Ilomata International Journal of Tax & Accounting
P-ISSN: 2714-9838; E-ISSN: 2714-9846
Volume 6, Issue 2, April 2025
Page No. 1-12

Financial Performance of Jakarta Hospitals Before and After the COVID-19
Pandemic: Analysis of Profitability, Liquidity, and Leverage Ratios
Joel Legi Rorimpandey 1, Harlyn Siagian2, Harman Malau3
123
Universitas Advent Indonesia, Indonesia
Correspondent: joelrorimpandey@gmail.com1
Received

: January 28, 2025

Accepted

: April 10, 2025

Published

: April 30, 2025

Citation: Rorimpandey, J, L., Siagian, H.,
Malau, H. (2025). Financial Performance of
Jakarta Hospitals Before and After the
COVID-19 Pandemic: Analysis of
Profitability, Liquidity, and Leverage
Ratios. Ilomata International Journal of Tax
and Accounting, 6(2), 75-89.
https://doi.org/10.61194/ijtc.v6i2.1726

ABSTRACT: The COVID-19 pandemic has had a
significant impact on the healthcare sector, particularly on
hospitals, which faced operational and financial challenges
due to increased operational costs and changes in service
patterns. This study aims to evaluate the financial
performance of hospitals in Jakarta before, during, and after
the COVID-19 pandemic. The analysis was conducted using
financial ratios, including Return on Assets (ROA), Return on
Equity (ROE), and Net Profit Margin (NPM) to measure
profitability; Current Ratio and Quick Ratio to measure
liquidity; and Debt to Asset Ratio (DAR) and Debt to Equity
Ratio (DER) to measure leverage. This study employed a
quantitative descriptive method using secondary data in the
form of financial statements from hospitals in Jakarta for the
period 2018–2024. The results showed that profitability,
liquidity, and leverage ratios experienced significant
improvements during the pandemic compared to the prepandemic period. The Indonesian government's policy of
funding COVID-19 patients played a major role in enhancing
hospital financial performance during the pandemic.
Furthermore, the financial performance of hospitals in
Jakarta demonstrated a significant improvement postpandemic compared to the pre-pandemic period. These
findings provide valuable insights for hospital management
and policymakers in formulating financial strategies to
enhance the sustainability of hospital operations in the postpandemic era.
Keywords: Return on Assets, Return on Equity, Net Profit
Margin, Current Ratio, Quick Ratio, Debt to Asset Ratio,
Debt to Equity Ratio
This is an open-access article under the
CC-BY 4.0 license.

INTRODUCTION
The COVID-19 pandemic has considerably impacted various sectors, including the healthcare
sector. Hospitals, which function as the primary frontline in addressing the pandemic, are
experiencing financial strain due to increased operational expenditures and modifications in service
patterns. This has led to a considerable decrease in operating margins for many hospitals.

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Financial Performance of Jakarta Hospitals Before and After the COVID-19 Pandemic:
Analysis of Profitability, Liquidity, and Leverage Ratios
Rorimpandey, Siagian, and Malau

Consequently, hospital operating margins have undergone a substantial decline. The novel
coronavirus known as COVID-19 began in the Chinese city of Wuhan in the final quarter of 2019
and then spread throughout the world, inflicting great economic and human disaster. The global
economy had a mixed start to 2020, expecting higher growth but being shocked by the COVID19 epidemic at the start of the year. Due to mobility constraints, regular economic activity and
business dealings were also suspended, which resulted in a sharp decline (Fernando & Ishari, 2023).
One of the most significant and perilous social and economic developments in recent decades is
the COVID-19 pandemic. It negatively affects not just the economics of particular nations but
also the financial standing of corporations, which in turn affects the lives of hundreds of millions
of people worldwide (Naruć, 2022). The onset of the COVID-19 pandemic in early 2020 has
substantially impacted various sectors, including the healthcare sector. Healthcare institutions,
such as hospitals responsible for providing community healthcare services, have faced significant
challenges and pressures. In the context of a pandemic, hospitals must adapt to the increasing
number of patients and implement strict health protocols. This results in increased operational
costs, such as Increased operational costs due to the need for personal protective equipment (PPE)
and additional resources to manage COVID-19 patients (Kaye et al., 2021). Hospitals in both rural
and urban areas experienced a decline in operating margins, although government funding helped
to prevent a more severe financial crisis (Li et al., 2023).
Due to a sharp decline in revenue and a twofold increase in costs, many hospitals were unable to
handle the detrimental financial and medical effects of COVID-19. However, as time went on and
during the 2020–2021 medium-term period, the negative effects and consequences of the COVID19 shock on hospitals' operational, economic, and financial indicators diminished and were
followed by a comparatively stable improvement in the indicators, which ultimately led to an
increase in hospitals' efficiency (Ahangar et al., 2023). Hospitals' financial performance and service
performance have suffered since the start of COVID-19 because of restrictions on patient care. It
is crucial to take steps like offering a range of funding options and enhancing hospitals' financial
stability. Hospitals should receive funding to make up for their losses from lower outpatient and
elective revenue (Jalilian et al., 2023).
In the context of the present study, it is imperative to undertake a comprehensive evaluation of
hospitals' financial performance, both before and in the aftermath of the pandemic caused by
COVID-19. The measurement of financial performance can be accomplished by utilizing various
financial ratios, including but not limited to profitability, liquidity, and leverage ratios. The
aforementioned statistics offer a thorough assessment of the hospital's ability to turn a profit, pay
short-term debt, and manage debt. Hospital management must comprehend the alterations in
financial performance to strategically enhance operational efficiency and financial sustainability in
the future. A primary focus for hospitals should be the augmentation of financial reserves, the
cultivation of non-operating revenue streams, and the implementation of operational efficiencies
to foster enhanced financial resilience (Lalani et al., 2023). For-profit hospitals encounter
substantial financial challenges due to their reliance on elective procedures, which were suspended
during the pandemic. These hospitals are more susceptible to financial difficulties compared to
non-profit hospitals (Kruse & Jeurissen, 2020). Hospitals must also prioritize enhancing

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Financial Performance of Jakarta Hospitals Before and After the COVID-19 Pandemic:
Analysis of Profitability, Liquidity, and Leverage Ratios
Rorimpandey, Siagian, and Malau

management efficiency and financial resilience to ensure survival and thrive independently,
particularly in regions where government support may be constrained (Yang, 2023).
A number of prior studies have examined the financial performance of hospitals in a context
pertinent to this subject. According to (Pantjatmono et al., 2024) Findings indicate that financial
performance exhibited enhancements subsequent to the emergence of the pandemic. Hospital
administrators and other stakeholders can use this research's practical insights to create more
effective financial management plans both during and after the pandemic. (Nur Sidiq et al., 2022)
study of UNS Hospital's liquidity ratio initially indicated a favorable condition, as it exceeded the
established healthy criteria limit. In the post-pandemic period, there was an increase in the current
and quick ratios, suggesting the hospital's capacity to meet short-term obligations. However, there
was a decline in the cash ratio, which may signify alterations in cash management or an augmented
reliance on cash for operational needs.
When comparing Hospital's financial performance, financial aspects, and sub-aspects of financial
ratios before and during the COVID-19 epidemic, non-tax revenues did not decline. According to
the income to operational costs ratio or the capacity of Hospital to use its income to fund hospital
operations, the COVID-19 pandemic situation has no bearing on this ratio (Masloman et al., 2022).
In order to assess a company's financial performance and evaluate whether financial performance
declined prior to and following the COVID-19 epidemic, financial statements are a crucial
component(Nadiyah Rahmani et al., 2023). The most extensively studied financial ratios
profitability, liquidity, solvency, effectiveness, and market ratios are used to compare the financial
performance of businesses. The profitability, liquidity, and solvency ratios are three measures of
the hospitality industry's financial performance that are frequently employed in studies
(Nurwitasari et al., 2023). The present study utilized three ratios—namely, the profitability ratio,
liquidity ratio, and leverage ratio—to assess financial performance. These ratios were selected to
provide a comprehensive evaluation of the hospital's financial health. The study incorporated
seven additional ratio parameters to enhance the clarity and comprehensiveness of the analysis.
Profitability
A company's ability to make money off of its income, assets, and equity is evaluated using financial
metrics known as profitability ratios. This ratio is composed of Return on Equity (ROE) and
Return on Assets (ROA). The company's primary goal is to maximize profits for the benefit of its
owners, members, and product development. In order to sustain profitability, management must
meet predefined goals (Fatwa et al., 2023).A ratio called return on assets (ROA) is used to assess a
company's capacity to produce a profit from all of its assets. ROA demonstrates how well
management uses the company's resources to produce profits. The larger the ROA number, the
better the company's performance in utilizing its assets to generate profits.
An indicator of a company's capacity to provide net income for shareholders' equity returns is
return on equity, or ROE (Efendi & Wibowo, 2017). The return on equity (ROE) indicates how
effectively a business uses shareholder investment to produce profits. ROE provides an overview
of how much profit is generated for every rupiah of capital invested by shareholders. Investors
often use ROE to evaluate a company's performance before making an investment decision.

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Financial Performance of Jakarta Hospitals Before and After the COVID-19 Pandemic:
Analysis of Profitability, Liquidity, and Leverage Ratios
Rorimpandey, Siagian, and Malau

A financial statistic called net profit margin (NPM) gauges how well a business makes net profit
from its overall sales or revenue. The percentage of revenue left over after all operational costs,
taxes, and other expenses are subtracted is displayed by this ratio. To put it another way, NPM
provides an estimate of the amount of profit made for every unit of revenue received.
Liquidity
A company's capacity to meet its immediate obligations is evaluated using liquidity metrics like the
Quick Ratio and Current Ratio (CR). Good liquidity usually has a beneficial impact on the
Company's profitability (D. Ayoush et al., 2021). The liquidity ratio is a measure of a company's
capacity to settle all short-term debts with their present assets when they mature (Novianti et al.,
2021). A company's capacity to satisfy its short-term obligations is gauged by its liquidity, which is
calculated by comparing those obligations to its current assets (Fatwa et al., 2023). A liquidity ratio
called the current ratio is used to assess how well a business can use its short-term assets to pay its
short-term liabilities. An overview of the company's financial situation and the effectiveness of
management's asset and liability management are given by this ratio. Because of the size of the
company's current obligations in relation to its current assets, the current ratio has decreased. The
company's ability to pay off its short-term debts is weakened if the value of its current assets is less
than its current liabilities (Rachmatullah et al., 2023). A financial metric called the quick ratio is
used to evaluate a company's capacity to pay short-term debts with its most liquid assets. This does
not include inventory, but it does include cash, receivables, and marketable securities.
Leverage
Leverage ratios, such as Debt to Equity Ratio (DER) and Debt to Asset Ratio, measure the extent
to which a company uses debt to finance its assets. Leverage has a significant negative impact on
profitability, indicating that high dependence on debt can reduce company profits (Samo & Murad,
2019). Financial measures such as the debt-to-equity ratio and the interest coverage ratio aid in
assessing the company's debt load and its capacity to pay interest on that debt. Leverage is the
term used to describe the usage of borrowed funds by the business (Moridu, 2024).
A financial measure called the debt to asset ratio (DAR) indicates what proportion of the
company's total assets are financed by debt. This ratio provides an overview of the company's
capital structure and how much the company depends on debt to finance its assets.
A financial measure called the Debt to Equity measure (DER) contrasts the total amount of debt
and equity held by the organization. This ratio gives a summary of the company's capital structure
and is used to gauge how much debt the business utilizes to finance operations and investments.
The company's level of ROA attainment will be impacted by both high and low DER (Tullah et
al., 2023).

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Financial Performance of Jakarta Hospitals Before and After the COVID-19 Pandemic:
Analysis of Profitability, Liquidity, and Leverage Ratios
Rorimpandey, Siagian, and Malau

METHOD
To elaborated and develop this research lead to the following enhancing the model.
Hospital Finance
Report

2018-2019 Before
Pandemic Covid-19

2020-2022
Pandemic Covid-19

2023-2024 After
Pandemic Covid 19

1. Profitability Ratio:
ROA, ROE,NPM
2. Ratios
Liquidity: CR, QR.
3. Ratio
Leverage: DAR,
DER

Outcome

Figure 1. Research Concept Model
This study aims to determine the financial performance of Jakarta hospitals both before and after
the COVID-19 pandemic started. The pandemic has had a particularly negative effect on the
hospital sector, thus an examination of its financial situation both before and after the epidemic is
necessary.
This research uses descriptive quantitative methods. This research method aims to objectively
analyze and describe hospital financial data based on financial ratio calculations. This approach is
suitable for evaluating changes in financial performance the COVID-19 epidemic utilizing financial
statement numbers before and after.
The study was conducted in Jakarta City, a region known for its cultural diversity and a blend of
urban and semi-urban populations.
Balance sheets, income statements, cash flow statements, and notes to financial statements are
among the financial statements of the Jakarta Hospital that were used as secondary data for this

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Financial Performance of Jakarta Hospitals Before and After the COVID-19 Pandemic:
Analysis of Profitability, Liquidity, and Leverage Ratios
Rorimpandey, Siagian, and Malau

study prior to the before COVID-19 pandemic in 2018–2019 and following the pandemic in 2023–
2024. This secondary data is obtained from published sources, namely the audited financial
statements of the Jakarta Hospital from 2018 to 2024.
To evaluate the financial performance of Jakarta Hospitals before the COVID-19 pandemic and
after the COVID-19 pandemic, the Profitability Ratio, Liquidity Ratio, and Leverage Ratio are
needed. The ability of the business to turn a profit from its equity and assets is gauged by the
profitability ratio. Research indicates that stock liquidity and overall business performance are
positively correlated with profitability (Nisrina et al., 2023). To measure the profitability ratio, four
formulas are used, namely:
Net Profit After Tax
ROA =
x 100%
Total Asets

The ratio of the overall assets compared to total net income is known as ROA (Mahendra &
Nurdiansyah, 2022)

Net Profit After Tax

ROE =

Total Equity

x 100%

ROE is the net profit generated from own capital (Ganiah Maulany, 2024)
Net Profit After
Tax

NPM =

x 100%

Total Revenue

NPM is a comparison of estimated net income after tax with total income (Mahendra & Nurdiansyah,
2022)

Liquidity ratio measured by the following formula:
Current Ratio =

Current Assets
Current Liabilities

A ratio called the current ratio is used to quantify the short-term debt of a business
(Nuryasman MN, 2021)

Quick Ratio

=

Current Assets Inventory
Current Payables

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Financial Performance of Jakarta Hospitals Before and After the COVID-19 Pandemic:
Analysis of Profitability, Liquidity, and Leverage Ratios
Rorimpandey, Siagian, and Malau

The fast ratio is a metric for rapidly calculating the ratio of current assets to short-term liabilities
(Nuryasman MN, 2021).

Leverage ratio using the following formula:
Total Liabilities

DAR =

Total Aset

x 100%

The ratio of total assets to total liabilities, or DAR (Ramadhan et al., 2017)
Total Liabilities
1. DER =

Total Equity

x 100%

The ratio for all liabilities to overall equity is known as DER (Ramadhan et al., 2017).

RESULT AND DISCUSSION
The research analysis used the annual financial statements of Jakarta Hospitals from 2018 to 2024
to use ratios to analyze financial performance prior to and following the COVID-19.
Table 1. Jakarta Hospital Ratio Data
RASIO
ROA
ROE
NPM
CR
QR
DAR
DER

2018
9%
21%
3%
2.2
2.0
56%
127%

2019
8%
16%
3%
2.4
2.1
49%
97%

2020
-9%
-22%
-4%
1.9
1.7
58%
136%

Year
2021
26%
56%
17%
1.9
1.8
53%
114%

2022
18%
25%
11%
4.6
4.4
28%
39%

2023
14%
16%
8%
12.0
11.5
16%
19%

2024
15%
18%
8%
9.8
9.5
18%
21%

In Table 1, the hospital's financial ratio values compare data from 2018 to 2024 before covid 19,
during COVID-19 19, and after covid 19. It is made based on 3 main ratios, namely profitability
ratios consisting of ROA, ROE, and NPM. The Quik Ratio and Current Ratio make up the ratio.
The leverage ratio is used to assess the extent to which the business relies on debt to fund its
operations and investments, which include DER and DAR. From the data shown, the data
fluctuates every year.

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Financial Performance of Jakarta Hospitals Before and After the COVID-19 Pandemic:
Analysis of Profitability, Liquidity, and Leverage Ratios
Rorimpandey, Siagian, and Malau

RATIO

ROA
ROE
NPM
CR
QR
DAR
DER

Before
Pandemic
Covid-19
Average 20182019
9%
18%
3%
2.3
2.1
53%
112%

Before Vs During After
Before Vs
Pandemic Pandemic Covid- Pandemic After
Covid-19
19
Covid-19
Pandemic
Covid 19
Average
Growth
Average
Growth
2020-2022
2023-2024
12%
33%
14%
63%
20%
6%
17%
-8%
8%
146%
8%
158%
2.8
22%
10.9
378%
2.6
27%
10.5
408%
46%
-12%
17%
-68%
96%
-14%
20%
-82%

Table 2 shows the financial ratios prior to, during, and following the COVID-19, demonstrating
notable shifts in the performance of the company. Before the pandemic (2018-2019), the average
Return on Assets (ROA) was 9%, which increased to 12% during the pandemic (2020-2022),
recording a growth of 33%. But following the pandemic (2023–2024), ROA rose even more to
14%, indicating a 63% rise over the pre-pandemic period. Meanwhile, the average Return on
Equity (ROE) before the pandemic was 18%, increasing to 20% during the pandemic, or a growth
of 6%. However, ROE decreased to 14% after the pandemic, registering a decline of 8% compared
to the pre-pandemic period. Net Profit Margin (NPM) showed a significant increase, from 3%
before the pandemic to 8% during the pandemic, or a growth of 146%, and remained at 8% after
the pandemic, showing a total increase of 158% compared to the period before the pandemic.
Regarding liquidity, the Current Ratio and Quick Ratio showed a substantial increase. The average
Current Ratio increased from 2.3 before the pandemic to 2.8 during the pandemic and further to
10.9 after the pandemic, registering an increase of 378% compared to the pre-pandemic period.
The Quick Ratio also increased from 2.1 to 2.6 during the pandemic and to 10.5 after the
pandemic, showing an increase of 408% compared to the pre-pandemic period.
Finally, the Leverage Ratio, which consists of the Debt-to-Asset Ratio (DAR) and Debt-to-Equity
Ratio (DER), showed a significant decline. The average DAR dropped from 53% before the
pandemic to 46% during and further to 17% after the pandemic, registering a decrease of 68%
compared to the pre-pandemic period. DER also decreased from 112% to 96% during the
pandemic and to 20% after the pandemic, showing a decrease of 82% compared to the prepandemic period.
Looking at profitability ratios, two of the three parameters used, namely Return on Assets (ROA)
and Net Profit Margin (NPM), experienced significant growth. ROA increased by 63%, while
NPM increased by 158% from the pre-pandemic period (2018-2019) to the post-pandemic period
(2023-2024). However, Return on Equity (ROE) decreased by 8%. Overall, Jakarta Hospital's
profitability ratios showed excellent growth.

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Financial Performance of Jakarta Hospitals Before and After the COVID-19 Pandemic:
Analysis of Profitability, Liquidity, and Leverage Ratios
Rorimpandey, Siagian, and Malau

Positive growth in financial ratios is also supported by government policies. According to
(Kementrian Kesehatan RI, 2021) covid patients who are referred to referral hospitals can have their
costs reimbursed by the government and hospitals can claim reimbursement for these costs. The
Jakarta hospital is also a hospital appointed by the government to treat covid 19 patients. After
analyzing the hospital's income report, it turns out that the positive growth in the ratio is due to
government policies that provide assistance for covid patients, after being seen, especially in 2021,
42% of the revenue contribution came from covid patients paid by the government. Without
assistance from government policies, it is certain that the hospital's financial performance during
covid will be negative/loss.
Finally, the leverage ratio analysis shows a significant decrease in the Debt-to-Asset Ratio (DAR)
and Debt-to-Equity Ratio (DER). DAR decreased by 68%, while DER decreased by 82%. This
decreases benefits Jakarta Hospitals by showing a better ability to fulfil obligations. With lower
DAR and DER values, Jakarta Hospital's financial performance has become more stable and
healthier. But on the other hand, this also indicates that hospital management is not investing
much more precisely in fixed assets (new medical devices), after seeing the fixed assets that
compare before covid 19 it turns out that the growth decreased by 37% after covid 19, this is an
input for management in terms of investment, especially adding new medical devices so that the
hospital continues to grow better in the long term.
In contrast to earlier studies from some study, (McFadyen et al., 2025) hospital financial performance
declined during the COVID-19 pandemic, and hospital profitability declined following the
pandemic. The COVID-19 pandemic had a substantial impact on hospitals' financial performance,
according to our research (Lee, 2024). According to the hospital's financial performance analysis,
the Covid-19 pandemic has not improved the hospital's financial performance above its prepandemic levels, as seen by changes in hospital financial ratios (Rexana & Widjaja, 2023). Companies
operating in a demanding and competitive environment, particularly during the COVID-19
pandemic, need to monitor their financial performance. Research has shown that the COVID-19
crisis had a negative impact on business performance, and that this impact is more noticeable when
a company's investment scale or sales revenue is smaller (Valaskova et al., 2023). This research
founding Jakarta hospital experienced increasing financial performance after COVID-19 because
management was able to take advantage of hospital facilities to become a referral for COVID-19
where the income of COVID patients was relatively high from the government supported by more
direct expenses, which were lower than ordinary patients before and after covid 19.

CONCLUSION
Due to the analysis's findings, Jakarta Hospitals' financial performance following the COVID-19
pandemic has significantly improved when compared to its pre-pandemic state. The results
showed that the COVID-19 pandemic had a positive impact on the financial performance of the
Jakarta Hospital. The positive impact also occurs because the Indonesian government has made a
policy to finance covid 19 patients during the covid 19 pandemic period. This finding can be a
reference for hospital management to have made favorable policies in the face of the global health
crisis. By understanding the financial dynamics that occur after a pandemic, hospital management

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Financial Performance of Jakarta Hospitals Before and After the COVID-19 Pandemic:
Analysis of Profitability, Liquidity, and Leverage Ratios
Rorimpandey, Siagian, and Malau

can optimize resources and allocate budgets more effectively to improve financial performance
and maintain operational sustainability. This study provides important insights for hospital
management and policymakers in formulating financial strategies that the pandemic has a favorable
effect on the finances of Jakarta Hospitals, also input for management regarding investment,
particularly the addition of new medical equipment to ensure the hospital's long-term growth.

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Financial Performance of Jakarta Hospitals Before and After the COVID-19 Pandemic:
Analysis of Profitability, Liquidity, and Leverage Ratios
Rorimpandey, Siagian, and Malau

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