Seeking Value: Practical Methods for Getting More and Paying Less-View Recording

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Video Summary

The presentation, "Seeking Value: Balancing Cost and Quality in Psychiatric Care," explored the challenges and complexities of psychiatric care focusing on improving value by balancing cost and quality. The panel, consisting of Deepika Sastry and Drs. Wes Sowers, Sosunmolu Shoyinka, and Michelle Joy, examined psychiatric care from various angles.<br /><br />The discussion began with defining value as the ratio of quality over cost, emphasizing the importance of measuring both. It explored socio-political determinants of health, highlighting issues like fragmented systems, profit-driven care, and lack of prevention focus which lead to inefficiencies and high costs in U.S. healthcare. The session touched on professional interventions necessary to expand psychiatric practices beyond just pharmacological treatments.<br /><br />Innovative financing models were discussed as potential solutions to incentivize high-quality care. Dr. Shoyinka mentioned alternative payment models like value-based insurance designed to promote preventative care through economic incentives.<br /><br />Dr. Joy provided an example of applying these concepts to the criminal justice system, discussing primary, secondary, and tertiary prevention approaches. This involved diverting individuals from incarceration to treatment and addressing socio-political factors contributing to crime.<br /><br />Questions from the audience raised practical issues in implementing these models, such as misaligned incentives in a fragmented payer landscape. While recognizing challenges, panelists highlighted the importance of aiming for systemic changes that emphasize long-term health outcomes and prevention over short-term cost-cutting measures.<br /><br />The talk concluded with a recognition that, despite systemic issues, the value of psychiatry often lies in personal connections and understanding patient needs.

Keywords

psychiatric care

cost and quality

value-based insurance

socio-political determinants

innovative financing

preventative care

criminal justice system

alternative payment models

healthcare inefficiencies

systemic changes

personal connections

patient needs