by
Joanna Padovano, Reporter | December 27, 2011
From the December 2011 issue of HealthCare Business News magazine
Swiss Re, a global reinsurance company, is also taking part in medical tourism. “We actually started looking at this product back in 2008,” says Matt Leming, the company’s vice president and sales leader of the medical expense group. “At that point, it was still a very nascent industry and frankly, it still is—at least within the domestic U.S. marketplace.”
Leming says the industry initially catered primarily to individuals who were either uninsured or under insured. Now, he says, medical travel has expanded into the employer market. “Three years ago the interest was pretty low,” he says, referring to the amount of employers who wanted to take advantage of medical tourism. “The interest has grown considerably year-over-year as it’s reported more in the news . . . employers are looking for ways to save money and this is an option.”
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According to Leming, if health care costs remain high, there will continue to be a market for both domestic and international medical tourism. “It’s an alternative that employers will have to consider if they’re going to maintain benefit plans for their employees,” he says. “As long as—at least internationally—the quality of care remains high and the cost relatively less than what it would be here, there’s certainly going be a marketplace for it.”
“Medical tourism is expected to grow as populations in developed countries age and health care costs continue to increase,” says Grant, who mentions that health care reform may also lead to an increased interest in medical tourism. “With so many more insured people, costs of health care and insurance are likely to increase due to higher demand. This may also cause shortages in doctors, which would increase waiting times. As a result, more Americans may be willing to travel abroad to receive treatment.”
Whether medical tourism maintains a steady growth, or changes in economic climates and health care coverage force a detour, one thing is guaranteed to stay the same—there will continue to be a marked lack of interest in seeing vacation photos.
This article originally appeared in the December 2011 issue of DOTmed Business News Back to HCB News
Thomas Treutler
A growing niche
December 27, 2011 11:54
Great article, showing options patients have in the US to save on their medical bills. However, it will take some time until Global Healthcare really does influence US-healthcare in a more profound way? Why is that?
- Global Healthcare only makes sense if:
- you are un- or under-insured
- you have a high deductible
- your company offers you a reduction of your deductible
- if travelling to another country is an option for you
- Individuals will be the drivers of this niche market, not insurances
- Lobbyists will and are already starting to negatively report on this market and discouraging a more transparent healthcare market.
However, as costs for healthcare increase and become less and less transparent - more and more patients will search for alternatives. Global Healthcare is just starting up - but already holds great potential!
Dr. Thomas H Treutler
http://www.FlyClinic.com
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