Medical tourism becoming a major player in healthcare industry

As the global costs of healthcare continue to rise there has become a unique offering in the Asian medical market as nations like India, Thailand, Singapore, and Malaysia are moving to capitalize on their ability to offer high quality medical treatments at lower costs than anywhere else in the world. This new phenomenon of “medical tourism” is becoming increasingly more lucrative for a number of South Asian nations as their operating costs in the healthcare industry tend to be much lower than those associated with the western market; and because the operating costs are lower the cost of treatments is consequently low as well.

Medical tourism comes at a time when the number one reason for individuals in the USA to declare personal bankruptcy is because they are unable to afford their medical bills. The costs of healthcare in the western world have risen to such an extent that it is becoming risky, in the financial sense, for many people to receive the care that they need as by doing so they are potentially lining themselves up for big economic losses. However, with medical tourism comes a plethora of previously unavailable treatment options and the ability to receive quality healthcare at a much lower price than in America or Europe.

The rise of medical tourism as a viable healthcare industry sector around the Asia Pacific region is becoming more evident as innovative healthcare reforms are being instituted by a number of Asian governments. In India the government has established specialist medical tourism service centers to help foreign nationals receive the best treatment possible, Thailand has taken a different route by offering healthcare services in a 5 star resort surrounding complete with tours of Bangkok. Whatever the various governments are doing to entice individuals from overseas into using their medical service, it is working.

In 2005 Bumrungrad Hospital in Bangkok received approximately 150,000 patients from overseas, while Singapore saw an estimated 374,000 medical visitors for the year. The reason that these countries are so successful is the fact that they are able to offer the same quality of care as can be found in one of the USA’s top hospitals but for a fraction of the price. A typical heart bypass procedure in the USA can cost up to US $130,000 without any complications. This same procedure in Thailand will cost, on average, approximately US$ 11,000 and $ 10,000 in India. Even adding in the costs round trip airfare and the costs of receiving treatment in an Asian medical facility are much lower than that same treatment in an American or European hospital.

Even though the costs associated with a medical tourism destination or hospital may be comparatively lower than many patients are used to they can still be quite expensive. A US$ 10,000 medical bill may be easier to afford than one that costs US$ 100,000, but it is rare for any individual to have that much disposable money ready for just such an event, and in the case of many of the procedures that are gaining popularity in the medical tourism market, they are medically necessary (that is to say that the rather than being cosmetic surgeries, the patient needs the treatment in order to live). The benefits of the medical tourism industry are evident, however it can still be risky to obtain the treatment that is deserved as patients are still liable to significant financial losses as many local insurance plans will not cover treatments overseas.

The only way to protect yourself or your loved ones in a world where medical costs are becoming increasingly more expensive and where local health insurance plans limit a patients ability to choose where they choose treatment is with an international medical insurance policy. By allowing yourself the full range of treatment options associated with an international health insurance plan you are able to choose hospitals and doctors anywhere in the world for your medical care. In a world where the medical tourism industry is exploding and the costs of medical treatment are rising all the time, an international health insurance plan makes sense.

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September 28, 2007 | Filed Under Health Issues, Uncategorized 

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