Rising US Healthcare Costs Underscore Medical Tourism Options
The Hill recently featured a blog entitled New report finds medical costs to rise 8.5 percent in 2012 that underscored the opportunity that US-based employers and employees have in medical tourism.
This 8.5% increase in healthcare costs comes on top of the nearly 8% projected increase in 2011 from 2010. That’s a 16% increase in just two years and comes on the heels of a recession and lingering unemployment.
With medical tourism capable of saving companies and employees significant money versus the cost of procedures in the US, I think that the industry in general is poised for growth over the coming decade. High quality overseas medical surgeries can offeras much as 60-70% cost savings on procedures such as hip surgeries and knee surgeries as compared to US fees.
Consider some of these insights taken from a recent white paper issued from the Medical Tourism Association:
- It is estimated that by 2020, the health insurance costs for a family will likely be between $30,000 and $40,000 per year. Think about that if you’re self-insured or a small business.
- With no pre-existing conditions set to take effect for everyone in 2014 and health insurance costs on the rise, the penalty for not having insurance will be far less than the cost to obtain coverage, meaning people can drop coverage and just sign up with they need something major taken care of. This puts a huge burden on health insurance providers and subsequently causes costs to climb.
- In the next 15 years there is estimated to be a 150,000 doctor shortage in the U.S. This shortage will result in longer waiting periods for almost all but the most crucial medical procedures.
- On top of all this, Baby Boomers will add to the age of Americans. In fact, by 2030 over half of all U.S. citizens will be over 50 and the over 65 set will nearly triple with more than 6 of every 10 people affected by a chronic condition such as hip or knee pain. And, nearly half of these Boomers will be living with arthritis and there will be demand for 8X the number of knee replacement surgeries.
Couple this with the continued economic strain that most employers and employees are feeling in other areas such as real estate, fuel, and food, and there’s not much maneuverability for other added expenses such as a needed surgery or medical procedure. With state-of-the-art facilities and highly-trained surgeons in locations like New Zealand, medical tourism’s reputation is also on the rise.
The Hill recently featured a blog entitled New report finds medical costs to rise 8.5 percent in 2012that underscored the opportunity that US-based employers and employees have in medical tourism.
This 8.5% increase in healthcare costs comes on top of the nearly 8% projected increase in 2011 from 2010. That’s a 16% increase in just two years and comes on the heels of a recession and lingering unemployment.
With medical tourism capable of saving companies and employees significant money versus the cost of procedures in the US, I think that the industry in general is poised for growth over the coming decade. High quality overseas medical surgeries can offeras much as 60-70% cost savings on procedures such as hip surgeries and knee surgeries as compared to US fees.
Consider some of these insights taken from a recent white paper issued from the Medical Tourism Association:
· It is estimated that by 2020, the health insurance costs for a family will likely be between $30,000 and $40,000 per year. Think about that if you’re self-insured or a small business.
· With no pre-existing conditions set to take effect for everyone in 2014 and health insurance costs on the rise, the penalty for not having insurance will be far less than the cost to obtain coverage, meaning people can drop coverage and just sign up with they need something major taken care of. This puts a huge burden on health insurance providers and subsequently causes costs to climb.
· In the next 15 years there is estimated to be a 150,000 doctor shortage in the U.S. This shortage will result in longer waiting periods for almost all but the most crucial medical procedures.
· On top of all this, Baby Boomers will add to the age of Americans. In fact, by 2030 over half of all U.S. citizens will be over 50 and the over 65 set will nearly triple with more than 6 of every 10 people affected by a chronic condition such as hip or knee pain. And, nearly half of these Boomers will be living with arthritis and there will be demand for 8X the number of knee replacement surgeries.
Couple this with the continued economic strain that most employers and employees are feeling in other areas such as real estate, fuel, and food, and there’s not much maneuverability for other added expenses such as a needed surgery or medical procedure. With state-of-the-art facilities and highly-trained surgeons in locations like New Zealand, medical tourism’s reputation is also on the rise.
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Source: The Medical Traveller
Despite Drug Violence, Tourism is Booming in Mexico
There is little sign the millions of foreign tourists who visit Mexico each year are losing much sleep over the gruesome headlines from Mexico’s drug war.
Not only has international tourism not suffered in Mexico because of the violence, the number of travelers was up 12.4 percent in the first quarter of the year, Mexico’s tourism minister said Wednesday.
US, Canadian and European airlines are adding capacity to meet the demand, and Mexico is experiencing big jumps in tourism from places …
Source: Latest Medical Tourism News
5 Myths of Medical Tourism
1.
It’s medical tourism
Well, that’s what it is often called… but just like we say business travel and not business tourism, it’s more about the provision of healthcare services across international boundaries than about sprinkling healthcare on vacations. Casualties were evacuated to Singapore after the Bali bomb blasts, and ASEAN expatriates often [...]
Source: //distantdoctor.com – medical tourism news, media and public relations
S.Africa’s Double Pronged Marketing Scheme Focuses on Tourism and Wines
The busload of Swedes that sweep onto the 326-year-old South African wine farm clearly defines the country’s new two-edged marketing scheme – theirs is one among the many wine tasting visits that marries vineyard tourism with bottom-line marketing.
Sweden is now the third biggest buyer of wine from South Africa, one of the countries the industry is courting to counter a tough export climate.
“At the moment it’s somewhat stable but you have to fight for every piece of pie out there. The market …
Source: Latest Medical Tourism News
Japan’s Tourism Industry Battered by Tsunami
Until two weeks ago, the beach resort of Okumatsushima was a thriving stop on the Japanese tourist trail when a huge tsunami virtually wiped it from the map.
On a summer day, thousands would visit the resort’s pristine sands, many of them staying in the guest houses that dotted the shoreline on Japan’s picturesque northeast coast.
They came to gather shellfish or take boat tours of pine-covered islands and eat the oysters produced in the bay.
But on March 11 the town’s tourist industry …
Source: Latest Medical Tourism News
Schengen for S.E.Asia: Making Tourism Simpler for Tourists
Travellers could soon be able surf in Bali, shop in Singapore and eat spicy street food in Thailand before crossing into Cambodia and cruising the Mekong in Vietnam — all on a single tourist visa.
The Association of Southeast Asian Nations (ASEAN) is working on a plan that would open the region to foreign tourists in the same way Europe’s unified visa system has streamlined travel.
“You would just have to apply for one visa and you could then visit all the countries using that visa,” said …
Source: Latest Medical Tourism News
The Beer is Out of This World! Oz Firms Develop Drink for Space Tourism
Two companies in Australia have developed a beer that can be safely consumed in space.
With space tourism preparing to take off as early as next year, Saber Astronautics Australia and the Four Pines Brewing Company came up with the thirst quenching beer.
Jaron Mitchell, the founder of Four Pines, said the creation of space beer was an event for the history books.
“Wherever humans have journeyed or conquest to throughout history in the last few thousand years, we first worry about water, food, shelter and clothing,” News….
Source: Latest Medical Tourism News
Motivations Behind Accreditation.
What motivates professionals to engage in the accreditation of healthcare organizations?
Objective
Motivated staff are needed to improve quality and safety in healthcare organizations. Stimulating and engaging staff to participate in [...]
Source: //distantdoctor.com – medical tourism news, media and public relations
Disaster-Stricken Indonesians Live Off Volcano Tourism Dollars
Javanese villagers who survived the violent eruptions of Mount Merapi volcano last year are tapping into the macabre market for disaster tourism to help rebuild their shattered lives.
Suwarni lost her house and father-in-law when the volcano burst into life in October and November, killing more than 350 people in searing rivers of lava, ash and gas that swept across the surrounding countryside.
Government assistance was scant and with little prospect of employment the 26-year-old mother …
Source: Latest Medical Tourism News
4th World Medical Tourism & Global Healthcare Congress, Chicago.
This year’s theme is “Year of the Patient in Emerging Markets” and it will focus on some of the upcoming largest growth areas of Medical Tourism in Russia, CIS Countries, China and the Middle East and GCC region. The conference will have a heavy focus on attracting buyers of healthcare and a specific track on [...]
Source: //distantdoctor.com – medical tourism news, media and public relations
