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Medical Tourism in India — A
Healthcare Revolution?
By Aaron Gentzler
October 15, 2007
“Medical tourism” is the act of traveling to foreign locales in search of
high-quality, affordable healthcare.
India, for example, is currently trying
to figure out how to best advertise and support a growing medical tourism
industry. Resort-like hospitals that cater to medical tourists are raking
in clients by providing a level of care and comfort that’s…well…foreign
to some Americans. Here’s the kicker: It’s also insanely cheap.
For example, let’s say John Q. Public
elects to have a back surgery but his insurance is balking at covering it.
In the United States, his out-of-pocket cost might be $30,000 if he
chooses to pursue the procedure without insurance clearance.
John wants/needs the surgery, but he
doesn’t have the cash to make it happen. Normally, John is out of luck.
But wait…
For the price of a plane ticket to and
accommodations in India — say $10,000 — John can save up to 80% on the
surgery itself by getting it half a world away.
The bottom line here is that instead of
paying $30,000 in the U.S., John Q. Public might be able to get the same
surgery in India for around $6,000.
Flights, lodging and the surgery come to
a hypothetical total of $16,000. That’s nearly a 50% total savings
(46.6667%), and John gets a chance to sightsee in one of the most rapidly
growing and dynamic countries in the world.
There’s also a burgeoning medical
tourism “travel agency” business here in the States. They offer
all-inclusive packages at hospitals worldwide, depending on exactly what
procedure a patient requires. That can lower costs even further.
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This scenario might seem downright silly
(more on that in a minute). But it’s happening every single day at a
fantastic rate.
Studies suggest that 150,000 Americans
left the country last year to have a medical procedure. Other sources put
the number closer to 500,000 — presumably including such “travel” as
having a root canal performed in Tijuana or tooth veneers installed in
Juarez.
That’s as many as half a million breast
augmentations, liposuctions and open heart procedures that were (I
hesitate to use the word) “outsourced” because Americans would rather find
a better price and travel to get it than get worked over one more time by
a broken and inefficient domestic healthcare industry.
Maybe I’m putting too fine a point on
it. And maybe the thought of jetting off to Vietnam, India or Thailand
isn’t your cup of tea — especially when you consider the thought of
traveling there while in pain or pre-surgery distress.
But I believe it was Frank Zappa who
said: “Necessity is the mother of invention.”
Zappa jokes aside, medical tourism may
be the brightest example yet of Americans, albeit out of extreme
necessity, embracing a true global economy and spending their dollars in
such a way that maximizes return on medical investment.
When you look at it like that, traveling
a great distance to receive priority treatment and save money seems
downright…smart.
While researching this issue, I expected
to find tons of information on the things that would prevent an
American from engaging in medical tourism. For example, I expected to find
articles and blog posts shouting about under-trained and unprofessional
doctors.
I expected to read about substandard
facilities and arcane witch-doctor practices. I knew I’d come
across at least one post-op horror story about bandages, scissors and
exotic bacteria being found inside patients once they returned to the
States.
Evidently, those expectations amounted
to nothing more than my own prejudices.
While the medical tourist does have to
be sublimely careful and diligent in their research and planning, there
most certainly are high-quality and cost-effective doctors around
the world who can perform most procedures for just a fraction of the cost
a patient would encounter in America.
Continuing with the example of India,
it’s obvious that medical tourism is yet another industry in which Indian
expansion is helping to break new ground. In time, opportunities for
investors will emerge, and the issue of medical tourism will surely break
into the consciousness of the mainstream press. From there, the sky is the
limit.
As a start, simply Google “Medical
Tourism India” and sift through the results.
Just be careful to avoid the websites
written in broken English.
This much is certainly clear: Regardless
of who wins the White House in 2008, it appears as if a revolution in how
we access our healthcare may be on the horizon.
Regards,
Aaron Gentzler
P.S.:
Agora Financial’s Managing Editor Chris Mayer is currently on a
fact-finding trip to India. He’ll be scouring for opportunities and
checking in regularly with Capital & Crisis members. If you get
on board now, you can stay up to date on the results of his trip as the
information is released…
In fact, he wrote his readers a message
saying that he is already brimming over with ideas and opportunities,
which he will soon be laying on them. To be one of those lucky readers,
you can
sign up here and receive all the reports and back issues that will
catch you up on his great recommendations… |
