Introduction
Healthcare Corporate governance is a
system of rules practices and
processes by which accompany is
directed and managed it needs truly
independent and diverse boards incentive
structures that are aligned with the long-term
objectives of the company integrity of
corporate reporting and constructive
engagement with stakeholders. Good
corporate governance requires internalization
of core values. To safeguard the integrity of
financial reporting and the effectiveness of
risk management companies need to have an
independent and effective audit committee
external and effectiveness internal auditors. corporate governance also requires
continuous communication with stakeholders
this helps to build trust and confidence
between the company and the community in
which it operates embracing. Good
governance builds reputation and recognition
for your company it improves business
efficiency and reduces risk of mismanagement. investor survey results
show that corporate governance is critical
factor in investment decisions. Investors are
willing to pay a premium for better govern
companies driving good corporate
governance requires continuous commitment
and effort of boards and all stakeholders in
the ecosystem. implementing good corporate
governance should be a strategic priority in
all companies it is an investment that will
bring long –term success to the company and
contribute to economic prosperity it pays to
practice good corporate governance.
The severe financial crisis of 2012 that
our medical company experienced
was a strong motivation to shift from
the traditional form of corporate management
to the best and most appropriate form of
corporate governance. For us, it was a great
leap from shifting from one-person
management to managing the system that
draws strategic plans, goals, objectives and
policies, defines trends, controls and
monitors performance in harmony that
preserves the rights of all parties and creates
a desirable and guarantor balance for
sustainable development.
Now we have a board of directors made up of
the chairman and the membership of
executive individuals (such as the financial
director, who is also the vice-chairman of the
board of directors and the group’s managing
director), a non-executive and an
independent member of the owner’s family.
There is an executive director (CEO) who
chairs two councils, one of which is medical
and the other is administrative. As for the
medical council, it consists of the medical
directors of all the four medical polyclinics
(called economic units). This board holds
monthly meetings to discuss medical
services, their quality and development, as
well as everything related to doctors from
their needs, clinics’ income, operating
resorts, and profit rate or the loss for each
clinic, and the matter ends with
recommendations submitted by the
Executive Director to the Board of Directors.
As for the Administrative Board headed by
the Executive Director, it also includes all
directors of departments such as the Director
of Human resources, the chief Operations
officer and Legal Affairs, the Director of
Marketing and Sales, then recommendations
are made to the board of directors.
We also have internal and external auditors 'committees. As for the external auditor,
which is represented by an independent
external accounting office approved by the
state, which reviews all accounts within the
company annually to submit them to the
owner and to government agencies to pay
taxes or the so-called (zakat). Regarding
internal auditor two of the financial
department is the head of accountants and the
financial auditor, who submit their periodic
reports to the financial manager who is part
of the board of directors and a deputy to
present them for discussion to the board of
directors.
With regard to clinical governance within the
medical economic unit, its implementation is
supervised and controlled by the medical
director of the branch with the help of
department heads and the chief of nursing,
especially with regard to clinical
effectiveness and risk management and staff
management and patient- public
involvement, while training and education is
arranged by the Human Resources
Department as required by the Ministry of
Health In Saudi Arabia. Doctors and workers
also depend on self-education as a means of
promotion. Some official bodies also carry
out the audit work, such as the Food and Drug
Authority and insurance companies, as well
as the Ministry of Health to review all
medical procedures within the medical
polyclinics through the mandatory electronic
system as an external partner alongside the
company’s internal auditor.
Our company has resorted to community
participation as part of the marketing plan
presented by the relevant departments for two
main goals. The first is to fully convince the
target segment of customers is the
community in the geographical environment
surrounding each good economic unit.
Therefore, we had to go to it with free
services especially during the Corona
pandemic with a good communication and
effective through free medical services for
the elderly and sending moral messages and
medical advice through modern technologic
methods as (telemedicine). While our
company does not take care of the internal
community and what is related to it as
required, and this appears by delaying the
financial dues and moral considerations for
the staff within the institution The other goal
of community communication is to appear in
the form of applying sustainability standards
to gain the confidence of official institutions
to obtain facilities that we may need later. As
for environmental participation, we are keen
at the minimum in this aspect, which is the
application of safety standards at the highest
level in coordination with external control
bodies such as the Food and Drug Authority.
While the laws and rules regulating
companies are obliged to disclose all
financial and non-financial statements. While
Our Company is not fully committed to the
necessary transparency with its employees,
except within the limits of the executive
board because they share responsibility and
accountability and the recommendations
required towards modifying any path to go towards the goals of the strategic plan set by
the Board of Directors. Also, transparency
with customer is not adhered to except within
the limits of the regulations that the official
institutions force us upon, and this may be
justified by the fierce competition with
companies that provide the same medical
service provided in the same geographical
area.
Summary and conclusion
The governance of the health care
company is the structure through
which goals are set, the methods of
achieving them, and monitoring their
implementation and the company’s general
performance. It also regulates the
relationship and strikes a balance between the
interests of the board of directors on the one
hand, and the interests of shareholders and
other parties, as it is the only guarantor of
balance events between conflicting interests
between all parties. Protection of rights based
on the pillars of responsibility, transparency,
fairness and accountability, and that the cost
of implementing governance in health care
companies is much less than the losses from
not applying it.
We in our company have learned the lesson
well, but it is incomplete, but we are on the
way towards achieving full governance
towards sustainability if our following
recommendations are carefully listened to:
1. We recommended that Governance must
be implemented comprehensively and important gaps and deficiencies should
be filled, such as risk management, and
that it be an independent department
affiliated to the board of directors, and
crisis management does not depend on
executives who have other job titles.
2. We recommended that it is necessary to
rely on effective participation with the
internal community as an essential
component within the company’s
governance. Rather, it is an important
partner in it, listening to it and solving its
problems, which of course will be
reflected in the overall performance of
the company’s strategic plan. As well as
increasing the rate of external community
participation because it is the main driver
of economic value.
3. We recommended that good training and
education of medical and administrative
staff be carried out more effectively, and
that this be put in the strategic plan and
not to rely only on self-education for staff
or what suits the requirements of official
institutions.
4. We recommended the need to effectively
implement clinical governance and not
focus only on profitability because
focusing on the quality of clinical
governance will lead to an increase in
profit and not the other way around.
5. We recommended more transparency for
the internal and external community
towards the financial statements, our
strategic plans, our goals, our structures,
shareholders, and so on, which gives
greater confidence internally as well as to
the external community, official institutions and our partners in the healthcare system
.
Finally, we can say that health care
governance is the only way towards
sustainability with its three pillars economic,
social and environmental principles.
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