Evaluating Business Performance and Efficiency in the Medical Tourism: A Multi-criteria Approach

Reference: Čabinová, V., Gallo, P., Pártlová, P., Dobrovič, J. & Stoch, M. (2021). Evaluating Business Performance and Efficiency in the Medical Tourism: A Multi-criteria Approach. Journal of Tourism and Services, 22(12), 198-221. doi: 10.29036/jots.v12i22.247

Authors

DOI:

https://doi.org/10.29036/jots.v12i22.247

Abstract

Measuring the performance and efficiency of the tourism enterprises is essential regarding the current pandemic situation. In such a context, improving their financial situation and competitive position also depend on the use of innovative multi-criteria evaluation models. The paper's main objective is to propose the newly designed Performance & Efficiency model (P&E model) for Slovak spa enterprises. Its structure consists of three dimensions – P&E_I, P&E_II, P&E_III. The application of Confirmatory Factor Analysis validates 34 key performance ratios reflecting the financial situation of enterprises within the P&E_I. In case of P&E_II, the development of value-added dynamics is measured by using the Economic Value Added Momentum. Using the Data Envelopment Analysis, the level of enterprise efficiency is quantified (P&E_III). The partial results of the dimensions are transformed using min-max normalization to the overall score ranging from 0 to 3. Based on the results, a rating scale of all enterprises is carried out, and both their partial and overall positions are assessed through benchmarking. During the research (2013 – 2018), the best results are achieved for SE03 (Spa Bojnice, Inc.), SE21 (Specialised Spa Institute Marína, s.e.), and SE18 (Spa Horný Smokovec, Ltd.). The worst-rated spa enterprises include SE14 (Natural Iodine Spa Číž, Inc.), SE09 (Spa Sliač, Inc.), and SE19 (Pieniny Resort, Ltd.). The proposed P&E model is easily applicable to other tourism enterprises. The research as carried out enables deepening of knowledge concerning the multi-criteria evaluation and management concepts and helps enterprises overcome current unfavorable situations.

Author Biographies

Veronika Čabinová, University of Prešov in Prešov, Prešov, Slovakia

Mgr. Veronika Čabinová, PhD.

Department of Development, Informatization and Quality Assessment, Rectorate, University of Prešov in Prešov, 17th November 15, 080 01 Prešov, Slovakia, www.unipo.sk, veronika.cabinova@unipo.sk. The author's publishing activity is focused on the issue of multi-criteria concepts of evaluation and management of business performance and efficiency, financial and economic analysis, financial management, business economics, modern management tools of business management and international evaluation of the competitiveness of countries.

Peter Gallo, University of Prešov in Prešov, Prešov, Slovakia

Ing. Peter Gallo, PhD.

Institute of Educology and Social Work, Faculty of Arts, University of Prešov in Prešov, 17th November 1, 080 01 Prešov, Slovakia, www.unipo.sk, peter.gallo.1@unipo.sk. The author's publishing activity is focused on the issue of strategic management, human resources management, managerial tools in the field of tourism, managerial decisions in social companies, talent management, and gender stereotypes in society.

Petra Pártlová, Institute of Technology and Business in České Budějovice, České Budějovice, Czech Republic

Ing. Petra Pártlová, PhD.

Department of Management, Faculty of Corporate Strategy, Institute of Technology and Business in České Budějovice, Okružní 517/10, 370 01 České Budějovice, Czech Republic, www.is.vstecb.cz, 4027@mail.vstecb.cz. The author's publishing activity focuses on strategic management, tax problematics in Slovak and Czech Republic and distribution logistics, business plans and innovations, and management in the tertiary sphere.

Jan Dobrovic, Institute of Technology and Business in České Budějovice, České Budějovice, Czech Republic

doc. Ing. Ján Dobrovič, PhD.

Department of Management, Faculty of Corporate Strategy, Institute of Technology and Business in České Budějovice, Okružní 517/10, 370 01 České Budějovice, Czech Republic, www.is.vstecb.cz, 24574@mail.vstecb.cz. The author's publishing activity focuses on strategic management, tax problematics in Slovak and Czech Republic and distribution logistics, business plans and innovations, and management in the tertiary sphere.

Milan Stoch, University of Entrepreneurship and Law, Prague, Czech Republic

Ing. Milan Stoch, PhD.

Institute of Entrepreneurship and Management, University of Entrepreneurship and Law, Prague, Czech Republic, www.vspp.cz, 100ch@centrum.cz. The author's current publishing activity is focused on the issue of innovativeness of the SMEs, enterprise ownership patterns, business performance and efficiency in the tourism sector.

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Published

2021-06-30