Critical success factors for healthcare services gazelles: an empirical analysis of Italian companies.

Research on high-growth firms is increasing. Despite the interest, knowledge about the factors affecting financial performance in these firms remains fragmented. This chapter aims to fill this gap, offering evidence from the Italian healthcare sector. To achieve this aim, a survey was conducted using a questionnaire sent to founders/CEOs of firms. The questionnaire—based on existing studies—focuses the attention on the following critical success factors: (1) staff education, (2) innovation, (3) structural and (4) relational capital, (5) systems of planning and control, and (6) firm financing. Empirical evidence about the influence of these factors on the financial performance of gazelles—measured in terms of ROA, ROE, ROS, and EBITDA/Sales—was found through a panel regression analysis. Results show the critical role of the identified critical success factors for the long-term success of healthcare gazelles, recommending policymakers to promote investment in skilled human capital, innovation, internationalization, and access to public finance. The additional comments section of the questionnaire provides evidence of specific success factors for gazelles operating in the healthcare sector, such as (a) regulatory compliance, (b) clinical validation and evidence-based practice, (c) patient-centered approach, (d) ethical considerations and social responsibility, (e) exploitation of digital health technologies.