Friday, August 22, 2008

Affordable Destinations 

Pt. 2

By Grace-Marie Turner

Categories:  Medical Tourism

More than 750,000 Americans left the country last year for less expensive medical treatments, a number projected to grow to six million by 2010, according to a study from the Deloitte Center for Health Solutions. Other key findings:

  • Outbound medical tourism currently represents $2.1 billion spent by Americans overseas for care and $15.9 billion in lost revenue for U.S. health care providers. Americans primarily seek this sort of care for elective surgical procedures.
  • The number of outbound medical tourists is projected to rise to 15.75 million in 2017, representing a potential $30.3 billion to $79.5 billion spent abroad by Americans. As a result, the potential lost revenue for U.S. health care providers could top $228.5 billion to $599.5 billion.
  • Medical care in countries like India, Thailand and Singapore can cost as little as 10 percent of the cost of comparable U.S. care, often including airfare and a stay at a resort.
  • In 2008, more than 400,000 non-U.S. residents will seek care in the United States, known as inbound medical tourism, and spend almost $5 billion for health services.

A separate study from Deloitte finds that the number of retail clinics in operation has soared by 220 percent from just 250 clinics in 2006 to more than 800 serving patients by the end of 2007.

Consumers are flocking to retail clinics not only for convenience, but also for the relatively low prices compared with visiting their primary care physicians for the same treatments. The cost of services provided by retail clinics ranges from $50 to $75, with the majority priced at $59, compared to a physician's office visit, which can cost from $55 to $250. Additionally, the cost for a retail clinic physical, at $25 to $49, can also result in savings compared to a physical at a physician's office that can cost anywhere from $50 to $200.



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