May 31, 2006
Medical Outsourcing
Medical tourism is booming in the US, India and elsewhere in the world. Now US companies are trying to contain health-care costs. Medical expenses are high in the US as compared to other countries in the world. High-quality care and low-cost surgery is readily available in India, Thailand, Singapore and Malaysia. According to estimates, millions of surgeries are performed each year in the $2 trillion US health care system. As a result, companies are now planning to go for medical outsourcing to curb the rising health-care costs.
Most companies in the US may soon offer employees outsourcing as a health-care option. Major employers in the US are self-insured. They bear much of their employees' medical care. When they assess costs and benefits, they find the above countries as viable options for outsourcing the health-care services. Private payers are now ready to send patients abroad for uncomplicated elective surgeries in order to reduce costs.
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Mini-med plans are increasingly popular with contract and hourly workers, who are more likely than most other workers to be uninsured. But these plans are controversial because the buyers often think they cover more than they actually do.
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