Os efeitos do apoio do programa BNDES Saúde à reestruturação financeira das entidades filantrópicas: uma análise de event study

Abstract

Beneficent institutions are responsible for half of all the healthcare services provided by the brazilian public healthcare system, the Unified Health System (SUS). In many cities, philanthropic hospitals are the only available option for the local population. Recently these institutions have experienced financial difficulties. In order to keep them working, the Ministry of Health proposed a set of actions designed to tackle this issue. In this context, BNDES have supported the charities that provide services to the SUS through the “BNDES Saúde” program, financing debt restructuring operations. The program’s goal is to maintain the services to the SUS improving the institutions economic-financial sustainability with the Bank’s support. In return, the program requires the beneficiaries to present an operational optimization plan with proposals for organizational changes with medium and long-term impacts. This article evaluates the effects of those projects on the program’s clients among the period 2009-2016. Data were obtained from answers to a form, over previously defined indicators. The article’s methodology is a descriptive version of an Event Study which analyzes averages before and after the Bank support. The results show that institutions improve their debt profiles, but some variables related to the SUS service show an unexpected declining behavior.