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KMID : 0926620230280010001
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Korean Journal of Hospital Management
2023 Volume.28 No. 1 p.1 ~ p.13
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Economic Analysis of Introduction of Third Party Logistics System in a Tertiary Hospital
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Yoo Byeoung-Heon
Noh Jin-Won
Baek Sei-Jong
Nam Eun-Woo
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Abstract
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Purpose: This study purposed to analyze the economic feasibility of introducing a third party logistics system as a strategic alternative to hospital management.
Methods: Economic analysis was performed by measuring changes in costs and benefits before and after implement the third party logistics system and estimating the size of net benefits for the next five years for the target hospital. A questionnaire survey and in-depth interview with stake-holders were conducted to find out the satisfaction and effectiveness of the system.
Findings: According to results, the cost-benefit ratio for the implementation of the system was 1.18. For the next five years, the cost-benefit ratio was 1.48, the net present value was about 1.7 billion won, and the internal rate of return was 64%. The satisfaction of internal stake-holders was relatively high, in terms of improving the concentration of unique tasks and increasing the efficiency of inventory management.
Practical Implications: It was found that the increase in benefits had a greater effect on the change in the cost-benefit ratio than the increase in costs resulting from the expansion of logistics, and the increase in the present value of net benefits gradually decreased as the cost increased. In addition, overall job satisfaction and satisfaction with outsourcing companies were relatively low, which means that stabilization of the new system is important. Further study is needed for more accurate economic analysis.
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KEYWORD
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Tertiary Hospital, Third Party Logistics System, Economic Analysis, Cost-Benefit Analysis, Stake-holder Analysis
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