Magazine article Behavioral Healthcare Executive

Add Value to Your Bottom Line

Magazine article Behavioral Healthcare Executive

Add Value to Your Bottom Line

Article excerpt

Adding value is something that Turnbridge President and CEO David Vieau talks about regularly with his peers in the field.

"Its been an interesting ride in this industry through the conferences and listening to other CEOs speak," says Vieau. "Eve been hearing adding value' for a long time. We're talking about how a corporation can grow and expand. I've always thought this industry needed to treat adding value differently than the electronics industry or the IT industry. We have a unique responsibility that we're treating people in what could be fatal situations."

"Value" in the context of behavioral healthcare largely is defined by the priorities of the stakeholder, and creating added value in many instances comes down to speaking the language of various constituents and delivering measurable results that reflect their needs, says Siobhan Morse, division director of clinical services for Foundations Recovery Network.

Whereas providers wanr efficient operations, and payers might be most interested in rates of client readmissions, patients' family members might care more about the number of times clients have had significant conflicts with loved ones within the past month.

Understanding ways to increase value for all parties can ultimately make the difference on providers' bottom lines.

MEASURE UP

Basic economics will tell you that value is a function of price vs. quality, Morse says.

"When you talk about value, you have two options," Morse says. "You can decrease the price, which no one wants to do, or you can increase the integer in that formula that is associated with quality. Given the current price, how can I improve the quality of my product? How can I add something that speaks to the quality of my product? What can I add that is going to, in effect, make the price seem lower?"

Morse says providers across the industry have been less than stellar in defining their quality of care and answering the questions of stakeholders by speaking objectively and answering questions in an empirical, fact-based manner.

Morse refers to the six domains of healthcare quality that have been established by the Institute of Medicine and are recognized by the Agency for Healthcare Research and Quality. The domains say healthcare should be

* Safe

* Effective

* Patient-centered

* Timely

* Efficient

* Equitable

For Turnbridge, which has 187 extended care beds at 16 facilities in the New Haven, Conn., area, analyzing its efficacy and efficiency begins with its robust system for monitoring its patient data. …

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