un ekonomikas lokalizācija The Role of Intangible Assets in Private Health Care Companies Santa Babauska, PhD Student, BA School of Business and Finance April 24, 2013

2 The Role of Intangible Assets Changes influence health care company s operational processes Previously the focus - on the profit management aspects, but the adaptation time for changing environment has become shorter Intangible assets are having increasing role Questions related with intangible assets have also become under increasing discussion

3 Health Care Industry in Latvia The Number of Health Care Institutions Providing Outpatient Services - Total in Latvia from the Source : Central Statistical Bureau of Latvia

4 Health Care Industry Source: The EHCI has become a measurement standard for European healthcare. The 2012 edition ranks 34 national European health care systems on 42 indicators, covering five areas that are key to the health consumer: Patients rights and information, Accessibility (waiting times) of treatment, Outcomes, Range and reach of services provided and Pharmaceuticals.

5 Theoretical Aspects of Intangible Assets an intangible asset is an identifiable non-monetary asset without physical substance * An intangible is defined as any event that creates or modifies perceptions or expectations of the future behavioural, value or relevance, of an individual, group, or otherwise constituted organization ** *International Accounting Standard 38 - Intangible Assets **K. Standfield, Intangible Management. Florida, United States of America: Academic Press, 2002.

6 Theoretical Aspects of Intangible Assets According to intangible management there are two types of intangible assets *: Hard intangibles Soft intangibles By identifying and measuring intangible assets, company can better evaluate and manage its competitive advantage * Source: K. Standfield, Intangible Management. Florida, United States of America: Academic Press, 2002.

7 Theoretical Aspects of Intangible Assets The Ascendancy of Intangibles* * Source: B. Lev, Intangibles. Management, Measurement, and Reporting. Washington: The Brookings Institution, 2001.

8 Theoretical Aspects of Intangible Assets As intangible assets grow in size and scope, more and more people are questioning whether the true value and the drivers of that value are being reflected in a timely manner in publicly available disclosure * (Arthur Levitt) * Source: K. Standfield, Intangible Management. Florida, United States of America: Academic Press, 2002.

9 Conclusions The identification of the intangible assets in private health care companies is important Intangible assets can be a source of private health care company`s competitive advantage Intangible assets can increase the company`s ability to compete in the market Intangible assets can add value to overall private health care company`s value

10 References A. Green, Knowledge Valuation: Intangible assets in plain business language [Online]. Keane Federal Systems, Alexandria, Virginia, USA, The journal of information and knowledge management systems Vol.37 No.3, 2007, pp ISSN: B. Lev, Intangibles. Management, Measurement, and Reporting. Washington: The Brookings Institution, K. E. Sveiby. The New Organizational Wealth. Managing and Measuring Knowledge-based Assets. San Francisko, United States of America: Berett-Hoehler Publisher Inc., K. Standfield, Intangible Management. Florida, United States of America: Academic Press, R. S. Kaplan and D. P. Norton, Strategy Maps : Converting Intangible Assets Into Tangible Outcomes. Boston, United States of America : Harvard Business School Publishing, R. F. Reilly, R. P. Schweihs. Valuing Intangible Assets. New York, United States of America: McGraw-Hill, 1999, p T. Diefenbach, Intangible resources: a categorical system of knowledge and other intangible assets. [Online]. Oxford Brooks University, Oxford, UK, Journal of Intellectual Capital Vol.7 No.3, 2006, pp ISSN: U. Mitenbergs, Taube, M., Misins, J., et.al. Health Systems in Transition, Latvia: Health System Review 2012, 14(8): International Accounting Standard 38 Intangible Assets. [Online]. Version of 24 March Available at: Intangible Assets. Brandassetconsulting.com. [Online]. 2012, Available at: Basic Indicators of Health Care in Latvia at the End of the Year [Online]. Riga : Csb.gov.lv, 2013 World Health Organization data

11 Thank you for your attention!