Abstract
The objective of this study is to examine the impact of intellectual capital (IC) and its elements on private hospital performance. In addition, this study explores the moderating role of digital transformation in the relationship between IC and its elements and private hospital performance. This study selects 13 private listed hospitals from 2012 to 2022 as the sample. IC is assessed by the modified value added intellectual coefficient model, hospital performance is measured by financial performance and sustainable growth, and digital transformation is measured using text analysis. Multiple regression analysis is used to do the analyses. The results show that IC and only one element (structural capital) have a positive impact on private hospital performance, while human and relational capitals have no significant impact. Surprisingly, digital transformation negatively moderates the relationship between IC and private hospital performance. This study underscores the pivotal role of IC in enhancing the performance of private hospitals, and hospital managers should accelerate hospital digital transformation in the digital era.