Essay on Benefits of Medical Tourism

As the new vice President of Mayo Clinic, conducting a marketing plan is a must in order to make a better tomorrow for this clinic. Before targeting any specific country, Mayo Clinic needs to increase its brand awareness. If people overseas do not know about them, they will not trust them. Therefore, they will be unwilling to leave their current healthcare and physician. The countries that need to be targeted are countries with poor to no healthcare system. As the case stated, people simply are unwilling to leave their home country to obtain medical care elsewhere. They would much rather stay with their private healthcare and physician that they already feel comfortable with. Unless it is for a big operation or something that is extremely costly, international patients will just not consider coming to the U.S. Yes, word of mouth is the most powerful marketing tool, but when dealing globally, it just doesn’t help as much.

The cost of health insurance has changed drastically over the years as it has become more expensive. Depending on personal characteristic, the cost of health insurance may vary. For instance, as individuals grow older the more expensive it becomes. In this case, health insurance is more costly because “older individuals require more health care” therefore “the cost of providing health care is rising” (Madura &Atlantic, 2012). Not only does this affect the high cost of health insurance, but the number of individuals uninsured. As stated by Madura and Atlantic (2012), “about one in every five workers is uninsured” and has increased since then because health insurance has become unaffordable. As a result, individuals tend to seek health care elsewhere as they can no longer

Globalization in healthcare is a topic that has been the subject of many debates worldwide. While practically the entire world is becoming a global village due to globalization, the healthcare industry was considered to be invulnerable to this trend. This was attributed to the fact that healthcare is a service industry, where service is delivered on area of purchase. However many developments not only in the healthcare industry but in the entire economical sphere as a whole have seen the aspects of globalization. As a result globalization in the healthcare industry is a common phenomenon in the contemporary world. As the healthcare industry across global boundaries becomes increasingly intertwined,

One area that has contributed to the rise of healthcare costs are the varieties of healthcare services offered to the patient. Competition between providers has caused physicians and hospitals to offer the most current healthcare technologies and modern, eye-catching settings in order to attract and retain clients (Shi & Singh, 2015). Reimbursements for costly procedures and hospital services have been compensated at a higher rate which has also supported the expansion of hospital and specialty procedure settings (Schroeder & Frist, 2013). Renovations of the physical settings and the acquisition of expensive technologies have elevated healthcare services prices to encompass the additional costs of providing high technical services and attracting clients and cause the over-utilization of expensive treatments.

One way to combat these costs is to keep in mind the geographical location of these individuals. By taking this information into consideration, healthcare facilities can better focus on the types of services and care they offer their clients. It 's important to keep in mind the type of customers that they are primarily dealing with, for example, are these facilities located in an area primarily made up of an elder population? or an area with many young individuals? These factors are imperative to the

Regulations that prevent insurance companies from participating in interstate commerce have caused competition to grow stagnant in the United States. This lack of competition has allowed the adoption of wasteful procedures by healthcare providers, which in turn passes the increased expenses back to the insurance companies. Therein, insurance costs increase, crippling consumer’s cash flow and quality of life. While healthcare costs continue to rise, people must scrutinize the current healthcare system.

In order to specify the source of high healthcare expenditure, we need to know which factors consists of total US health spending. In U.S., most of the healthcare insurance is provided by the private insurance companies

With the continued transformation of the healthcare system, an increased emphasis on consumerism and quality-based reimbursement will be observed. This could lead to challenges for all managed care stakeholders. One example of an industry change that might occur is that patients’ out-of-pocket costs could increase. The cost of healthcare continues to rise faster than inflation, generating increased incentives for insurance companies to offer plans with high deductibles and small networks. In the article “The Top Changes MCOs Should Expect in 2016” Joel Brill (2015) states that:

In the United States, health care has become a huge expense and has threatened the economy; additional measures need to be taken to address the rising cost of care. An individual spends an estimated eight thousand dollars a year in health care expenditures. Therefore, we need to recognize that how a physician reimbursement for payment has a vast impact on the economy and the rising cost of health care.

Increases in health care spending are not necessarily due to Americans visiting hospitals or physicians more frequently than residents in other countries. Higher health care prices in the United States can be attributed to the increased use of medical technology compared to other countries, the privatization of the healthcare industry, as well as a higher use and cost of pharmaceuticals

Even with costs under the current health care system skyrocketing, the system is envied by other countries in several ways. The United States is the world leader in innovation and research of health services (Mango & Riefberg). Another aspect that America has that is enviable is that “health care services and technology are more readily accessible to the insured patients in the United States than anywhere else” (Mango & Riefberg). A Final reason for the envy of the United States health care system is that when medical travelers – those who travel for medical operations or treatments – approximately forty percent travel to the

The cost of care has been a growing problem throughout developed nations during the last 15 years. For example, across 34 nations that make up the Organization for Economic Cooperation and Development (OECD), the average per capita health care expenditure increased by more than 70 percent between 2000 and 2010. However, the biggest spenders — such as

The healthcare system plays a key role in the economic stability of our country, as every year trillions are spent in attempt to combat disease and health issues that plaque humanity. As it makes up a significant amount of the expenditures in the economy, so the costs associated with health care of those in pain from illness and injury, including lost productivity, increased need of assistance in living and also the cost of death in some cases, is important to the economic stability and over all standard of living in our country. The key to economic prosperity is balancing the need for care with the costs of illness to keep as many people healthy and well without breaking the bank of collective society. The costs of healthcare have been increasingly problematic in recent years with so many issues surrounding the current system. With the “total health care spending in the United States expected to reach $4.8 trillion in 2021, up from $2.6 trillion in 2010 and $75 billion in 1970, meaning that health care spending will account for nearly 20 percent of gross domestic product (GDP), or one-fifth of the U.S. economy, by 2021” (Aetna). With this in mind it is apparent that as we look at the trillion-dollar industry of the medical community it seems that it needs to be a major focus of our nation as a whole and with the many issues come many creative solutions. First let us analyze the reasons behind the current cost and the major problems facing this industry and than discus what

In contrary, health and wellness tourism is now had been immerging to the world wide and it is an international trend set by the health travellers who seeking to enhance their well being through their travel experiences. Health tourism refers to an activity by health facilities that used the natural resources, such as mineral water or climate in order to give the health services. Health tourism also is defined by Goodrich and Goodrich (1987) as an attempt on the tourist facility to attract tourists by promoting and providing its health-care services and facilities. Besides, wellness travellers are a person who seeks a wellness travel experience, which is generally healthy to

Medical tourism (also called medical travel, health tourism or global healthcare) is a term initially coined by travel agencies and the mass media to describe the rapidly-growing practice of travelling across international borders to obtain health care. It also refers pejoratively to the practice of healthcare providers travelling internationally to deliver healthcare.