jhesp Journal of Health Systems and Policies 2667-4920 2718-0050 İstanbul Medipol Üniversitesi 10.52675/jhesp.1017929 Health Policy Sağlık Politikası How Healthy is Health Sector? https://orcid.org/0000-0003-1613-3572 Kara Harun Türker T.R. Ministry of Health https://orcid.org/0000-0001-6030-5162 Kara Sümeyra TÜBİTAK 12 15 2021 3 3 170 184 11 02 2021 11 30 2021 Copyright © 2018, Journal of Health Systems and Policies 2018 Journal of Health Systems and Policies

Financial distress is a condition in which a company cannot create sufficient income, thus making it unable to meet its financial obligations. Ignoring signs of financial distress can be detrimental for the companies, and it may even cause bankruptcy. The financial distress is about financial health of a company and credit rating is a good early warning indicator of financial health. This paper attempts to investigate the financial health of health sector in Turkey for the period from 2000 to 2020. In order to evaluate financial health of the health sector in Turkey, we use Central Bank of Republic of Turkey’s Company Accounts and calculate credit ratings via Altman Z- Score Methodology. The basic conclusion of the paper is that although the credit rating is not sufficient for investors, there are some improvements in the rating grades.

 Altman Z-Score Financial Health Health Sector in Turkey Altman, E.I., Hartzell, J., Peck, M. (1995). A scoring system for emerging market corporate bonds. Boston: Springer Publications. Altman, E.I. (2018). A fifty-year retrospective on credit risk models, the Altman z-score family of models and their applications to financial markets and managerial strategies. Journal of Credit Risk, 14,1-34. Bağcı, H., Sağlam, Ş. (2020). Sağlık ve spor kuruluşlarında finansal başarısızlik tahmini: Altman, Springate ve Fulmer Modeli Uygulaması. Hacettepe Sağlık İdaresi Dergisi, 23,149-164. Civan, M., Dayı, F. (2014). Altman z skoru ve yapay sinir ağı modeli ile sağlık işletmelerinde finansal başarısızlık tahmini. Akademik Bakış Uluslararası Hakemli Sosyal Bilimler Dergisi, 41,44-57. Erkılıç, C.E., Aksoy, A. (2020). Hastanelerde finansal başarısızlık tahmini: Lojistik regresyon modeli ile kamu hastaneleri üzerine bir uygulama. İşletme Araştırmaları Dergisi, 12,1415-1433. Genç, E.G., Başar, O.D. (2019). Comparison of country ratings of credit rating agencies with Moora method. Business and Economics Research Journal, 10,391-404. Gülençer, S., Hazar, A. (2020). Borsa İstanbul’da faaliyet gösteren ilaç şirketlerinin değerlendirilmesi. Journal of Economics and Financial Researches, 2,83-105. Langabeer, J.R., Lalani, K.H., Champagne-Langabeer, T., Helton, J.R. (2018). Predicting financial distress in acute care hospitals. Hospital Topics, 96,75-79. Nustini, Y., Amiruddin, A.R. (2019). Altman model for measuring financial distress: Comparative analysis between sharia and conventional insurance companies. Journal of Contemporary Accounting, 1,161-172. Ray, S. (2011). Assessing corporate financial distress in automobile industry of India: An application of Altman’s model. Research Journal of Finance and Accounting, 2,155-168. Steel, M.A. (2021, October 21). Top 10 signs that may indicate financial distress. https://www.bmdllc.com/resources/blog/top-10-signs-that-may-indicate-financial-distress/ Sun, J., Li, H., Huang, Q.H., He, K.Y. (2014). Predicting financial distress and corporate failure: A review from the state-of-the-art definitions, modeling, sampling, and featuring approaches. Knowledge-Based Systems, 57,41-56. Yiğit, V. (2020). Hastane hizmetleri alt sektörünün finansal performans analizi. Uluslararası Sağlık Yönetimi ve Stratejileri Araştırma Dergisi, 6,609-624.