We’ve all been there – you sit at your computer reading something that really resonates with you, but did you ever get the feeling someone was talking about you? Donald Trump just took credit for the White House releasing President Obama’s birth certificate, though he was never directly mentioned in the release from the White House. He just ‘had that feeling.’ Well, I have that feeling today, too. We always talk about LASIK eye surgery being the perfect example of how quality goes up and prices come down with competition in health care and how domestic medical tourism is very competitive with overseas prices when paying cash. Now, John Goodman is blogging about those very same topics. “Wherever there is competition…” there is MediBid!!
From John Goodman’s Blog:
If lack of price competition is normally associated with lack of quality competition, could the reverse be true? Do providers who compete for patients on price also compete on quality? There is a lot of evidence that they do.
Quality competition in health markets without third-party payers. In those health care markets where third-party payment is non-existent or relatively unimportant, providers almost always compete for patients based on price.
Where there is price competition, transparency is almost never a problem.Not only are prices posted (e.g. walk-in clinics, surgi-centers, etc.), they are often package prices, covering all aspects of care (e.g. cosmetic surgery, Lasik surgery, etc.), and therefore easy for patients to understand.
Wherever there is price competition, there also tends to be quality competition. In the market for Lasik surgery, for example, patients can choose traditional Lasik or more advanced custom Wavefront Lasik. Prices range from less than $1,000 to more than $3,000 per eye. In the international medical tourism market, some hospitals in India, Thailand and Singapore, disclose their infection, mortality and readmission rates and compare them to such U.S. entities as the Cleveland Clinic and the Mayo Clinic.
He also added:
One reason why so little is known about the domestic medical tourism market is that hospitals prefer that most of their patients not know about it. The reason: they are often offering the traveling patient package prices and lower prices not available to local patients. That occurs because the hospital is only competing on price for the patients who travel.
If traveling patients begin to make up a large percent of a hospital’s caseload, however, medical tourism has the potential to change the hospital’s entire business plan.