Accounting impacts of value-based healthcare

Gillian Vesty, Miia Jansson, Tarek Rana, Kerryn Butler-Henderson, Kanika Dhamija

    Research output: Book chapter/Published conference paperChapter

    Abstract

    This chapter delves into the paradigm shift towards value-based healthcare (VBHC) and examines its implications, as illuminated by experts in the field. Central to the discourse is the multifaceted definition of 'value', categorising it into allocative, technical and personalised value, with societal value emphasising healthcare's contribution to societal integration and cohesion. Duckett's insights (2019) stress the individual variability in patient perspectives, further complicating the application of a value-based approach in policymaking. As healthcare systems transition from volume-driven models to value-centric care, the repercussions are manifold, affecting both providers and patients. This transformation promises reduced patient expenditure, improved population health and prevention-focused care. Additionally, patient-reported outcomes (PROs) emerge as crucial metrics for assessing patient-centric care, although challenges persist in their consistent implementation and integration into electronic health records. This chapter shows how the Australian healthcare landscape is steadily adopting VBHC principles, driven by initiatives like the Continuous Improvement in Care - Cancer Project. Nevertheless, we find that gaps remain, particularly in the realm of accounting, which can potentially bridge the understanding and application of VBHC. To the end, five key takeaways underline the need for accountants to champion value-based performance, emphasising the role of patient perspectives, stakeholder collaboration, education, data integration and a unified VBHC strategy across Australia.
    Original languageEnglish
    Title of host publicationAccounting for Healthcare
    Subtitle of host publicationThe Digital Transition to Value-Based Healthcare
    Editors Gillian Vesty , Miia Jansson , Tarek Rana , Kerryn Butler-Henderson
    PublisherRoutledge
    Chapter2
    Pages18-38
    Number of pages21
    Edition1st
    ISBN (Electronic)9781040020104
    ISBN (Print)9781032685380
    DOIs
    Publication statusPublished - 01 Jan 2024

    Publication series

    NameRoutledge Studies in Accounting

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