PRICE TRANSPARENCY
Your guide to
HIGH QUALITY AT LOW COST
Transparency
A study published in the American Journal of Medicine shows the number of medical tourists to all countries in 2018 was between 14 and 16 million, which generated $72 billion annually. Asian, European, and Middle Eastern countries are capitalizing on medical tourism with large healthcare institutions opening medical centers outside of the United States (US). Medical tourism is a rapidly growing and lucrative industry globally however; travelers often overlook the US due to a reputation for excessive healthcare costs.
The number of healthcare tourists from the United States has increased from 750,000 to 1.4 million in the last decade. The flow of tourists has shifted away from the US and into other countries providing a tremendous opportunity for foreign travelers to take advantage. For example, foreign patients receiving treatment without insurance receive up to a 65% discount.
US healthcare is complex primarily due to insurance companies. Hospitals and clinics often charge insurance companies exorbitant amounts for care, while companies try to negotiate these prices down. Insured patients pay a percent of these costs, and insurance companies inform patients on how much they have potentially saved overall.
In researching this article, I investigated the cost of an MRI brain scan with and without contrast in three different US hospitals; Denver Health, Martha’s Vineyard and Massachusetts General. Using a price estimator, it was relatively simple to determine the cost with and without insurance. See Table 1 below:
Table 1:
Denver Health Hospital
With insurance: $5,681
Without insurance: $1,988
Martha’s Vineyard Hospital
With insurance: $3,500
Without insurance: $2,525
Massachusetts General Hospital
With insurance: $6,494
Without insurance: $4,871
US hospitals greatly prefer the simplicity and convenience of patients who can pay upfront and out of pocket for their healthcare. This is exemplified by hospitals providing up to a 65% discount to patients who are not using third party payers. A Federal Law which passed in 2022 provides foreign nationals the ability to research healthcare costs for US based hospitals and increases access for medical tourism within the US. The “Transparency in Coverage” regulations aim to foster a competitive market for patients to seek treatment.
Medical tourists should not overlook the US in seeking treatment due to complexity or cost. Using the resources provided to you by the DrHelps team, you can confidently receive a high-quality of care at an affordable and low cost.
Omar
09/19/22
