The push for greater healthcare pricing transparency grows stronger as consumers are demanding for personalized healthcare. CMS advises posting their standard charges online so the consumer has the option to compare prices among other providers.
These days millions of patients are traveling from home to other destinations to seek affordable and better healthcare. Top procedures medical tourists travel for include cosmetic surgery, dental care, cardiac surgical procedures, cancer care, etc.
With increasing healthcare cost in the U.S. citizens are searching for spots outside the country for quality affordable treatment. Medical procedures like cosmetic surgery, dental work, orthopedic surgery can be availed at affordable rates and high quality.
Cancer is like a crisis in the U.S. in terms of prevalence and cost and is the second leading cause of death in the U.S. According to a study, the cost of treatment with a newer cancer medication may reach over $100,000 per year for each patient.
In a report issued by VISA and Oxford Economics, the Medical Tourism industry was valued at a staggering USD 100 billion. For years the medical travel industry seemed undervalued, yet VISA’s report accounts for growth factors.
Traveling can be time-consuming and despite these difficulties, medical tourism has enjoyed a 4,000-year-old history. Ancient archives show that Sumerians built flowing pools and temples around spas that served as wellness centers for thousands of annual visitors.
Scientific research illustrates that medical tourism will become an essential part of the global economy in the 21st century. Foreign patients spent about $200 million in Poland in 2009 on medical tourism. That figure increased by 20 percent two years later.
As the cost of hip and knee replacement vary, patients are comparing the cost and quality of doctors and hospitals abroad. Many patients contemplating medical tourism opportunities cited an interest in orthopedic surgery including hip and knee replacements.
Stakeholders have demonstrated an interest and investment in the development and promotion of sustainable medical tourism destinations. MTI measures the performance of 30 countries in four dimensions — country, tourism, medical costs, and facilities and services.
Medical tourism and wellness tourism is a way for medical facilities to differentiate themselves from their competitors. About 75 percent of all hospital services today are hotel and hospitality-related, run parallel of medical tourism and wellness tourism.
The Medical Tourism Association® has been providing a voice for healthcare providers, insurance companies, overseas nations. A partnership between the Medical Tourism Association® and Squire Sanders has prioritized research to determine the potential cost savings.
There are likely several contributing factors to the uptick in U.S. healthcare REITs acquiring foreign assets. REIT targeted both Canada and the U.K. as growth markets some years ago, anticipated doubling of the senior populations in those countries.
When Brain is not performing at its best, it can cause dysfunction in your relationships, your work and your life in general. The simple truth is that when your brain works right, you work right – and you will continue to work right longer.
The birth of George Alexander Louis to Prince William and his wife, Kate Middleton, the Duchess of Cambridge, cost $15,000. It's about half as much as the average total price charged for a smooth delivery in the United States.
Once promised a lifetime of healthcare benefits, a generation of city workers waits on edge listening to songs and dances. The thought is to push retirees into Obamacare insurance exchanges where uninsured Americans can enroll for healthcare coverage.
Despite expectations of a widening debt, the Turkish economy looks healthy in the eyes of many who want to invest in its shores. Turkish tourism figures have increased by double-digit when 37 million tourists visited the sixth most popular travel destination.
India today has copious opportunities to compete with developed nations and build a quality healthcare system of its own. This escalation is facilitated by the corporate and hospitality sectors involved in medical care.
Domestic medical tourism is growing and recently it was WalMart Stores Inc. so what major company will be next in line? The employer may save some money and have a healthier employee, the employee will get better quality care and often times cash incentives.
AHP, a full service healthcare management and consulting agency bringing strategic business operations. While comprehensively describing AHP’s integrative model requires much more than a single sentence, the simplest picture that can be painted about the organization.
Most homes have at least one products somewhere; whether it is the Colgate toothpaste, laundry detergent, and many more. The sustainability strategy for Colgate-Palmolive focuses on three areas; people, performance, and planet.
The primary purpose of the Affordable Care Act was to expand coverage to millions of presently uninsured Americans. The ACA had a number of market reforms that have already had a significant impact on the individual insurance and employer-sponsored health industry.
Medical tourism has been around for centuries, but its growth as a mature industry is hastening similar to the hotel industry. Hotel systems reached maturation in the late 1970s, becoming an efficient and differential industry in management systems, marketing.
A healthcare organization wanting to raise the bar in its ability to attract patients from around the world can set itself apart. As the industry grows, the competitiveness of international patient programs will be distinguished by the global affiliations.
Free Trade Agreements (FTAs) have been useful in opening up foreign markets to U.S. exports and to protect U.S. interests. U.S. healthcare providers or hospitals will practice or open up facilities in a foreign country.
Dialing the phone number on her screen, Naomi felt a surge of excitement as her mind raced with possibilities. Recently she had considered bariatric surgery but did not have insurance coverage or the funds to cover the cost.
Medicare was established in 1965 under Title XVIII of the Social Security Act to provide health insurance to individuals age 65. As of 2010, 47 million people rely on Medicare for their health insurance coverage: 39 million people age 65 and over.
At the upcoming World Medical Tourism & Global Healthcare Congress Professor David Reisman will be presenting on two topics. The first is on cross-border investment and the second is on the ethics of medical travel.
When recession hit the world, healthcare and pharmaceutical industries were amongst those few industries, which remained unaffected. Shrinking government budget and increasing healthcare costs have put a significant strain on governments across the globe.
Martin Luther King Jr. stated - “Of all the forms of inequality, injustice in healthcare is the most shocking and inhumane.” Most of the developed nation’s healthcare system covers all its citizens, the U.S. system leaves almost 15 percent of the population.
At a time when the world economy is in a downturn, there has been an amazing amount of Initial Public Offerings (IPOs). IHH Healthcare Berhad is set to become the third largest IPO this year which is controlled by Khazanah Nasional Berhad.
The lack of necessary medical equipment, supplies, doctors, and beds are the main concerns with the Indonesian healthcare industry. These problems place the healthcare rating of Indonesia at the bottom of its Association of Southeast Asian Nations peers.
Bahrain has been in the news recently, due to the protests which have occurred there and all across the Arab world. Bahrain happens to be an example of a GCC nation who realizes the potential medical tourism offers them in terms of tourism, development.
Jamaica is currently coming up with creative ways to improve the nation’s economy. Recently, the Jamaica International Financial Services Authority (JIFSA) was established to try and bring in more foreign investments.
The Dominican Republic has the beauty, location, medical personnel and the price is right for attracting international patients. Due to the proximity to the U.S. and Canada, hospitals in the Dominican Republic are accustomed to treating these foreign patients.
Malaysia has its eyes set on medical tourism, hopes of building economy, the country is looking to expand its medical services. The idea is that healthcare will become more specialized and will attract more foreigners for high quality medical treatments.
The Thai dominance of the medical industry was so strong because the major hospital Bumrungrad International (BH). Soon BH was in competition with Bangkok Dusit Medical Services (BGH), another Thai hospital catering to international patients.
There are a lot of opinions on the impact of healthcare reform in the U.S. whether it will have a positive or negative effect. It clearly has no effect on inbound medical travel to the U.S., as this segment continues to grow.
The Minister of Health has nowhere to sit, was a worried phrase repeated more than twice at the last Ministerial Summit in 2011. The 3rd Ministerial Summit is expected to double in sizethe 2nd one, and we will be prepared.
All players in the medical tourism industry are searching for ways to attract more patients with marketing and creating a brand. Developing a Free Healthcare Zone is another way to showcase an area as a destination for healthcare.
Spain’s Health Tourism industry is booming, but not in a good way due to the industry’s finances and about how to regulate costs. As a member of the European Union, Spain serves many patients from member states.
Pan American Life Insurance Group, a leading provider of life and health insurance in Latin America and the U.S. Hispanic market. PALIG had strong financial growth in 2011 with the Latin America Group’s sales at a growth of 24 percent.
It’s easy to compare statistics within the U.S., comparing with global partners, the numbers reveal a whole new perspective. Economists and American politicians seem to agree that the U.S. spends too much on healthcare.
The reasons to invest in planning and setting a Mobility Policy are many, to be consistent with all individuals and avoid a confusion. To set expectations of people going overseas, To have a sound plan for your more valuable assets.
The art of healing as a business has been around long enough to determine the healthcare industry has passed the new product. The travel industry has also passed the new product growth stage and is well into the mature stage of that life cycle.
Hospital international programs are developed to increase revenue, for a private hospital, the goal is increased profits. But for a public or non-profit hospital, the real need is to earn added revenue that helps support the core mission.
The costs of healthcare are rising, hospitals, businesses and medical tourism groups fund healthcare projects in a tough market. Planners need to have an understanding of the global market, its growth drivers and trends and the methodology for best practices.
76 million babies born in the wake of World War II – from 1946 to 1964 – are aging; the oldest are now in their mid-sixties. The lengthened life span thanks to modern medicine and a more active lifestyle, and you can expect the demand for medical care.
Considerable hospital revenue is being lost to U.S. hospitals from patients traveling overseas. Deloitte Center for Health Solutions estimated that the U.S. lost $15.9 billion in domestic consumer spending to medical tourism in 2008, and this would rise to $68 billion in 2010.
The current shortage of healthcare providers around the globe is a well-known and often discussed problem. In developing nations, the shortage of physicians, nurses, technicians, and other providers is at critical levels, creating untold suffering, delays.
Global challenges exist and a growing trend in healthcare competitiveness abroad will affect U.S. inbound medical tourism programs. The U.S. is no longer the only kid on the global stage in specialty healthcare nor is it the sole beneficiary of medical travelers.
When patients travel domestically or internationally to have a surgery or procedure, as they travel for better quality. Traveling for medical care is becoming an international trend, understanding medical tourism nowadays is a must.
2012 will be a great year for US outbound Medical Tourism and there are big movements going on in Large Employers. The MTA has spent a lot of effort in 2011 and will again in 2012 in building relationships in emerging markets such as Africa, Russia.
A “perfect storm” of trends occurred about 10 years ago in the music industry, and it changed the landscape of business forever. A fresh wave of consumers suddenly had a new host of Internet tools and a profound sense of empowerment.
Some of the countries have been treating patients worldwide for decades, combining the experience gained with existing technology. Increased knowledge and participation in international medicine; this has influenced the consumption of medical equipment.
I think as individuals, many of us who are involved in the healthcare and health insurance industry forget about the people who don’t have or can’t afford health insurance. We forget to put ourselves in their shoes, to feel their fears, pain and desperation.
With the passing of the recent Obamacare initiative, the potential for added fuel to an already out-of-control fire has many involved. As Obamacare gains steam and begins to unfold, the need for cost combative ingenuity increases.
Globalization has brought todays travelers to new far-flung locations that they would not have visited even just a decade ago. Companies are also expanding operations internationally with a growing population of expatriates stationed around the world.
Despite the new federal law mandating insurance coverage for everyone, finding insurance at an affordable premium will be difficult. This is the hidden agenda of what many call “ObamaCare” aka The Patient Protection and Affordable Care Act (PPACA).
Over past couple of decades, banking industry witnessed technology innovation in the form of credit cards, ATMs and online banking. The innovation in chip technologies enabled hardware industry to bring down cost of computers which lead to higher demand.
In a global market environment experiencing exponential growth, corporations with employees all around the globe, corporate executives have the task of researching, evaluating and implementing a Global Healthcare and Wellness Strategy that will cover the lives.
The American health care system is mostly employer-based however 46 million residents remaining uninsured adding to the fact the U.S is the only industrialized country which does not guarantee access to health care as a right to citizenship.
As the number of people travelling abroad seeking medical treatment continues to grow many countries around the globe have embarked on building marketing for and establishing medical tourism options for a regional and global community.
There is a growing market for medical tourism and we see numbers that show hundreds of thousands of patients traveling abroad. Medical tourism benefits everyone involved: patients of all ages benefit by receiving immediate treatment at very affordable prices.
The Barbados Fertility Centre (BFC) is one of many providers of fertility services seeking to distinguish itself on a global stage. BFC had a great story to tell it just needed an effective way to reach and engage its target audiences.
The average person visits the doctor several times annually to maintain health and prevent illness. The medical tourism industry is booming but with growth comes increased risks and potential for loss if the unexpected occurs during a clients trip.
We all know that medical tourists are traveling for healthcare needs only to save themselves money, right? Due to the documented savings in medical costs of up to 80 percent less than costs of some procedures in the United States, travel to save money.
Armando Polanco was interviewed by Sarah Martin, the Global Communications Director of the Medical Tourism Association. The passion of Texas Benefit incorporates medical tourism alongside self-funded plans to help control cost and provide access to suitable care worldwide.
Healthcare reform has the potential to change the business world in which we live! The purpose of this article is to generate ideas and discussions as to how we in the insurance industry can “make things happen” by adapting to our changing world.
Healthcare Reform has come into effect after lots of debate, discussion and without the vote of Republicans. There are several ways healthcare could be reformed with overall positive results and containment of cost increases.
Nick Christos of Elite Underwriting Service, a full service underwriting facility, sits down with the Medical Tourism Magazine to discuss the self-funded industry in terms of medical tourism and global healthcare.
It’s too early in the implementation phase to predict the specific ways health reform will impact the medical tourism industry. Health care problems that spurred the growth of medical tourism in the first place will not be solved by the PPACA.
Healthcare Reform in the U.S. has been a recent topic and continues to be a growing concern for individuals families employees. Corporations that provide health insurance to their employees are facing a tough dilemma front the exceeding costs.
Medical tourism—generally understood to mean the practice of traveling across international borders to obtain health care— to access to world-class medical services at prices that are in many instances significantly less than those charged by U.S. providers.
Qatar Insurance Company is one of the most well known insurance companies in the Middle East. A long-standing solid reputation of providing first-class service and quality, has become a well-respected name in group health insurance as well in the Gulf region.
The retirement of Baby Boomers and the elderly in the US will have far-reaching effects for the medical tourism industry. The Baby Boomers are anyone born after the end of World War II, and they are swiftly reaching retirement age.
Brain drain is a well known term in developing nations, especially in their healthcare industry. It refers to the migration of highly skilled and trained people from one country to another in search of lucrative avenues, both financial and professional.
One does not have to look very far to see the Russian Far East and China markets appearing as attractive growth markets. In the case of the Russian Far East, the federation is overhauling the healthcare system by removing inefficient outpatient clinics.
As a prominent medical care organization in Mexico we have always taken our leadership role in health care innovation seriously. When we first began receiving international patients like many hospitals we worked with multiple medical travel facilitation agencies.
Healthcare Reform was dead in the United States and now it’s back and it looks like it’s going to pass. What is amazing about healthcare reform in the US is that it is actually not going to lower healthcare or health insurance costs as initially promised.
Healthcare as a global service is a reality in many countries, the US lags in development because there are gaps in industry rules. Ill-defined dispute resolution mechanisms, billing transparency concerns, and other significant issues.
Europe is largely ignoring the potential of the US market and US purchasers and facilitators are largely ignoring Europe. To address these issues, two workshop sessions were scheduled at the Congress under the following topics.
Facing economic uncertainty that taxes ones sense of well-being, patients are increasingly looking to take control of their health. At the same time, the landscape of healthcare is changing, enabling them to play a greater role in doing so.
Exhibiting your company or industry at a conference is your chance to market your brand and tell thousands what you’re all about. Learn how to avoid common mistakes some make and learn the tips to succeed at these events.
Public-Private Partnerships are a popular topic in healthcare today when it comes to developing and delivering large scale projects. The basic definition for a PPP is a relationship between the public and private sector to facilitate the application of private sector expertise and resources to the delivery of public services.
Websites have become the tool of choice, for marketing products, services, organizations, companies, and everything else. Not only are websites a very effective tool, fueled by the ease of access and navigation, they are also a marketing tool whose cost falls.
Where the competitive battle for the medical tourist will truly be waged, as quality of treatment and aftercare begins to standardize. To support our medical providers facing these challenges, we recently published a Marketing Masterclass.
The first recorded instance of health tourism dates back thousands of years to when Greek pilgrims travelled from all over the Mediterranean to a small territory in the Saronic Gulf called Epidauria.
Inbound Medical Tourism is described as patients from other countries traveling to the U.S. to receive medical care. Outbound is described as patients from the U.S. traveling to other countries to receive medical care.
As medical tourism continues to grow, developed nations, such as the United States, see large number of Americans traveling abroad for medical procedures. However, there continues to be a growing interest in inbound medical tourism in the U.S.
Medical tourism represents an opportunity for U.S. hospitals to diversify revenue – usually hospitals with dedicated international centers generate five to ten percent of total revenue from international patients.
If marketing can be called the vehicle that brings dreams to reality, a marketing budget can certainly be referred to as the fuel that drives the vehicle. A marketing budget has long since outlived the traditional moniker of being a financial tool.
Larry Page called scientists “great citizens,” but they needed to become engaged in politics, in business and the media to do more “great things.” Harnessing the full potential of science and technology requires a much better job of Selling of Science.
Hospitals must also deliver an exceptional patient experience in order to have meaningful success in servicing the patient base. Ultimately your hospital may offer the utmost in health care and still fall short in overall evaluation by the patient.
US healthcare providers learned lessons, both positive and negative, through the formation and dissolution of networks. Readers should observe that, if executed correctly, a strategic partnership of free standing hospitals to create a healthcare provider network.
Medical tourism market stems from a shared stakeholder incentive to quantify and measure the growth of this industry. Health insurance firms and hospital agents hopes to generate efficient ways to improve their bottom-line.
The world economic recession is having an effect on medical tourism, but whether it is a positive or negative effect depends on what country you are in and if you are attracting medical tourists from new and emerging countries.
Don’t promise anything in your communication that you can’t follow up on. Chances are your company will not get a second chance to make good on another promise if the reader has been previously disappointed.
Companies are cutting jobs, foreclosures abound, and retirement funds are going up in smoke. Though economic forecasts may vary, there is little doubt that that the U.S. is now in the midst of a deep and possibly long-term economic recession.