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A New Competitive Threat -or- Next-Gen Boon?
By Dr. David E. Marcinko; MBA, CMP™
[Publisher-in-Chief]
Did you know that some American businesses are extending their cost-cutting initiatives to include offshore employee medical benefits?
And, facilities like the Bumrungrad Hospital in Bangkok, Thailand (cosmetic surgery), the Apollo Hospital in New Delhi, India (cardiac and orthopedic surgery) are premier examples for surgical care.
Recognized Medical Institutions
It’s true! Both medical facilities are internationally recognized institutions that resemble five-star hotels equipped with the latest medical technology. Countries such as Finland, England and Canada are also catering to the English-speaking crowd, while dentistry is especially popular in Mexico and Costa Rica.
Medical Tourism
Although this medical business model is still considered “medical tourism,” Mercer Health and Benefits was recently retained by three Fortune 500 companies interested in contracting with offshore hospitals and JCAHO has accredited 88 foreign hospitals through a joint international commission.
Assessment
To be sure, when India can discount costs up to 80%, the effects on domestic hospital reimbursement and physician compensation may be assumed to increase downward compensation pressures.
Conclusion
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Filed under: Career Development |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Off-Shore Medical Supply Chain
A recent article by Managed Care Online suggests that the global health and offshore medical tourism process “will pick up speed as heavyweight for-profit U.S. hospital chains such as HCA ($26.8 billion in revenue), Tenet Healthcare ($8.8 billion), or HealthSouth ($1.7 billion) realize that hospitals such as Singapore’s Parkway Group or India’s Apollo chain aren’t competitors so much as links in a global, offshore supply chain that can be bought and brought into the fold just as easily as a Toyota or GM plant.
Medical tourism hubs will become different stops on the same assembly line: Brazil and South Africa for plastic surgery; Mexico and Hungary for dentistry; Costa Rica for a little of both; and Southeast Asia for the bodywork of heart surgery, organ transplants, and orthopedics. Patients needing new hips or hearts will be the first sent overseas by their doctors for the same reason medical tourists are headed there now: The procedures are safe, low margin, and high volume – always the first things to go in any globalization scenario.”
“The biggest losers by far would be American doctors – especially cardiac and orthopedic surgeons – who face the most damaging blow yet to their pride, public standing, and paychecks. In one fell swoop, they’d devolve from the rock stars of the OR to glorified mechanics, and they’d really only have themselves to blame. Overseas patients routinely return home raving about the personal attention shown by their Thai or Indian surgeons.”
What do you think? Really, what can a local community hospital do about this, if anything?
Ann Miller RN MHA
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Healthcare in China
Video on China’s healthcare woes.
http://www.nbcnews.com/news/world/farmer-cuts-own-leg-because-china-health-care-costs-n117301
Dr. Chia
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LIFE – At what cost?
• Japan places the highest value on a human life, spending $11,728,000 to save a single life through improvements in public safety.
• South Korea spent the least, at a measly $878,000.00 per life saved.
Domestically in the USA
• The families of suicide bombers receive just $25,000 per suicide.
• While the families that lost a loved one on 9/11 received an average of $2.1 million per death, families of fallen soldiers receive a maximum of just $400,000.
• Health insurance companies value life at $50,000 per year of quality life, a depressingly low number compared to what government entities will pay
How much is an arm worth?
http://www.propublica.org/article/how-much-is-your-arm-worth-depends-where-you-work?utm_source=et&utm_medium=email&utm_campaign=dailynewsletter&utm_content=&utm_name=
Conclusion
So, keep your workforce healthy with proper Health & Wellness training.
Lucia
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