In the past, globalization has had less impact on the health care industry than other service sectors because of the localized nature of health care services. However, there have been recent advancements in outsourcing diagnostic procedures such as MRI scans, which could potentially save around $70 billion in health care costs within the United States.
Various factors, including the high cost of medical care in the United States, fuel the trend of globalization. With approximately 45 million uninsured Americans and many others encountering expensive copayments, seeking treatment abroad becomes a more affordable alternative. Furthermore, escalating insurance expenses for corporations are prompting some large American companies to consider healthcare options overseas. The globalization of health care offers potential savings opportunities.
The globalization of healthcare is advantageous for patients as
...it enables them to access treatment in foreign countries. In the United States, patients can reduce healthcare expenses by 20 to 35 percent through seeking medical care abroad. Mexico, India, and Singapore are the top three nations that receive American patients, with more than 1 million individuals being treated in these countries in 2007. This international movement of health personnel has become a significant component of the global trade in health services and has garnered attention from both scientific and mainstream media (Inter. Business 9th Ed, Page 42). Personally, I believe that the globalization of healthcare benefits patients.
The concern about the quality of medical care in foreign countries can be alleviated because most doctors who treat patients there have been trained in the United States or Britain. These physicians have received equivalent training to those treating individuals in the United States, having attended the sam
schools and undergone similar training. The globalization of healthcare can benefit all individuals in need of medical procedures, regardless of their insurance coverage. For example, Adrienne De Forrest had hip surgery in Chennai, India, and David Jones had bypass surgery in New Delhi, even though they were uninsured.
Both De Forrest and Jones underwent surgeries, with De Forrest's procedure costing $8,000 and Jones' totaling $16,000 including travel expenses. If these surgeries had been performed in the United States, De Forrest would have been charged $45,000 while Jones would have faced a bill of $250,000. While Americans can receive medical services abroad, not everyone has the means or opportunity to access high-quality healthcare. Therefore, individuals in those countries should have equal access to quality care regardless of their financial circumstances or residency in a more developed nation. The cost for American patients for De Forrest's surgery is only $8,000.
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