We define Medical Tourism as “Health Journey”. After all, people suffering from any medical condition are discouraged to travel for it involves many risks but sometime patient’s conditions are so acute that the patient or the caretakers decide to take this leap for survival or better health conditions- A risk better taken than status quo.
LMW is positioned on higher grounds of this profession. We develop medical coaching and certification programs for universities, we teach doctors and collaborate with hospitals under the same umbrella. Our executive management is comprised of medical doctors and has established relations with hospitals of specialization in critical disciplines. We have instituted a strong patient referral program for those seeking an alternative treatments and progressive hospitals. Our medical professional expertise and working at the grassroots level gives us leverage over people who use Medical Tourism strictly as a business. To us it’s about the value of life and relentless pursuit of wellness.
Medical tourism is as old a phenomenon as human being started traveling out of their enclaves to discover certain tree roots and herbs for treatment and traveled across continents for it. Their journey was not necessitated by economics but the unavailability of medicine and the healers. Medical Tourism- while introduced as an alternative is becoming a mainstream Health-care management field. According to Dr. J. Bhagwati of Columbia University, Americans have saved up to 75 Billion dollars in one year by taking advantage of MT Health-care. Revenue attributed to MT for the year 2014 is at 65 Billion dollars according to a report published by “Frost & Sullivan Research”, and growing at the rate of 20%. Johns Hopkins and Mayo Clinics have now setup their offshoots overseas for the purpose of savings of HC cost. We believe that China is one of the most advanced countries in the world, both technologically and in physician care with an added benefit of new innovations and holistic approach to Medical Tourism.
It is not easy to leave the comfort of your home and familiar environment in a situation when you do not even feel good but it’s a journey some of us must take for a better health. Leaving home involves financial, physical and psychological risk but none of them are greater than the risk of not getting better under current conditions. While information is readily available on our fingertips the facilities have also gotten closer in distance with global traveling trends. Traveling for wellness and health is no different from traveling for leisure as a matter of fact it has become business as usual for some. Following are a few reasons attributed to Medical Tourism;
Advanced medical technology (AMT): Hospitals in developed countries are generally equipped with state of the art technology (which is not readily available in developing country’s hospitals. The technological know-how also gives an edge to the hospitals in the industrialized nations.
Advanced medical research and inventions: Industrialized nations invest into research and development of inventions and experiments to improve on health-care experience. As a result they are far ahead of other countries in implementing such procedures and invention which are not readily available in some countries. Stem cell research and organ implants are some of the prime example of such privileges which attracts patients from other parts of the world developing and industrialized alike. Cost effective Stem Cell research and organ implants are some of the prime example of such privileges which attract patients from other parts of the world developing and industrialized alike, to countries like China.
Legalities of medical procedures: An American interventional radiologist Dr. Charles Dotter experimented with a procedure to deliver a stint through a catheter to treat peripheral arterial disease in 1964. The experiment was successful Dr. Charles Dotter and Dr. Andreas Gruentzig experimented with the same procedure and found it not only successful but also a better option as a reconditioning of a body after surgical procedure. The procedures were not legalized yet and the medical doctors had to be creative about their practices in the beginning. Dr. Richard Myler of Emory University Hospital mentioned once that he had to travel to Latin America to perform angioplasty procedure which after getting a legal approval revolutionized cardiac care. Not all countries allow some medical procedures because of lack of scientific data , politics or religious taboos, as a result patients end up traveling to countries offering new innovative treatments for cure of critical diseases.
Economics of Health-care: Some countries, with the same technological advances in place have lower health-care cost than others. This makes those countries financially attractive for the insurance companies which are responsible for paying the bills for insured patients. This translates to tremendous savings and insurance companies offer the patient and their family member or caretaker expenses paid residence and other allowances to get the treatment in those select countries rather than countries like USA or UK where medical expenses are very high. Some hospitals have also established limited collaborative relation of guest patient programs in low risk situations.
Patient & caretaker’s choice: It does not come as a surprise that the elite class of developing countries have the option to travel to the developed countries for medical treatment. This gives them the sense of empowerment that their wealth is working for them and that they can exercise the right to choose whatever they like. This market segment is small but with a bigger spending budge on their wellness.
According to a report issued by Center for Disease Control and Prevention, Atlanta CDC Approximately 750,000 Americans travel overseas for medical treatment. The obvious reasons are
Anytime we come out of our comfort zone we involve risk in our activities. Following a list of risks and how Lead My World addresses them:
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