Abstract
Abstract. "Human-centered" is the core logic for long-term care development. Traditional though on value creation focuses on the financial profits generated in the transaction between product/service suppliers and customers. Differently, value co-creation emphasizes on collective creation of effective impacts (economic and social) via the knowledge and experiences exchanges between key stakeholders. Long-term care is a setting that deals both macro-level institutional and micro-level stakeholder behavioral concerns. The latter is embedded in the former; thus, it is critical to systematically discuss the influences of institutional change on the evolutionary value co-creation in long-term care context. The present article tries to search for theoretical essence and elements of value co-creation in long-term care, which is expected to be achieved jointly by service provider (the caring), receiver (the cared), the healthcare organization (e.g., hospitals), the government units, and other parties. Then the influences of institutional entrepreneurship’s changes on these theoretical elements of value co-creation would be discussed. The article sets to offer clearer understanding of what value co-creation is in the long-term care context and how institutional entrepreneurship can alter value co-creation. Implications for research, practices, and health policy were discussed.
Keywords. Institutional change, Long-term care, Value co-creation.
JEL. B14, B24, B51.References
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