Latest / Becker's Healthcare Behavioral Health / CVS Health Expands Mental Healthcare Presence: 3 Moves to Know; Average Pay for Psychiatrists, Nurses and More

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CVS Health Expands Mental Healthcare Presence: 3 Moves to Know; Average Pay for Psychiatrists, Nurses and More · Becker's Healthcare Behavioral Health

• 0:01
  This is Randy Homan with Becker's Behavioral Health Podcast.
• 0:04
  Here's your daily industry news brief for April 25th. First,
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  C v S Health is expanding its mental healthcare presence.
• 0:13
  It released its health trends Spring 2023 report.
• 0:17
  This year's information on how C V S'S virtual care options have improved mental
• 0:22
  healthcare access for seniors.
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  CVS Health also invested 25 million to Array Behavioral Healthcare,
• 0:30
  which is a virtual psychiatry and therapy provider.
• 0:35
  CVS Health debuted mental health counseling and care services at six of its
• 0:39
  locations in the Los Angeles area.
• 0:42
  It also debuted virtual care services to all California residents.
• 0:48
  Second,
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  a recent report from Moody's gives reason for optimism in the behavioral health
• 0:53
  space.
• 0:54
  The report says the current fragmented nature of the market presents
• 0:58
  consolidation opportunities for the substance abuse disorder treatment sector
• 1:03
  alone.
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  Some estimate over 45 billion across almost 4,000 facilities.
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  These facilities include over 1000 private and for profit.
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  However,
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  the healthcare quarterly April, 2023 report shows some mixed results.
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  Labor issues obviously affect all areas of healthcare.
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  Acute psychiatric care is especially exposed to these issues.
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  The report notes that wage inflation, contract, labor,
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  and premium labor use are all easy. Third,
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  the average salary for psychiatrists in the US is almost
• 1:39
  $250,000. This is a decrease of over $2,000.
• 1:45
  For a full list of salaries for behavioral health related occupations,
• 1:49
  visit Becker's Behavioral Health.
• 1:53
  Thanks for listening.
• 1:55
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