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Finance transformation for healthcare: A structured model
With rising healthcare costs, payers are transforming the way they pay healthcare providers. Currently, there is much interest in value-based financing and accountable care models. Finance transformation in healthcare, however, goes beyond changing funding models. The way funds flow to providers and the way patients share healthcare costs also need to be transformed to ensure an overall sustainable value-based financing system. A structured model of finance transformation in healthcare is proposed in this paper, supported by evidential review, which discusses several fundamental and critical factors affecting finance transformation and explores some strategies that could help sustain the new financing models. Hopefully, this model can serve as a useful guide to healthcare systems embarking on finance transformation for long-term cost sustainability.
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Harold Tan is Director of Finance Transformation in National Healthcare Group, Singapore. He is a senior consultant public health physician with more than 16 years’ experience in the healthcare industry and holds qualifications in Medical Law (LLM) and Change Management (G.Dip). He has experience in public health policy, health sector regulation, health laws, clinical quality, professional standards development, change management and health and finance transformation. He is concurrently the Registrar of the Singapore Optometrists and Opticians Board. He has published a number of papers in several international journals.