A strategy of determining the value of psychiatric consultation services in the general hospital is presented. Value analysis, a theoretically driven model for establishing the worth of mental health services from multiple perspectives, is used to propose a value matrix for consultation psychiatry. Based on an integration of decision theory and evaluation science, the goal of value analysis is to establish a range of outcomes that might be viewed as important from various perspectives. This hypothesized matrix of economic and clinical values for patients, families, medical staff, providers, payors, and society provides a framework for evaluating outcomes of psychiatric consultation services.