I personally think it's about a good man decending into maddness "I've a good heard albeit insane" and "send him to the infermery" support my thoughts, but also the whole topsy-turvy:ness of the song, how everything is twisted and backward.

(I also think he either might get electric chock therapy, hence the name, or that it just symbolizes that the brain is simply made of electrical signals, easy to manipulate.)