Governmental financial investment strategy of traditional medicine hospitals: evidence from public Traditional Chinese Medicine hospitals (PTHs) of Henan Province, China

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Abstract Background: Chinese government has been continually increasing its investments on Public Traditional Chinese Medicine hospitals (PTHs) in recent years. This study aimed to assess the scales and structure of investments on PTHs in Henan Province, China, in order to analyze the contribution of Government Financial Investment (GFI) to the revenue growth of PTHs, as well as raising practical investment strategies for decision-makers. Methods: This study was a panel data research, conducted in Henan Province, China. By collecting 143 PTHs’ operational data from 2005 to 2017, the authors computed data with Barrow Economic Growth Model (BEG), Stochastic Frontier Analysis (SFA) and Vector Autoregressive Model (VAR) respectively. Results: The study observed that the contribution of GFI to PTHs’ revenue growth was positive (average MPG=2.84), which means the scale of GFI hadn’t reached an optimal level. The scales of GFI on Grade III, Grade II A, Grade II B PTHs need to be increased by -5.96%, 4.88% and 11.51% respectively in order to maximize the input-output efficiency. The third year after the investment year may be a more effective period for conducting an effect evaluation of GFI in Henan Province. Conclusions: GFI on PTHs usually has a long-term impact on PTHs. Government needs to adjust its GFI policy to maximize the input-output efficiency.

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