Since the government had started the practice of handing over major departments to private sector like health care and education, these areas are now more focused on employing techniques that can draw major profit flow. On examining the three crucial aspects of profit earning such as the number of patients, quality of staff and management, we come to a conclusion that all three areas go side by side and need to be checked upon regularly (Michael, 2006 ).
The numbers of patients are important, to a hospital; patients are the customers who are taking advantage of the health care services provided by that respective hospital. Another item that is associated to the number of patients is the type of patients coming in which is directly associated with the services that a hospital is providing at that particular time. In order to earn more profit in this field, it is important that hospital management keeps a steady check on the current trends of diseases or surgeries (Donna, 2003).
In crammed full hospital markets, particularly in areas inhabited by well-insured patients, such services participates an increasing role in the rivalry for market share. This expansion has raised chief questions about the classification of hospital quality and its advantages and costs to patients and society. Previously hospitals were considered to attract patients by create a center of attention through specialized physicians. Now, yet an additional style of competition has risen to be promising, in which hospitals struggle for patients straightforwardly, on the basis of amenities. National spending on hospitals has gone $700 billion in 2008 and is rising rapidly. These high and increasing costs have sparked apprehension all over the world (Harry, 2010 ).
Patients Who Are Willing To Travel across Borders to Obtain Health Care
It is seen quite frequently that with more exposure to media and the craze to look slim and glossy with perfect body figure and features have created a tide of people anxiously looking to surgically remove the access fat from their bodies, to go for breast implants, puffy lips or pointed nose. On the other hand, today's life style has given birth to a number of diseases never imagined before, which are rising constantly on an alarming scale. Hospitals are required to keep on updating their medical and surgical departments, regularly training their staff that how to cope with the new challenges and most importantly maintaining quality in all the sub-divisions in the hospital to ensure more earnings.
Developed countries like U.S., Europe and Australia, are way ahead in medical technology and medication as compared to the developing countries of the entire globe. This gives an added advantage to the hospitals and medical industry of developed countries to draw the attention of patients from all over the world. Diseases like cancer, certain types of brain ulcers, tumors and most complicated surgeries related to heart and brain are frequently and most successfully performed in America. Heart, liver or kidney transplant procedures are carried out more accurately in modernized countries as compared to the others who are still struggling to get proficient in intricate medical practices. People from all corners of the world are bound to get access to the hospitals which are outfitted with the most recent technology in the world. Such practice of traveling across borders in order to get medical care is termed as 'medical tourism' (Harry, 2010 ).
Many patients are willing to travel enormous distances to acquire medical care. Whether the place is a foreign choice halfway around the world or health care amenities several hours away in an adjacent state, U.S. citizens are progressively embracing the benefits of medical tourism. Rapid development of facilities for patients overseas has helped to encourage this industry growth.
As inbound medical tourism increases, the greater part of growth will be at the chief academic medical centers which have created partnerships with international programs. These medical centers will seem to increase their competence to provide accommodation the growth in foreign medical tourists searching to get hold of quality health care devoid of having to wait extensive periods of time.
The extension of medical tourism creates numerous opportunities for health insurers. The inexpensive substitute of receiving care abroad allows insurers to make plans that offer incentives for patients willing to travel for a diversity of procedures. As the price of health care carry on to rise in the United States, leveraging low-cost care overseas can help health insurers to augment profitability (Leiyu, 2011 ).
Employers are looking for less-costly care alternatives for their employees. Medical tourism will incarcerate employers' interest, but they will require selling it to their employees. A joint venture with health insurers that present medical tourism to U.S. patients can assist to lessen the financial burden of offering health insurance among all employees.
Medical tourism provides substantial opportunities for regulators and policymakers to make initiatives that will allow superior access to health care. However, the U.S. government may be vigilant when considering the promotion of an industry that will probably produce a loss of potential expenditure in the U.S. Also, declaration of quality care overseas will likely be a growing concern of policymakers.
Growing Rivalry for Inbound International Patients
The data on medical tourism suggests that people are willing to follow treatment abroad if excellence was similar and the savings were 50% or more. By distinction, inbound medical tourism across state lines will carry on to be an appealing opportunity for specialty centers with treatments unavailable in another place in the world or in a community setting.
U.S. is the hub of medical breakthroughs. U.S. medical services are latest, involves less amount of risk and for many affluent people U.S. equipments, doctors, surgeons and medical staff is the most trustworthy. America does have the extraordinary advantage over others that is the reason it is charging more for its health care services comparatively (Leiyu, 2011 ).
Global Price Differential among Hospitals
But the dramatic rise in U.S. health care costs has forced almost every local household to consider outbound medical tourism. This also had a negative impact on the numbers of inbound international patients. The excessive costs of health in America can be influenced by the following few reasons (Marsa, 1988).
back office paperwork ensuing from so many insurance providers keeping and caring old people in hospitals
doctors reluctant to hand over patients' first meetings to slighter trained health care people presence of widespread obesity supply-driven care, and shortage of skilled health-providers
Charges for Procedures like Hip Replacements
For example, the hip replacement surgery is highly expensive because the material used is designed to very high standards, with top quality medical grade supplies, and the surgeons who perform the surgery are scarce in number.
On the other hand, Health care services offered in countries like India, Korea, Singapore and Thailand are far cheaper than U.S. A number of medical services are provided on a low cut rate and sometimes in order to persuade people to travel to these countries to seek medical treatment, the airfare and stay in the hotel is also part of the whole package.
The current drift of Americans seeking health care services abroad is increasing tremendously, threatening the local industry to either bring down their costs or invest in treatments and medical procedures that are not much popular elsewhere.
How to Attract International Patients
The latest universal inclination towards a more incorporated world is challenging our comprehension of public health. Health care services are increasingly going international due to the latest trend of integrated through information technology. In order to stay competitive all over the world in health care services public health professionals need to find out novel ways of drawing attention.
There are a number of reasons why people prefer to move abroad for health care services. Wealthy populace considers highest possible quality available. Other people go for economical treatment elsewhere. Through internet individuals can now easily get in touch with the foreign health providers. Due to globalization, moving around in the world has become inexpensive.
Sometimes reasons are very genuine such as patients who are looking for injection of stem cells, abortion or sex-change operation, which may not be available in their own respective countries due to cultural, religious or legal restrictions. The overwhelming drift of medical travel can either enhance or depreciate the quality and availability of health care services for local population.
With more foreign patients coming in, health providers invest in more services and equipments. This eventually helps local people to get advantage of new medical technologies in their own country. Profits that had been made by the offering medical help to foreigners can be re-invested into areas where the attention of highly trained medical professional can be drawn (Marsa,1988).
Medical travel can increase or decline the availability and eminence of health care for home inhabitants. The prospect of foreign patients brought some health providers with the opportunity to raise their services and professional skills, which eventually remunerate local residents. Profits accumulated…