The Value-Based Healthcare Equation

Medical travel, almost by definition, increases the Value Based Care equation, which is defined as quality divided by cost or

 

Value Based Care (VBC) = Quality/Cost

 

The reason for this is simple. The purpose of medical travel is to receive care at a high quality low cost facility. Assuming patients only travel to accredited facilities, quality should remain somewhat constant among the various institutions while cost will decrease accordingly, thus raising the Value of that treatment or procedure. The key is to only use those facilities accredited by an organization such as the Joint Commission (accredits U.S. hospitals) or the Joint Commission International (accredits international facilities based on U.S. standards).

 

It used to be that international medical tourism was the best way to save the most amount of money. However, today that’s not necessarily the case. Many hospitals, clinics, surgery centers, etc are reducing their costs (while maintaining their level of quality) to attract patients from all over.

 

This trend isn’t going away, because as more patients shop for their health care needs, not only will they receive better rates but they’ll also receive better quality as well.  Health care providers are going to be forced to offer better products and services as well as better prices to attract these customers.

 

In the end, when a true economic marketplace exists for buyers and sellers – or patients and doctors, the system can become efficient for all.

 

http://www.youtube.com/watch?v=pD_bmZuYr94

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