As promised last month, here is the Spotlight article from Medical Travel Today.com about Ashley Furniture’s foray into Medical Travel for their employees.
In case you missed it, here is the link to part 1 of the article.
From the One Hand Washes the Other department comes the following Spotlight article from Medical Travel Today.com.
Ashley Furniture, based in Wisconsin, is one of the largest manufacturers of home furnishings in the world.
I met Rajesh Rao in 2014 when I attended the Costa Rican Medical Travel Summit in Miami Beach. Rajesh’s company was also instrumental in convincing another furniture manufacturer, HSM in North Carolina, to first send patients to India, then to Costa Rica for medical care. I have written about this in previous posts.
This article is part one, and part two will run next month.
Note: The following is a re-print from U.S. Domestic Medical Travel.com, one of two publications from CPR Strategic Marketing Communications. They also publish Medical Travel Today.com, and both publications have re-printed several of my posts on both of their newsletters, so I am returning the favor, which they have paid me many times over. I do not vouch for the accuracy of the data in the article, so please address any comments to the author.
Here is the article:
Global Medical Tourism Market By Treatment Type and by Region – Industry Analysis, Size, Share, Growth Trends and Forecasts (2016 – 2021)
The global medical tourism market has been estimated to be valued at USD 14,278 million, and it is anticipated to reach a market value of USD 21,380 million by the end of 2021 at a projected CAGR of 8.41% during the forecast period, 2016 to 2021.
Medical tourism involves travelling to another country for obtaining medical treatment. It is a high-growth industry driven by globalization and rising healthcare costs in the developed countries. A study shows that in United States, about 750,000 residents travel abroad for healthcare each year. A range of governments across the globe has taken up various initiatives to stimulate and improve the medical tourism in the respective countries in order to improve patient care and help expand the market. Many countries could see potential for significant economic development in the emergent field of medical tourism. Cosmetic surgery, dental care, elective surgery, fertility treatments, cardiovascular surgery and genetic disorder treatments are the most preferred healthcare treatments in this sector.
High cost of medical treatment in the developed countries and availability of those treatments at a lower cost in other countries have fueled the development of medical tourism. In addition, the availability of latest medical technologies and a growing compliance on international quality standards drive this market. The use of English as the main working language solves the problem of communication and patient satisfaction, adding to the growth of this market. Enhanced patient care, health insurance portability, advertising and marketing help the medical tourism industry to grow at a fast rate. On the other hand, infection outbreaks during or after travel, issues in following up with the patients before returning to their own country, and medical record transfer issues are the factors restraining the growth of the tourism industry. However, the unavailability of certain treatments at a lower cost hampers this market more than any other factors.
The global market for the medical tourism industry is segmented based on treatment type (cosmetic treatment, dental treatment, cardiovascular treatment, orthopedics treatment, bariatric surgery, fertility treatment, eye surgery and general treatment) and geographical regions. Cosmetic treatments hold the largest market share, as cosmetic surgeries are not covered by insurance.
Based on geography, the market is segmented into North America, Europe and Asia-Pacific. APAC holds the largest market share, followed by Europe. Thailand and Malaysia are strong markets with prospect for significant growth, followed by Korea.
The key players in the global medical tourism market are Bangkok Hospital Medical Center, Asian Heart Institute, Apollo Hospitals Enterprise Ltd., Bumrungrad International Hospital, Fortis Healthcare Ltd., Min-Sheng General Hospital, Raffles Medical Group, Prince Court Medical Center, KPJ Healthcare Berhad, and Samitivej Sukhumvit.
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FierceHealthcare.com today reported that CMS (those lovely folks with all them rules), launched three new policies Tuesday that continue the push toward value-based care, rewarding hospitals that work with physicians and other providers to avoid complications, prevent readmissions and speed recovery.
The newly finalized policies are meant to improve cardiac and orthopedic care, and also create an accountable care organization (ACO) track for small practices, according to the report.
There will be three new cardiac care payment models for hospitals and clinicians who treat patients for heart attacks, heart surgery to bypass blocked coronary arteries, or cardiac rehabilitation following a heart attack or heart surgery.
Federal officials said that the cost of their care…varied by 50% across hospitals and the share of patients readmitted to the hospital within 30 days also varied by 50%. Medicare, the article points out, spent more than $6 billion in 2014 for care provided to 200,000 Medicare patients who were hospitalized for heart attack treatment or underwent bypass surgery.
As for orthopedic care, the new payment model is for physicians and hospitals that provide care to patients who receive surgery after a hip fracture, other than hip replacement.
They also finalized updates to the Comprehensive Care for Joint Replacement Model, which began earlier this year.
So far, that’s three models. But wait, there are more where those came from.
There’s the new Medicare ACO Track 1+ Model, that has a more limited downside risk than other tracks in the Medicare Shared Savings Program (another model I discussed a while back in the post, “Shared Savings ACO Program reaps the most for Primary-care Physicians“).
These new five-year models provide clinicians with other ways to qualify for a 5% incentive payment through the Advanced Alternative Payment Model (APM) path under the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) and the Quality Payment Program. (three more models — so many, in fact, I am losing count)
Why am I pointing out the problem with the release of new payment models?
I’ll tell you why. When I began my MHA (Masters in Health Administration) degree program, I took an online elective on Healthcare Quality. The textbook we read discussed how CMS over a period of several decades, created and instituted so many models and programs, that it made me wonder why our health care system was so complex, expensive and so out of whack compared to health care systems of other industrialized countries.
The answer was simple. Too many models, programs, rules, and so on that only gum up the works and make real reform not only impossible, but even more remote a possibility as more of these inane models are added to what is already a broken system.
Winston Churchill said that you can always count on Americans to do the right thing, after all the other things were tried. We are still on the trying part, and I am afraid we will never get to where Sir Winston said we would.