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HEALTHCARE REAL ESTATE, CONSTRUCTION, DESIGN & FACILITY PLANNING

COVID-19 and Behavioral Health Investment

Behavioral health encom- cal and behavioral health heightened levels of binge drinking and of square foot in 2018 to $404.65 per square
passes people’s psychologi- have been treated separately, taking prescription drugs for non-medical foot in 2019. Costs are expected to hold
cal well-being and ability to but there is a growing argu- reasons. steady in 2020 at an estimated $403.60 per
function in everyday life. ment for a holistic approach. More critically, the pandemic has high- square foot.
Behavioral health conditions The Affordable Care Act lighted the increasingly important role of Investment purchases of behavioral
include mental health disor- (ACA) includes behavioral telehealth as part of the provision of health assets started to occur (in any sig-
ders and substance use dis- health as one of the 10 behavioral healthcare services. While prior nificant volume) in 2017. Total trades over
orders. Counselors, social essential health conditions adoption may have been slow, the pan- the past three years are approximately $3.0
workers, therapists, special- that all health insurance demic has driven an increase in the use of billion. Following an escalation in 2017 as
ized nurses, psychologists, plans are required to cover. telehealth as an effective way of treating investor interest rose, pricing has held
and psychiatrists help man- The need for behavioral many behavioral health conditions. There with the $320-$350 per square foot range.
age patients’ behavioral health services is facing an have also been rapid regulatory changes in Average cost per bed averages around
health needs. Treatment BY ALEXANDER unprecedented impact from increasing insurer reimbursement for tele- $330,000. Cap rates for behavioral health
includes therapy, counseling BROWN COVID-19. The pandemic is health services. assets average 9.0% compared with 6.6%
and medication. placing an increasing strain Treating behavioral health conditions is for medical office buildings.
Behavioral health condi- on the public’s mental health costly. The Colliers Advisory Board esti- There is a need for greater collaboration
tions cut across society and are wide- with stressors including fear, anxiety, grief, mates that treating patients with behav- and coordination in the provision of
spread, impacting one of four Americans isolation and uncertainty. ioral health diagnoses costs about $900 behavioral healthcare services. Successful
in any given year. Within this spectrum Mass unemployment and financial hard- per month more than patients without implementation is predicated upon a
there are many people who have a dual ship are compounding this. When consid- such a diagnosis and this cost differential model where physical and behavioral con-
diagnosis. A person with dual diagnosis ering those two factors alone, the Global continues to rise. Spending on behavioral ditions are treated in tandem and there is
has both a mental disorder and an alcohol Financial Crisis (GFC) of 2007-2008 health services is forecast to reach around an increase in public/private partnerships.
or drug problem and these conditions drove higher rates of depression, alcohol $280 billion this year, which is 5.5% of At Colliers International, we are track-
occur together frequently. About half of and substance abuse, plus an estimated total health care spending. ing these national healthcare trends, and
people who have a mental disorder will 13% increase in suicides attributable to Nationally, construction of behavioral we work to help position our Florida
also have a substance use disorder at some unemployment in 2008. hospitals has accelerated in recent years. healthcare clients to make the informed
point in their lives and vice versa. Early into the pandemic, a McKinsey Following the delivery of 3.8 million decisions to provide best-in-class care.
There is a growing body of evidence that survey from late March 2020 reported that square feet in 2018, new supply levels
links behavioral health to physical health. 63% of respondents were feeling anxious, more than doubled in 2019 to 8.1 million For more information, contact
Approximately 70% of patients with a depressed or both. This number rises to square feet. A further 6.4 million square Alexander.Brown@colliers.com.
behavioral health diagnosis also have a 74% among those reporting a job loss or feet is set to deliver in 2020. Average con-
medical comorbidity. Traditionally, physi- reduction. The survey also identified struction costs rose from $346.80 per

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18 September 2020 southfloridahospitalnews.com South Florida Hospital News