Money talks. Will the health care industry listen?
While there’s still plenty to like about U.S. care, it’s getting harder and harder to ignore the facts.
These days, it’s clear that people are often incredibly passionate and stubborn about their beliefs and opinions. But despite the intractable positions held by many, I’ve also noticed that one thing tends to change people’s minds faster than any other: money. For example, I have relatives who faithfully search for a “Made in America” sticker before making any purchase and would never consider driving a Toyota or Honda, but are more than willing to purchase medication from Canada if the price is right.
And this same trend is becoming more common among U.S. employers and their brokers, as well. The U.S. has long been known as a top destination for those seeking medical treatment from around the world.
Related: High prices still the cause of ridiculous health care spending
However, an increasing number of Americans are now flipping the script and looking outside our borders for their health care. As Dan Cook writes in our cover story, “Pack your bags?” (page 11), a recent study by the University of Arizona predicted a 25 percent annual increase in foreign medical tourism by U.S. citizens. Why?
“The reason more Americans have become medical tourists is simply that they are seeking less expensive health care,” the doctors write. “Because we have the most expensive health care system in the world, it is not difficult to find countries that offer various procedures at 30 percent to 65 percent of the cost of care in the United States.”
And according to surveys by the Medical Tourism Association, many Americans who’ve tried it are happy with the results:
• Almost 70 percent of patients rated their medical care as excellent.
• Almost 85 percent of U.S. patients found they received more personalized medical care than in the U.S.
• Almost 86 percent of U.S. patients said they would travel again overseas for medical care.
• The cost of medical treatment (85 percent) and state-of-the-art technology (83 percent) were the most important factors in their decision to travel abroad for treatment.
Now I know hearing that our health care system is no longer the best in the world doesn’t always go over very well. But while there’s still plenty to like about U.S. care, it’s getting harder and harder to ignore the facts. Our system is broken and it’s becoming more apparent by the day. Pride and patriotism are one thing, but complacency and stubbornness are another.
The majority of Americans, whether individuals or companies, would still prefer to spend their money at home, whether for goods, services or health care. But at the end of the day, money talks. Just one more reason America needs to get this thing figured out.
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