TY - CHAP
T1 - Accounting impacts of value-based healthcare
AU - Vesty, Gillian
AU - Jansson, Miia
AU - Rana, Tarek
AU - Butler-Henderson, Kerryn
AU - Dhamija, Kanika
PY - 2024/1/1
Y1 - 2024/1/1
N2 - 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.
AB - 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.
UR - http://www.scopus.com/inward/record.url?scp=85190933268&partnerID=8YFLogxK
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UR - https://www.routledge.com/Accounting-for-Healthcare-The-Digital-Transition-to-Value-Based-Healthcare/Vesty-Jansson-Rana-Butler-Henderson/p/book/9781032685380
U2 - 10.4324/9781032685489-2
DO - 10.4324/9781032685489-2
M3 - Chapter
SN - 9781032685380
T3 - Routledge Studies in Accounting
SP - 18
EP - 38
BT - Accounting for Healthcare
A2 - , Gillian Vesty
A2 - , Miia Jansson
A2 - , Tarek Rana
A2 - , Kerryn Butler-Henderson
PB - Routledge
ER -