Value Creation in Health Care: The Case of the Princesse Grace Hospital (CHPG) Monaco

Health care has to make transitions to be truly effective in the modern world. A change in paradigm is needed. This requires that value - defined as the health outcome for a particular medical condition per unit of cost expended - must be applied and added to health care, and health care itself must be treated as a business that performs in a competitive environment to ultimately provide client or customer satisfaction. Health care today is typically service specific, necessitating that the client or patient visits different medical or clinical departments to get the range of treatment prescribed for his/her condition. We argue – following Porter and Teisberg - that health care should be patient-centric and that organization and treatment should be planned accordingly. Such planning must take into account the provision of a range of services directly accessible or networked regionally taking full advantage of technological advances in the field of medical technology and informational systems. We examine whether such principles are currently being applied in Monaco (specifically in the Centre Hospitalier Princesse Grace) taking into account both Monaco’s unique positioning and its geographical context in relation to the French health system as well as the resulting interaction in networking relationships. We explore how value in healthcare is currently being added and investigate plans for augmenting such efforts. Aspects of preventative and innovative initiatives are also discussed as a means of enhancing value. Finally, we offer a set of recommendations that in the context of the local situation might be successfully applied. Continuous review of performance and the application of best practice and technologies are proposed to ensure that the provision of health care services can compete with the best in the world.