Globalization has a dramatic impact on the United States economy. Major American suppliers of medical instruments and pharmaceuticals have a global presence. From the historical perspective, companies in developed countries have promoted globalization by providing products and services in developing countries and emerging markets, and at the same time enjoying the benefits of economies of scale. For the time being, the situation has changed developing countries are expanding and supplying their services in developed countries with quality products and services at considerably lower cost. The advantages of globalization reflected in development and manufacturing of products, which led to increase in global sales. Global companies have research
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As the example he uses the fact that Duke University Hospital has 900 hospital beds and 1300 billing clerks. Whereas the average Canadian hospital has a handful of billing clerks (4). Furthermore, a pattern between consolidation of medical institutions and an increase in price becomes evident. According to the report of the National Academy of Social Insurance (NASI) 40% increase in hospital market consolidation will lead to ‘significantly higher reimbursements from private payers’ …show more content…
Such behavior is known as ‘medical tourism’. In 2015 the trend is expected to grow as more and more people prefer to go to the Asian region, which is one is the fastest growing sector of medical tourism industry. (6) According to James H. Thrall there are four major categories of patients that contribute to the growing trend. First group consists of patients, who unable to pay large bills from US medical facilities. Medical billing would be considerably higher in the United States than in any other country due to circumstances mentioned previously. As a result, patients can have an access to high quality medical support oversees and in the end pay less for the whole treatment, including transportation costs compared to the amount that would be charged in the country. The second group is so called self-insured organizations. Usually these companies have direct connections with medical facilities outside the US and send their employees in order to lower cost of insurance. Third is competitive market demand for insurance companies to become flexible and provide opportunities that were not available before. For instance, such insurance companies, Anthem Blue Cross and Blue Shield and United Group Programs are going to include health tourism as a part of their coverage. At last, some types of medical care
As the example he uses the fact that Duke University Hospital has 900 hospital beds and 1300 billing clerks. Whereas the average Canadian hospital has a handful of billing clerks (4). Furthermore, a pattern between consolidation of medical institutions and an increase in price becomes evident. According to the report of the National Academy of Social Insurance (NASI) 40% increase in hospital market consolidation will lead to ‘significantly higher reimbursements from private payers’ …show more content…
Such behavior is known as ‘medical tourism’. In 2015 the trend is expected to grow as more and more people prefer to go to the Asian region, which is one is the fastest growing sector of medical tourism industry. (6) According to James H. Thrall there are four major categories of patients that contribute to the growing trend. First group consists of patients, who unable to pay large bills from US medical facilities. Medical billing would be considerably higher in the United States than in any other country due to circumstances mentioned previously. As a result, patients can have an access to high quality medical support oversees and in the end pay less for the whole treatment, including transportation costs compared to the amount that would be charged in the country. The second group is so called self-insured organizations. Usually these companies have direct connections with medical facilities outside the US and send their employees in order to lower cost of insurance. Third is competitive market demand for insurance companies to become flexible and provide opportunities that were not available before. For instance, such insurance companies, Anthem Blue Cross and Blue Shield and United Group Programs are going to include health tourism as a part of their coverage. At last, some types of medical care