Money’$ Worth?
Investment Project
modeling the net return on investment (ROI) for each member’s
annual dues. The model calculates an ROI based on real member
utilization for each service and direct economic impact based on
market values. For example, mediating grievances to avoid litigation comprised a per member value of $688.28 given an average
cost of malpractice suit litigation of $23,000 and a relatively low
utilization probability of 0.03 (Seabury et al. N Engl J Med 2012;
366:1354-1356).
All told, the estimated net ROI for an annual membership fee
of $340 is $2991.71. This is likely an underestimate given that we
included only value-added services with a readily quantifiable financial benefit. For me, this means that even as my departmental
support for membership fees erodes, the investment is solid. If only
for a chance to engage in common problems on neutral ground,
I believe the GLMS serves an important role to break down silos
and advocate for providers regardless of hospital system affiliation
and specialty. But the promise of GLMS is much greater than that.
I believe more shared experience and exchanging of ideas can only
lead to a greater common good and, ultimately, a healthier Louisville,
and that seems worth investing in. LM
Note: Dr. Sutton is the Assistant Dean for Health Strategy and
Innovation at the University of Louisville School of Medicine.
Total Value
$2991.71
The GLMS Return On Investment project is ongoing. This preliminary ROI breakdown is solely based upon direct, quantifiable
financial member benefits. As many members are astutely aware,
GLMS also provides countless indirect benefits and opportunities that simultaneously enhance the community and provide
opportunities for members to give back. GLMS partnerships and
endeavors that fall into this category include The Healing Place,
Supplies Over Seas, Surgery on Sunday, Doctors and Lawyers for
Kids, and medical missions, scholarships, and OMS preservation
via the GLMS Foundation.
Other crucial services include keeping the community safe through
credentials verification as well as providing educational outreach
to parents, schools, lawmakers, physicians, patients, and community leaders through offerings such as Vital Signs, Pulse of
Surgery, the Wear the White Coat Experience, ROPE/PUPIL,
and OPIOID. It’s impossible to put a price t Y