5.1.2 Medical Tourism Evolution & Growth

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En provenance du cours de University of Minnesota

Healthcare Marketplace

300 notes

University of Minnesota

Healthcare Marketplace

300 notes

Cours 1 sur 5 dans Specialization Healthcare Marketplace

In this course in the Healthcare Marketplace specialization you will identify, define, and describe potential business and public policy solutions to the challenges facing society’s growing demand for health services. Students will master a body of knowledge on the health care sectors major components through reading and reflection. Healthcare has many different cultural components that will be discussed as historic trends as well as future demographic challenges. You will understand diverse philosophies and cultures within and across societies as they relate to healthcare. This outcome is particularly critical because of the tradeoffs needed to be assessed as medical technology advances faster than budgets and perhaps cultures are sometimes willing to tolerate. At the end of the day, you will gain an appreciation for the role of creativity, innovation, discovery, and expression across disciplines in the development of new medical care solutions through and examination of the physician, medical technology and financing sub-sectors of the health economy.

À partir de la leçon

GLOBAL MEDICAL INNOVATION

In this module you will learn about the global market trends. You will also learn the key components of medical technology valuation. The take-away messages from this module are that health economy continues to expand and there are many behavior challenges that are problems as well as opportunities. The module concludes showing a promising technology that is novel, needed, cost-effective and will deliver return – rare qualities when all are checked-off. The skills gained from this module are targeting global health market trends ripe for opportunity as well as knowledge of the checklist of key areas to be covered for the capstone project’s assessment of a promising new innovation.

Module 5 Overview3:09

5.1.1 Globalization of the Medical Industry3:01

5.1.2 Medical Tourism Evolution & Growth6:52

5.1.3 Medical Tourism: The Case of India3:48

5.1.4 Key Issues of the 21st Century4:04

5.1.5 Health 'Bads' and Their Consequences9:53

Rencontrer les enseignants

Stephen T Parente
Professor
Carlson School of Management, Department of Finance

This is the Healthcare Marketplace Specialization,

Healthcare Marketplace Overview.

I'm Steve Parente, and

this is Module 5.1.2, Medical Tourism, Evolution and Growth.

So what is medical tourism exactly?

It's a funny term.

It's a term that's arisen recently, and it's been a rapid growth industry.

The idea is that people will come from all over the world and

are traveling to other countries to obtain medical, dental, surgical care.

But at the same time, they're not that infirm, so that they'll

actually do a little bit of touring, vacationing, and really experiencing

the attractions of other countries that they might be visiting along the way.

So, while it's growing a lot today, it's actually not a new concept.

It's really, honestly, thousands of years old.

In ancient Greece, pilgrims and patients came from all over the Mediterranean

to the sanctuary of the healing God.

There were, in the 18th century,

wealthy Europeans who traveled to spas from Germany to the Nile.

There were also reverse migration of hot springs going on in Europe,

itself, for folks to visit.

So, if we look actually across a much wider span of history,

we can see that hot springs were really one major area to travel forward,

the notion of thermal springs.

There was an exception, a desire to find the Fountain of Youth in the 16th century.

The term spa really gets on the way quite a bit in the 17th and

18th century, in terms of where people were going for dealing with tuberculosis,

otherwise known as TB.

Folks would look for sea and mountain air to help them out.

And then we get to the 20th century, we have different areas that are health farms

or places where you can sort of lose some weight along the way and be rejuvenated.

So it's a pretty strong and long arc.

Now in terms of actual medical tech, it's a little different.

So, when we think about the different types of technologies,

it's not just coming for spa treatments.

We can actually have, say, if you look at the different places here,

say organ transplants in certain spots.

India does a tremendous amount of cardiac care.

There's Lasik procedures that are done there as well.

Dental treatment is one area that goes pretty well in different places.

There's cosmetic surgery done in Cuba.

So, when you look at the numbers of people visiting, it's pretty substantial.

Honestly, Thailand's amazing actually if you look at the number.

This is an older statistic posted from the US and the UK.

Granted they were hurt a little bit by the tsunami prior to this,

but it's a lot of money that's actually making it into the doors there.

So what's driving this?

So there's an estimated number of 47 million Americans that had no health

insurance prior to ACA.

Now that number is roughly about 38 million that still remain.

There is an issue though for those 47 that, many of them were getting high

deductible health plans, and so there's actually a lot of money that gets paid out

of pocket, and they might decide to go abroad and not pay it in the US.

There's also a much more substantial number, 108 million people in the U.S.

that are without dental insurance.

And what you find is that nearly two in five adults or

approximately 77 million people struggle with medical bills,

even with ACA, and they have lots of medical debt.

And so the thought is if they can find a cheaper source to essentially get

their care and avoid medical bankruptcy, that might be a very desirable thing.

So, just to give you a sense of, why would they go abroad?

So, in the US, just for example, a knee replacement,

right, might run somewhere between $27,000 and $32,000.

You go to the UK, and say a private hospital there,

that could be $16,000 to $18,000.

Those aren't pounds, those are dollars.

But if you go actually over to India, the Max India Healthcare Center

is a major thing, or even to Singapore, $6,000.

And the quality is actually very comparable.

When we look at CABG, or what's known as cardiac artery bypass graft surgery,

$30,000 in the U.S. $6,400 that are here.

Now, you might ask, why the difference?

One of the things that's a major difference,

particularly in India and Singapore is that, much more so

in India, India is operating on a cash based economy.

Singapore, to a certain extent, is as well.

They have a lot of very high deductible plans that are there.

There's a certain amount of cash that the expectation is, pay for the initial

services unless it's really extraordinary care, then the insurance will kick in.

And so when you have essentially a cash based economy, you don't have as much of,

if you will, the moral hazard risks we talked about in module 3 that could occur.

Now is it essentially a three-fold difference a moral hazard risk?

Maybe, but clearly, these are the prices.

And what's also interesting is that the physicians that are many times doing some

of these procedures in Singapore, Thailand's the case, as well,

might very well be Western-trained physicians that are just visiting and

bringing their families while they do the medical procedures at the same time.

So, how might this work?

In terms of a supply chain process, if you will, for getting in, basically a patient

has to figure out if they are a candidate for international care.

They have to figure out what their transports going to be.

They have to get there.

They have make sure that everything is sort of squared with the actual

country that's operating the facilities, Ministry of Health.

They have to figure out their own scheduling components, so what's there.

And then ultimately get treated, make sure everything is okay.

And if they're, in their pre-operative steps, doing just fine,

they could actually structure a tourism plan.

Which on the one hand, you're like, that's kind of crazy.

But honestly, for some of the cardiac procedures,

the recovery is relatively quick.

So you might even have a situation where within three, four days,

you're really expected to be up and about a little bit, and moving.

And that could be tied to a resort that's really more of a recuperative facility.

And then once you're sort of done with all that, you could go home.

So it may seem a little bit extreme, but

depending on the technologies we're talking about and recovery times,

it could be given the cost, actually much cheaper in the end.

So here's a discussion prompt for folks to think about.

Is medical tourism a sustainable phenomena or simply a passing fad?

If so, why?

If not, why not?

And how is medical tourism going to affect healthcare in the developed countries, say

the US, England, and Canada, and then the developing and underdeveloped countries.

Whether we're talking about Africa for potentially some of the underdeveloped

countries, and developing or merging economies, China, India, and elsewhere.

This concludes our module on medical tourism.

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