<![CDATA[This study examines whether physician workforce composition affects hospital financial performance in an Indonesian hospital corporation. Using Spearman rank correlation on 19 hospital units (2025), we found that a stronger physician resource profile was significantly associated with lower Operating Margin (ρ = −.623, p = .004) and lower BOPO ratio (ρ = −.521, p = .022), with a borderline association with Net Profit Margin (ρ = −.456, p = .050). Return on Assets did not reach significance. Longer average length of stay was strongly associated with higher operating costs (ρ = +.698, p = .001). These counterintuitive findings, which more specialists correlated with lower margins, were partly attributable to an investment lag effect during the corporation’s expansion phase, and were further explained through key informant interviews, which identified three mechanisms: patients following individual doctors rather than the hospital, scheduling instability from part-time specialist arrangements, and specialist underutilization. The study extends Resource-Based View theory to hospital corporations operating under national health insurance, introducing the partner-physician dependency ratio as a construct capturing structural revenue vulnerability.Keywords: physician workforce composition, hospital financial performance, resource-based view, partner-physician dependency, Indonesia]]>
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