BALANCING RISK AND INCENTIVES: INTEGRATING MRG INTO FIXED PAYMENT MECHANISMS ON HOSPITAL PPP STRUCTURES
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Abstract
The success of a Public-Private Partnership (PPP) project relies on the appropriate risk allocation from the government to the private sector. The government employs mechanisms such as Minimum Revenue Guarantees(MRGs) within PPP project schemes. Research on MRGs, however, remains very limited in the Indonesian context. Therefore, this conceptual study proposes the adoption of minimum revenue guarantees into fixed payment mechanisms in PPP projects within the hospital sector and explores how to integrate several principles of minimum revenue guarantees into a fixed payment structure. This conceptual study employs a literature review approach, examining various studies and existing implementations, and synthesizing them for adoption in the Indonesian context. The conceptual study finds that the principles of minimum revenue guarantees can be adapted to fixed payment schemes in PPP projects for the hospital sector, and private entities can optimize their revenue from certain services.
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Abdul Fatah, A., & Iqbal, R. M. (2024). BALANCING RISK AND INCENTIVES: INTEGRATING MRG INTO FIXED PAYMENT MECHANISMS ON HOSPITAL PPP STRUCTURES. Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 7(2), 487 - 506. https://doi.org/10.29303/akurasi.v7i2.605
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References
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Ashuri, B., Lu, J., & Kashani, H. (2011). A real options framework to evaluate investments in toll road projects delivered under the two-phase development strategy. Built Environment Project and Asset Management, 1(1), 14–31. http://dx.doi.org/10.1108/20441241111143759
Ashuri, B., Kashani, H., Molenaar, K. R., Lee, S., & Lu, J. (2012). Risk-neutral pricing approach for evaluating BOT highway projects with government minimum revenue guarantee options. Journal of Construction Engineering and Management, 138(4), 545–557. https://doi.org/10.1061/(ASCE)CO.1943-7862.0000447
Bae, D. S., Damnjanoic, I., & Kang, D. H. (2019). PPP renegotiation framework based on equivalent NPV constraint in the case of BOT project: Incheon Airport highway, South Korea. KSCE Journal of Civil Engineering, 23, 1473–1483. https://doi.org/10.1007/s12205-019-1444-9
Basabih, M., Prasojo, E., & Rahayu, A. Y. S. (2022). Hospital services under public-private partnerships, outcomes, and challenges: A literature review. Journal of Public Health Research, 11(3). https://doi.org/10.1177/22799036221115781
Blanc-Brude, F. (2013). Risk transfer, self-selection and ex-post efficiency in public procurement: An example from UK primary and secondary school construction contracts. Revue d'économie industrielle, (141), 149–180. https://doi.org/10.4000/rei.5544
Cao, F., & Wang, C. (2022). An empirical study of determinants of pay-for-performance in PPP procurement. Sustainability, 14(19), 12738. https://doi.org/10.3390/su141912738
Carbonara, N., & Pellegrino, R. (2018). Revenue guarantee in public-private partnerships: A win-win model. Construction Management and Economics, 36(10), 584–598. https://doi.org/10.1080/01446193.2018.1467028
Chiara, N., Garvin, M. J., & Vecer, J. (2007). Valuing simple multiple-exercise real options in infrastructure projects. Journal of Infrastructure Systems, 13(2), 97–104. https://doi.org/10.1061/(ASCE)1076-0342(2007)13:2(97)
Cui, C., Liu, Y., Hope, A., & Wang, J. (2018). Review of studies on the public-private partnerships (PPP) for infrastructure projects. International Journal of Project Management, 36(5), 773–794. https://doi.org/10.1016/j.ijproman.2018.03.004
Delmon, J. (2021). Private sector investment in infrastructure: Project finance, PPP projects and PPP frameworks. Kluwer Law International BV. https://ppp.worldbank.org/public-private-partnership/library/private-sector-investment-infrastructure-project-finance-ppp-projects-and-ppp-frameworks-0
Dolla, T., & Laishram, B. (2020). Bundling in public-private partnership projects: A conceptual framework. International Journal of Productivity and Performance Management, 69(6), 1177–1203. https://doi.org/10.1108/IJPPM-02-2019-0086
Fouad, M., Matsumoto, C., Monteiro, R., Rial, I., & Sakrak, O. A. (2021). Mastering the risky business of public-private partnerships in infrastructure. Departmental Papers, 2021(010). https://doi.org/10.5089/9781513576565.087
González, S. R. (2020). Addressing the principal-agent problem in public-private partnerships via mixed-integer bi-level linear programming. https://repositorio.uniandes.edu.co/bitstreams/d7c244df-5f35-4215-ae6b-91042481c5d4/download
Heavisides, B. and Price, I. (2001), Input versus output-based performance measurement in the NHS – the current situation. Facilities, 19(10), 344–356. https://doi.org/10.1108/EUM0000000005533
Higuchi, T. (2019). Natural resource and PPP infrastructure projects and project finance. Springer. https://doi.org/10.1007/978-981-13-2215-0
IIGF Institute. (2022). Penerapan minimum revenue guarantee sebagai instrumen mitigasi risiko pendapatan proyek KPBU pada sektor jalan tol di Indonesia: International benchmarking (Vol. 1). PT Penjaminan Infrastruktur Indonesia (Persero).
Jun, J. (2010). Appraisal of combined agreements in BOT project finance: Focused on minimum revenue guarantee and revenue cap agreements. International Journal of Strategic Property Management, 14(2), 139–155. https://doi.org/10.3846/ijspm.2010.11
Kim, K., Kim, J., Cho, H., & Yook, D. (2022). Determining contract conditions in a PPP project among deep uncertainty in future outturn travel demand. Transportation, 1–25. https://doi.org/10.1007/s11116-022-10354-0
Kokkaew, N. (2015). PPP development in Thailand. In A. Akintoye, M. Beck, & M. Kumaraswamy (Eds.), Public-private partnerships (pp. 333–356). Routledge. https://doi.org/10.4324/9781315686516
Kokkaew, N., & Chiara, N. (2013). A modeling government revenue guarantees in privately built transportation projects: A risk-adjusted approach. Transport, 28(2), 186–192. https://doi.org/10.3846/16484142.2013.803262
KPMG. (2009). Availability payment mechanisms for transit projects. https://www.transit.dot.gov/sites/fta.dot.gov/files/docs/crooks_sd090707.pdf
Lawther, W. C., & Martin, L. (2014). Availability payments and key performance indicators: Challenges for effective implementation of performance management systems in transportation public-private partnerships. Public Works Management & Policy, 19(3), 219–234. https://doi.org/10.1177/1087724X14528476
Li, H., Su, L., Zuo, J., Zhao, X., Chang, R., & Wang, F. (2022). Incentive mechanism for performance-based payment of infrastructure PPP projects: Coupling of reputation and ratchet effects. International Journal of Strategic Property Management, 26(1), 1–14. https://doi.org/10.3846/ijspm.2022.15457
Li, Z., & Wang, H. (2023). Exploring risk factors affecting sustainable outcomes of global public-private partnership (PPP) projects: A stakeholder perspective. Buildings, 13(9), 2140. https://doi.org/10.3390/buildings13092140
Liu, Y., Wilkinson, S., & Li, B. (2016). A framework of performance assessment for public-private partnership projects. In Modern methods and advances in structural engineering and construction (pp. 17–22). https://doi.org/10.1061/9780784479971.003
Liu, T., Wang, Y., & Wilkinson, S. (2016). Identifying critical factors affecting the effectiveness and efficiency of tendering processes in public-private partnerships (PPPs): A comparative analysis of Australia and China. International Journal of Project Management, 34(4), 701–716. https://doi.org/10.1016/j.ijproman.2015.11.006
Lomprakhon, C., Lorenz, P., Serrano, A., & Visesbora, P. How FM supports financing and ensuring a capital investment in hospitals by applying financial solutions. Academia. https://www.academia.edu/5400186/How_FM_supports_in_financing_and_ensuring_a_capital_investment_in_hospital_by_applying_financial_solutions
Matos, N. B., & Gonçalves, A. D. O. (2020). Public-private partnerships: Origin, limitations, and prospects for public sector accounting. REAd. Revista Eletrônica de Administração (Porto Alegre), 26(1), 114–136. https://www.scielo.br/j/read/a/QFx6wzDsVnYzPFybGZpKmrH/?format=pdf&lang=en
Melo, S., De Waele, L., & Polzer, T. (2022). The role of Post-New Public Management in shaping innovation: The case of a public hospital. International Review of Administrative Sciences, 88(4), 1032–1049. https://doi.org/10.1177/0020852320977626
Peterson, K., & Allport, R. (2021). A method to define PPP project contract price premium related to specified operation and maintenance standards. Journal of Infrastructure, Policy and Development, 5(1), 1113–1137. https://doi.org/10.24294/jipd.v5i1.1202
Pellegrino, R. (2021). Effects of the public support for mitigating revenue risk in public-private partnership projects: Model to choose among support alternatives. Journal of Construction Engineering and Management, 147(12), 04021167. https://doi.org/10.1061/(ASCE)CO.1943-7862.0002098
Reeves, E. (2016). The not so good, the bad and the ugly: Over twelve years of PPP in Ireland. In G. Bel, T. Brown, & R.C. Marques (Eds.), Public-private partnerships: Infrastructure, transportation, and local services (pp. 73–93). Routledge. https://doi.org/10.4324/9781315738659
Shang, L., & Abdel Aziz, A. M. (2020). Stackelberg game theory-based optimization model for the design of payment mechanism in performance-based PPPs. Journal of Construction Engineering and Management, 146(4), 04020029. https://doi.org/10.1061/(ASCE)CO.1943-7862.0001806
Shi, L., Li, W., & He, Y. (2020). An incentive analysis of availability payment mechanism in PPP projects. IEEE Access, 8, 106046–106058. https://doi.org/10.1109/ACCESS.2020.2999932
Soliño, A. S., & Carrillo de Albornoz, V. A. (2021). Improving the payment mechanism in transport public-private partnerships. Public Money & Management, 41(3), 246–254. https://doi.org/10.1080/09540962.2019.1684013
Su, L., Cao, Y., & Li, H. (2023). Performance-based payment structural design for infrastructure PPP projects. International Journal of Strategic Property Management, 27(2), 133–145. https://doi.org/10.3846/ijspm.2023.19180
Su, L., Cao, Y., Li, H., & Zhang, C. (2024). Water environment treatment PPP projects an optimal payment mechanism based on a multi-stage dynamic programming model. Engineering, Construction and Architectural Management, 31(2), 866–890. https://doi.org/10.1108/ECAM-04-2022-0291
Tallaki, M. and Bracci, E. (2021). Risk allocation, transfer, and management in public-private partnership and private finance initiatives: A systematic literature review. International Journal of Public Sector Management, 34(7), 709–731. https://doi.org/10.1108/IJPSM-06-2020-0161
Tse, R. Y. C., Ganesan, S., & Hu, Y. (2022). Public-Private Partnerships and the Urban Environment: An International Perspective. Palgrave Macmillan. https://doi.org/10.1007/978-3-030-77532-6
Tsukada, S. (2012). Real options approach to the minimum revenue guarantee in public-private partnership projects. International Journal of Project Management, 30(6), 639–651. https://doi.org/10.1016/j.ijproman.2012.01.011
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