Let us start by defining what Medical Value Travel, or Medical Tourism actually is. It is the process of traveling to countries that have lower costs and higher quality healthcare in comparison to a person’s place of residency.
Medical Tourism has been around since medicine itself. People have opted to travel far and wide in search of better cures and treatments not found in their native lands.
The close-knit social and business world that we live in has allowed Medical Tourism to flourish. The various reasons for it are the availability of better and affordable medical procedures, lesser waiting times due to bureaucracy and laws, and sometimes the added benefit of touring a new country (if their health permits it).
How you as a business owner, can profit from the Medical Value Travel Industry
With the rising prices of healthcare and the volatile economy, your employees will naturally choose Medical Value Travel for their medical procedures and needs. While it is easy for them to medically insure themselves, there are also a lot of risks that come with Medical Tourism, for example, lack of proper communication between healthcare professionals, no on-ground support, no assurance on the quality of care, and even the risk of being scammed.
You as an employer can help your employees by incorporating Medical Value Tourism into your medical insurance, or by partnering with insurance companies and hospitals. Doing so will help you attract high value employees, seeing as healthcare benefits are an important factor in employee satisfaction and efficiency.
On the financial front, there is a substantial reduction of medical costs especially when it comes to dental procedures and organ transplants.
According to a report made by The International Healthcare Research Center it was indicated that self-funded employers see savings of up to 70% by sending their employees abroad to receive medical care. These savings are after factoring in the costs of travel, accommodations and even companion costs. (Global Protective solutions: Employers and Medical Tourism) .