Medical Tourism-Employers Like It!
In 2006 (make that 2005), time flies 
I started doing research for a stem cell transplant for myself. My research took me from Portugal to China-and many countries in between. I didn’t call it Medical tourism-because the thought wasn’t exactly a holiday for me! My biggest fear about going overseas for medical procedures were the credentials of the physicians, staff and facilities-aside from the obvious concern-will this work??
I started doing research for a stem cell transplant for myself. My research took me from Portugal to China-and many countries in between. I didn’t call it Medical tourism-because the thought wasn’t exactly a holiday for me! My biggest fear about going overseas for medical procedures were the credentials of the physicians, staff and facilities-aside from the obvious concern-will this work??
Never fear, Fortune small business tells us that Employers make a push for “medical tourism”. The article points out a small business owner trying to cope with the rising costs of health care. His insurance premiums jumped 32% last year-adding 12% to his overhead. He is now encouraging employees to seek treatment overseas-medical tourism. Some of the options include Costa Rica, India and Singapore. He estimates that overseas treatment will cut his medical costs by more that 10% per year and help him avoid another 20 to 30% rise in premiums.
Unfortunately, I feel for both the employer and employees-the thought of having surgery overseas scared the bejesus out of me! but from the employers perspective surgery overseas can cost 30 to 80% less than in the U.S. The article points out that the average charge for a coronary artery bypass is about $75,500 in the U.S., vs. $11,400 (including round trip airfare) at the Fortis Mohali hospiital in India-the cost difference blows me away! Free Money has touched on the Issue of Medical Tourism. I won’t go there today because it has been hashed over quite nicely.
But you know me, all you entrepreneurs out there who are looking for cash flow ideas-medical tourism is not a fad and some serious money will be made. Business 2.0 Magazine estimates that upwards of 500,000 Americans went overseas to receive medical procedures. Adult Americans who are either uninsured or considered “under-insured” number more than 61 million-and rising! In come the entrepreneurs who set up a medical tourism agency. There are no licensing requirements all you need is Internet services and online advertising. It’s not that easy because anything worth while takes work and pride but this opportunity for small business owners will continue to grow.
Steve Mertz
The Medical Tourism Revolution is On!
The Medical Tourism Revolution is On!
July 5th, 2007 at 12:52 pm
Nice post thank you.
With the new popular minimally invasive surgery techniques in the hands of a small group of specialists, I wonder if mmoe and more patients are willing to travel in order to see the specialist nos scar surgeon. Medical tourism is a business of the future?
Kurt
http://www.ideasforsurgery.com/
July 5th, 2007 at 4:02 pm
Whether or not the surgery is minimally invasive or not is beside the point. It comes down to cost and quality of those performing the procedures.
July 6th, 2007 at 4:57 am
Hi Steve,
Very interesting blog and good arguments. Perhaps you would like to take a view “from the other side?” I’d welcome you to get on a plane and come to Mumbai (Bombay), India where I live with my two other company directors. We live full time in India for over 20+ years and yet are American through in and through out. We have one of these new medical tourism companies you’re talking about. Ours is America’s Medical Solutions, and our web site is http://www.americasmedicalsolutions.com
Since I have been in and out of the best American hospitals since I was ten years old I have a keen eye and knowledge of what to look for when it comes to protecting myself, my year old business and our patient.
One of my colleagues flew from the States with Kathy who could barely walk, had lived in a near vegetative state for years, and who had basically given up on life due to her hip pain. What a pleasure I had to visit Kathy in the hospital here and watch her walk the aisles and even climb stairs only days after her surgery. She went from “no life” to a life full of going out and doing things all over again. That’s only “for starters.” My point is that Wockhardt Hospital who did the surgery is probably the most reputed hospital in the world for such surgeries with more years experience than anyone in the world, and for a procedure which wasn’t even available in the States until a couple months ago. Having an American on the “inside of things” creates more than just an atmosphere. Because if I needed a hospital myself, I wouldn’t even think of going back to the States for it. Seriously, if there’s a better hospital in the world than those we have here, I don’t know who it would be. And having lived on five continents and six islands of the world gives me the kind of knowledge to know. The experience and successes of Indian hospitals like, Asian Heart Institute, Wockhardt, Shroff Eye Hospital, each JCI Accredited, etc., are more important than the costs. But the costs are providential in themselves. No way could Kathy ever have afforded her hip resurfacing in America. And the fact that Wockhardt Hospital is JCI Accredited and one of the Associated Hospitals with Harvard Medical International is not only a plus, but eliminates any unreasoned concerns. I also seriously wonder how many of our American hospitals would fail the intrusive inspections of the Joint Commission International (JCI)?
If you want to get on that plane, I’ll be glad to show you around and witness things no tourist would ever get to see.
Best!
Don Wood
July 6th, 2007 at 4:58 am
Hi Steve,
Very interesting blog and good arguments. Perhaps you would like to take a view “from the other side?” I’d welcome you to get on a plane and come to Mumbai (Bombay), India where I live with my two other company directors. We live full time in India for over 20+ years and yet are American through in and through out. We have one of these new medical tourism companies you’re talking about. Ours is America’s Medical Solutions, and our web site is http://www.americasmedicalsolutions.com
Since I have been in and out of the best American hospitals since I was ten years old I have a keen eye and knowledge of what to look for when it comes to protecting myself, my year old business and our patient.
One of my colleagues flew from the States with Kathy who could barely walk, had lived in a near vegetative state for years, and who had basically given up on life due to her hip pain. What a pleasure I had to visit Kathy in the hospital here and watch her walk the aisles and even climb stairs only days after her surgery. She went from “no life” to a life full of going out and doing things all over again. That’s only “for starters.” My point is that Wockhardt Hospital who did the surgery is probably the most reputed hospital in the world for such surgeries with more years experience than anyone in the world, and for a procedure which wasn’t even available in the States until a couple months ago. Having an American on the “inside of things” creates more than just an atmosphere. Because if I needed a hospital myself, I wouldn’t even think of going back to the States for it. Seriously, if there’s a better hospital in the world than those we have here, I don’t know who it would be. And having lived on five continents and six islands of the world gives me the kind of knowledge to know. The experience and successes of Indian hospitals like, Asian Heart Institute, Wockhardt, Shroff Eye Hospital, each JCI Accredited, etc., are more important than the costs. But the costs are providential in themselves. No way could Kathy ever have afforded her hip resurfacing in America. And the fact that Wockhardt Hospital is JCI Accredited and one of the Associated Hospitals with Harvard Medical International is not only a plus, but eliminates any unreasoned concerns. I also seriously wonder how many of our American hospitals would fail the intrusive inspections of the Joint Commission International (JCI)?
If you want to get on that plane, I’ll be glad to show you around and witness things no tourist would ever get to see.
Best!
Don Wood
July 6th, 2007 at 4:57 pm
Thanks Don, I appreciate your insights. I am hearning very good things about “hip resurfacing.” Best of luck on your venture. If there are any private jet companies who would like to get a nice mention here…all you have to do is send a Gulfstream G550 to Denver so I can take Don up on his generous offer
July 11th, 2007 at 9:17 am
Yes Medical tourism is the future and particularly India?s private healthcare system has made tremendous progress. The availability of low cost - high quality medical care at the state of the art, internationally accredited hospitals like Wockhardt Hospitals Group - which is a part of Harvard Medical International is poised to make India a “global healthcare destination”
Recently one of my uncles went to India for hip surgery at Wockhardt Hospitals and his whole experience was really positive. The only option otherwise for him was to mortgage his house and raise money for surgery at local hospital. So many US patients are now taking this option, just check out testimonials on following weblink
http://www.wockhardthospitals.net/general/pat_exp.asp