Aug
27
Bupa Expands Health Care Select Product Line
Filed Under BUPA, Health Insurance, Healthcare, Insurance Company, Medical Insurance | 3 Comments
Bupa has added Health Care Select 3 Plus (HCS3P) as a fifth choice in their Care Select insurance product line, effectively extending their Heartbeat range of plans offered to individuals in search of private medical insurance.
In the scheme of the Heartbeat Range, Health Care Select 1 delivers the most comprehensive cover, whilst Health Care Select 4 brings the lowest level of cover. Health Care Select 3 Plus fits right in between these two levels of medical cover. A specialist plan that provides medical cover for heart and cancer is also included under the Heartbeat Range.
Health Care Select 3 Plus covers the full cost of hospital charges and the fees of consultants for in-patient and day treatment, including cancer treatment. Also covered are the full cost of radiotherapy and chemotherapy, diagnostic tests and therapies for cancer treatment, as well as eligible outpatient cancer drugs. The benefits for outpatient treatment have a coverage ceiling of US$1,550 (EUR 1,220) for the combined cost of consultations, diagnostic tests, physiotherapy and other therapies.
Other benefits in this new HCS3P plan include the cost of a private ambulance up to US$93 (EUR 73) each tip, accommodation for one parent when staying with a child under 12 years of age who is receiving in-patient treatment, plus access to the Bupa health line service. Not covered under this plan are the complementary medicine and psychiatric treatments.
By removing benefits such as psychiatric treatment and limiting the outpatient coverage, this plan reduces the amount paid in the form of premiums, something that clients concerned with the cost of the plan may find reasonable, as not all clients feel that these benefits are necessary.
As a trend, the modular approach in the level of cover offered by insurance product lines, like the Heartbeat Range offered by Bupa, is gaining attention among providers of private medical insurance and other companies are coming out with their respective product offerings.
The following table summarizes the benefits offered by the Health Care Select products in the Heartbeat Range:
Insurance Company mentioned:
Bupa is an international health insurance company that provides health insurance for individuals and companies all over the world. Bupa has offices on three continents and over 7 million customers’ world wide. As a provident association Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world.
Aug
23
Emergency Evacuation Coverage Often Ignored
Filed Under Expat Insurance, Health Insurance, Healthcare, International Healthcare, Medical Insurance, Spain, United Kingdom | 4 Comments
With the ability to travel across the world getting easier every year, one thing many people do not take into account is the price of getting home should an accident occur. Cases like Carrie-Anne Dudbridge and Ryan Elley are sad illustrations of the necessities of travel insurance in the modern age.
There have been a number of incidents this year involving holidaymakers, many of them from Britain, who have suffered a tragic accident while vacationing in another country. Many of these occurrences have happened within Europe, likely due to the fact that traveling between European Union member states is an easy and economical way to reach some of the most sought after travel destinations in the world.
The European Health Insurance Card (EHIC), which replaced the E111 in 2006, also reassures travelers within the EU, by offering them some level of health insurance coverage when visiting other member states. However, in some cases the EHIC may be lulling people into a false sense of safety, as many are still confused over what exactly is covered by the EHIC.
The EHIC guarantees holder the same access to healthcare as a local resident in the event of illness or accident while traveling. While this can lead to some minor aggravation and bureaucratic hoop-jumping, depending on whether the country the EHIC holder is visiting has copayments, or relies on a system where you pay for treatment up front and claim the costs back, recent accidents have demonstrated that it is no replacement for actual travel or international health insurance.
Should someone suffer an unforeseen catastrophic injury that requires hospitalization while on vacation, it may be necessary to transfer the patient by air ambulance to the nearest medical facility capable of providing the necessary care. Furthermore, depending on the quality of the local healthcare system or the feasibility of waiting for the patient to recover enough to travel home regularly, it may be necessary to transport the patient back to their home nation via medical repatriation. In either case, the costs associated with both air ambulances and medical repatriation are extraordinary; without the appropriate medical insurance in place individuals are left facing thousands of dollars in fees.
Ryan Elley and Carrie-Anne Dudbridge are just two of the most recent in a long line of unfortunate accidents in European getaway locations. Ryan Elley, 20 years old, made a last-minute decision to join his friends in Playa d’en Bossa, a well known party destination on the Spanish island of Ibiza, without taking out health insurance. While at the Jet Apartments at the resort, Elley fell from a second floor balcony, breaking his spine in three places, puncturing a lung and suffering serious head injuries. Elley was the second British national to fall from a balcony at the Jet Apartments, after Peter Carter was injured earlier in 2010 when he attempted to jump from a 3rd floor balcony into the pool, but misjudged the distance. This activity has apparently happened frequently enough that it is now dubbed ‘balconing’ and Spanish authorities in the Balearic Islands are asking tourists to restrain themselves to prevent injuries.
Ryan Elley was placed in a medical coma at the Son Dureta hospital in Palma, Majorca. His parents are trying to repatriate him to England, but due to the fact he did not take out medical insurance they now face a GBP 15,000 (USD 23,360) bill for the air ambulance. So far his family and friends have raised GBP 8,000 towards the costs of the air ambulance.
Carrie-Anne Dudbridge was a newlywed on her honeymoon to the Greek island of Corfu with husband Michael Dudbridge, when she suffered a tragic accident and fell 20 feet from the balcony, fracturing her spine in three places. The Dudbridges did have the EHIC, which they believed would cover their expenses in the case of an accident, however, they found out that the EHIC does not provide cover for medical transportation.
Because the couple did not have travel insurance, they faced having to pay GBP 16,000 (USD 25,000) for an air ambulance to repatriate Carrie-Anne back to England. Mr. Dudbridge launched an appeal for help on the internet, which thankfully has raised about GBP 20,000 (USD 31,190), enough to have the Dudbridges flown back to England on Sunday, August 22nd 2010, by Mediaviation, a private air ambulance service.
These incidents occurred in first world nations, Greece and Spain respectively, where the quality of healthcare and medical treatment is generally considered to be fairly high. If Carrie-Anne had suffered her injury in a country where the provision of medical treatment is much more limited the costs involved with transporting her home safely could be much higher. Were Ryan Elley to have been injured somewhere further a field than Spain, it could have been very difficult and cost-prohibitive for his family to fly out and assist him, in effect leaving him alone in a foreign country with no insurance.
Thailand for instance, where approximately 860,000 Briton tourists visited between March 2009 and 2010, happens to be the place where, proportionally, the most number of British tourists are likely to die or end up in hospital according to British Behavior Abroad, a report by the British Foreign & Commonwealth Office (FCO). The report also illustrates the unfortunate fact that due to financial pressures, many holidaymakers are forgoing travel insurance to save money.
It is important to make sure that you have some level of protection when traveling, whether that is through basic travel insurance or an international medical insurance plan that covers emergency evacuations. While having some form of protection is a start, it is necessary to have an understanding of what your insurance covers, as in some cases travel insurance will not cover you if there is an accident where drugs or alcohol are involved. Accidents do happen, and as Chris Bryant, the British Foreign Office Minister said, “Getting comprehensive travel insurance means that whilst an accident may disrupt your holiday, it won’t bankrupt you in extortionate medical or repatriation bills.”
Aug
20
CaliforniaChoice Health Insurance Exchange Reaches 20 Million Members
Filed Under Health Insurance, Healthcare, Insurance Company, Medical Insurance, USA Health Insurance | 1 Comment
CaliforniaChoice, a health insurance exchange that is a product of CHOICE Administrators, announced that it has become the first health insurance exchange in the United States to reach 20 million member-months.
Health insurance exchanges offer consumers an easy way to compare costs and benefit options across a variety of health insurance products from insurers participating in the exchange. CaliforniaChoice counts among its participants: Anthem Blue Cross, Kaiser Permanente, Health Net, Sharp Health Plan, and Western Health Advantage, as well as a variety of chiropractic, dental, vision and other ancillary benefit policies.
Started in 1996, CaliforniaChoice is geared towards providing individuals and small and medium-sized employers an accessible way to find health insurance that fits both their coverage and budget needs. By reaching the landmark of 20 million member-months, CaliforniaChoice demonstrates its position as not only the oldest health insurance exchange in America, but also one of its most successful. A member-month is simply the number of participants in the exchange who are members for each month.
While some state-run exchanges have not performed strongly, CaliforniaChoice demonstrates that with the right set up, the exchanges can be very effective. The apparent key to success as a health insurance exchange boils down to having a variety of quality health plans covering different levels of benefits and price points, combined with decision support tools to make finding the appropriate health insurance plan easier for participants.
As part of the Senate health reform bill, H.R. 3590, Patient Protection and Affordable Care Act, which was passed by the Senate in December 2009 and then by the House of Representatives in March 2010, each state must set up health insurance exchanges for individual and family health insurance plans, as well as small groups or companies of up to 100 employees. This mandate for health insurance exchanges takes effect on January 1, 2014.
The President of CHOICE Administrators, Ron Goldstein said “If done properly – as the privately run CaliforniaChoice has shown it can be – exchanges have the capacity to help us move to a more rational method of purchasing health coverage while getting society closer to achieving the noble goal of universal coverage for all its citizens,” continuing on to say that “In many ways the exchange is like a giant, online health shopping mall filled with an assortment of carriers offering their products at various price points and benefits, the CaliforniaChoice model has witnessed unprecedented success, and it’s not a stretch to call it a model for how exchanges should be established and administered under the new regulations.”
Companies Mentioned:
CHOICE Administrators
Based in Orange, California, CHOICE Administrators inc. is a subsidiary of Word & Brown, that deals with developing and administering employee-choice health benefit programs. They oversee health insurance exchanges like CaliforniaChoice and CaliforniaChoice 51+, which offer healthcare policies to individuals, families and small and medium sized groups.
Aug
10
Medical Tourism in the United Arab Emirates
Filed Under Healthcare, International Healthcare, Middle East | 9 Comments
The United Arab Emirates (UAE) is the number one destination for medical tourism in the Middle East, with an estimated 4.3 million medical tourists seeking treatment in the country.
In 2010 the medical tourism sector is expected to generate AE$ 1.7 billion (US$ 462 million). It is estimated that the second half of 2010 will see an increase of 13% compared to the same time last year – an indication of the strengthening demand for healthcare and the medical tourism industry.
The UAE is becoming a prime medical tourist destination due to its developed infrastructure, specialist doctors, state-of-the-art medical centres, and modern technology. These factors, together with a community which caters for sizable numbers of expatriates, have allowed the medical sector to develop and meet the needs of the patients from western countries.
The Dubai based Canadian Specialist Hospital is one of the Middle East’s most well established healthcare providers, catering to approximately 1500 American patients each month. The Chairman of the Canadian Specialist Hospital – Mohammed Rashid Al Falasi said “Treatment rates in the UAE are lower than overseas hospitals, while the country’s hospitals and healthcare centres offer a higher level of diagnostic, curative and rehabilitative services.”
The UAE has been able to provide medical services at a lower cost – when compared to North America and European counterparts in the private sector – with no waiting times in modern, fully equipped facilities. These factors provide significant incentives to patients who would otherwise face long waiting periods for treatment in public healthcare facilities in their home countries.
Demand for medical tourism has escalated over the years, driven by deteriorating national healthcare services, extortionate medical costs and long waiting times. This has contributed to strong demand for affordable medical treatment performed by highly trained medical specialists in state-of-the-art facilities.
Competition in the medical tourism industry is increasing with Malaysia promoting its healthcare facilities in the Gulf, emphasizing its lower cost base and its appeal as a tourist destination.
Singapore, India, Thailand and China also provide high quality and cheaper medical care compared to the UAE, but the UAE still has the ambition to establish itself as a specialist medical care provider in the Gulf region. The UAE continues to invest in the healthcare sector and to face the challenges arising from international markets; the comparatively higher cost of recruiting top medical professionals to the region poses a particular drawback. The challenges are exacerbated by residents in the Gulf region being prepared to travel to Singapore, India, China and Southeast Asia for treatment because of the availability of advanced care and lower charges.
Dubai Healthcare City is at the forefront of the medical sector and the medical tourism industry in the UAE. It offers a dedicated project designed to provide healthcare excellence across a wide range of specialties and meets international standards for healthcare quality. This consists of more than 90 medical facilities and 1,700 healthcare professionals, with the presence of global medical brands such as UK’s Great Ormond Street Children’s Hospital, American Academy of Cosmetic Surgery Hospital, Astra Zeneca and Johnson and Johnson.
However, the ability for the UAE to compete on price is a matter of concern, as the average cost of heart bypass surgery in the UAE amounts to US$44,000. This compares with an average cost of US$18,500 in Singapore, US$11,000 in Thailand, US$10,000 in India and US$9,000 in Malaysia, although a similar medical procedure is more expensive in the US where the cost is approximately US$ 130,000 or US$ 51,000 in a private hospital in the UK.
The UAE is facing strong competition from the Asian medical tourism industry, where the sector has been established for many years. The Asian market continues to develop and expand its influence, catering for international patients seeking medical treatment from cosmetic surgery to heart bypasses, with India being the dominant medical tourist destination; by 2014 it is forecast that the industry will be worth US$62.9 billion in India alone.
Although the UAE is developing its medical tourism industry region, Asian destinations such as Singapore, India and Thailand are the market leaders for providing medical treatment to foreign patients. Further competition will be forthcoming from other countries seeking to exploit the medical tourism industry such the Philippines, Taiwan and Latin American nations.
Companies Mentioned:
Dubai Healthcare City (DHCC)
Dubai Healthcare City was launched in 2002, to meet the demand for high-quality, patient-centred healthcare. DHCC is home to two hospitals, over 90 outpatient medical centres and diagnostic laboratories with over 1,700 licensed professionals occupying 4.1 million square feet in the heart of Dubai.
Canadian Specialist Hospital
Canadian Specialist Hospital was designed to deliver superior quality, inpatient and outpatient medical care in a luxurious environment, providing utmost comfort to patients and visitors.
Aug
6
AXA PPP International Continues Asia Expansion
Filed Under AXA PPP, China, Expat Insurance, Healthcare, Hong Kong | 3 Comments
After having established a dedicated health insurance operation in Asia, AXA PPP International is now in the process of revamping its distribution network to increase their capabilities in the region. Teaming up with AXA Asia General Insurance (AGI), their partnership aims to increase the volume of business for both life and general insurance in Singapore, Malaysia, Indonesia, Thailand, Hong Kong and China, places where AXA has already established a presence.
The AXA PPP – AGI joint venture plans to target local markets first, tightly linking the procured business towards improving the proposition of AXA PPP International to global corporations seeking to cover both expatriate employees and local national employees. In other words, provide expatriate cover as and when the client wants it, plus present them with a local market proposition for local employees.
According to the feedback from global corporate clients of AXA PPP International, it is no longer good enough to just buy a UK private medical insurance scheme and cover their expatriate employees, but they may also want to cover a high number of their local employees in the country where their office is located.
The new Asian operation will initially build relationships with local and regional brokers, whilst looking at how to comply with the legal and regulatory challenges to also work with UK-based brokers.
Insurance Company mentioned:
Originally known as PPP Insurance, the company became part of the Global AXA Group in 1999 and changed its name to AXA PPP in 2002. AXA PPP is now an international health insurance company with over 2 million customers around the world.
Aug
4
New International Coverages Offered by OneBeacon Insurance
Filed Under Expat Insurance, Healthcare, Insurance Company | 2 Comments
OneBeacon Insurance Group has recently added new areas of coverage to expand its international capabilities with two insurance products; International Kidnap and Ransom, and International Business Travel Accident. OneBeacon Insurance Group, Ltd. is a Bermuda-based holding company, listed on the New York Stock Exchange.
OneBeacon is aiming these two new products towards several of their specialty insurance customers with international exposure, particularly in technology, energy, financial services and property, and inland marine. Current OneBeacon policyholders within these market segments will be able to get the new coverages on offer at renewal, whilst new clients can get them any time now, as they became available at the beginning of this month, on 01 August 2010.
The coverage limits of the new International Kidnap and Ransom insurance range from US$50,000 (EUR 37,880) to US$5 million (EUR 3.8 million) per instance.
The new International Business Travel Accident insurance product offers 24-hour coverage, including 72-hour personal excursion protection.
The goal of OneBeacon is to offer critical global coverages in a seamless manner. These new coverages are actually built on the company’s @dvantage product platform and were designed to expand the current package of the policy, eliminating the need to purchase them on a standalone basis.
Insurance Company mentioned:
OneBeacon Insurance Group, Ltd. is a Bermuda-domiciled holding company that is publicly traded on the New York Stock Exchange. OneBeacon Insurance Group’s underwriting companies offer a range of insurance products sold through select independent agents, regional and national brokers, and wholesalers. As one of the oldest property and casualty insurers in the United States, OneBeacon traces its roots to 1831 and the Potomac Fire Insurance Company. Today, OneBeacon’s specialty insurance businesses are national in scope while its personal lines of business are concentrated in the Northeastern United States.
Aug
2
Health Plan Options Expanded in the Middle East by Aetna
Filed Under Aetna, Expat Insurance, Healthcare, Middle East, UAE Insurance | 1 Comment
The Regional Healthcare Plan (RHP) already offered by AGB to companies in need of healthcare cover for their expatriate employees living across the region has been expanded. There are now two Regional Healthcare Plans on offer: RHP Lifestyle Plus and the RHP Lifestyle plan, which have different levels of cover and benefits, and complement the portfolio of products for individuals and groups of all sizes offered by AGB.
Employers in the Middle East can look forward to an expanded choice of cost-conscious plans and options that can be customised to maximise their investment in employee benefits.
Benefits not normally offered under a local healthcare plan feature in the new Regional Healthcare Plan, in addition to covering both hospital stays and out-patient treatment, Regional Healthcare Plans include the following:
Access to the Aetna Global Benefits’ international healthcare provider network, consisting of over 750 hospitals, labs and medical centres in the Middle East, South-east Asia and Indian Sub-Continent countries;
Cover and evacuation benefits within the Arabian Gulf Cooperation Council (AGCC), Middle East, Southeast Asia and Indian Sub-Continent countries;
Out-of-area cover for accident and emergency treatment and for elective treatment in the country of nationality of a member, should the said country be outside the area of cover; and
Optional benefits including routine dental treatment, pregnancy and childbirth, chronic conditions and wellness.
Members of the RHP also enjoy access to AGB resources and services aimed at helping them achieve optimum health and productivity, including both the online Global Health Databank, and the online Health and Wellness Centre. The Global Health Databank provides a search tool for doctors and medical facilities, city profiles, medical translation services and worldwide safety and security information. The online Health and Wellness Centre contains a wealth of educational information and resources about the key, developing health conditions in the region.
Companies mentioned:
Aetna Global Benefits, the international business segment of Aetna, is committed to helping create a stronger, healthier global community by delivering comprehensive health benefits and health management solutions worldwide. AGB’s expatriate business is one of the industry’s largest and most prominent US-based international health benefits providers, supporting more than 400,000 members worldwide. The organisation’s health management business collaborates with healthcare systems, government entities and plan sponsors around the world to design and build locally-applied health management solutions to improve health, quality and cost outcomes.
Aetna is a leading global diversified healthcare benefits company head-quartered in the US, serving approximately 35.8 million people with information and resources to help them make better informed decisions about their healthcare. Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioural health, group life and disability plans, and medical management capabilities and healthcare management services for Medicaid plans. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans, governmental units, government-sponsored plans, labour groups and expatriates.
Aug
2
Medical Tourism – The Growing Trend Continues
Filed Under Health Insurance, Healthcare, International Healthcare, USA Health Insurance, United Kingdom | 11 Comments
The growing demand for private healthcare in buoyant Asian markets is highlighted by the Malaysian state owed Khazanah Nasional Berhad winning the battle to acquire Singapore’s Parkway Holdings, against stiff competition from Indian based Fortis Healthcare.
In 2009 Fortis Healthcare estimated the Indian healthcare market to be worth US$38 billion; this it is expected to rise to US$62.9 billion by 2014. Foreign nationals seeking healthcare treatment are being drawn to private Indian healthcare providers, as medical treatment can be offered at a fraction of the price compared to USA and European healthcare alternatives.
The Indian medical industry has seen particular growth in recent years, taking full advantage of the demand for modern, high quality, medical treatment for patients throughout the world who require affordable treatment in internationally recognized hospitals. This is being driven by India’s ability to rival other recognized sources of quality healthcare in the Asian region, such as Thailand and the Philippines, both in quality and cost.
The position has now been reached where a procedure for a heart bypass can be conducted in a private Indian hospital for approximately US $10,000; compared with an Asian rival in Thailand or Singapore, where costs amount to between US $11,000 to $18,500 it can be immediately seen that the Indian Healthcare option is by far the more affordable. A similar treatment in the USA would cost approximately $130,000 well out of the range of most average patients to cover out-of-pocket.
Patients in the United Kingdom, USA, Australia and Canada are often used to treatment by Indian medical professionals, who have been present in private and public healthcare facilities for many years in these countries due to the higher wage levels, and more comprehensive employment opportunities. This presence of Indian medical professionals in Western nations has given foreign patients confidence in seeking medical treatment in India.
The Indian government is taking measures to ensure maximum potential by giving consideration to the provision of a visa to a patient and escort, with a possible extension for a three year period. This should ensure that patients traveling to India for the express purpose of receiving medical care have an easier time entering and exiting the country, in addition to ensuring that these same patients have the support they need from their escorts who have historically faced a challenge in entering the country to accompany someone seeking medical care.
The medical tourism market in Asia initially arose in Singapore, with the island nation raising the bar for medical treatment by setting the standards to rival the US. Thailand and Malaysia followed suit with comprehensive medical tourism offerings catering to overseas patients. However, private healthcare in India emerging as the dominant provider in the region, and in more recent times, has become particularly aggressive in acquiring private healthcare facilities.
However, countries such as Taiwan and South Korea are also taking measures to penetrate the private healthcare market with the objective of securing a slice of the business currently dominated by the four main Asian based suppliers. The South Korean government is taking steps to grow the medical tourism industry by offering a high standard of medical care to the Japanese market – especially in regards to cosmetic surgery, such as facelifts.
The top Asian private healthcare providers in Singapore, India, Malaysia and Thailand are battling to increase their strength in the market. National healthcare providers in the West are burdened with increasingly aging populations which often require heightened levels of medical care. In a unique recent development, despite the fact that not all residents of first world nations have private healthcare insurance, in some cases the national health services in these countries are willing to fund procedures in Far East countries. Some North American and European countries are all considering such a plan if they do not currently have a similar proposal already in place. This key development will only serve to open up the private healthcare market in Asia, and as such more growth is forecast.
Much of the demand for private healthcare in Asia comes from Africa and the Middle East, where the healthcare infrastructure is still lagging behind the rest of the world world. There is an increasing number of western patients seeking medical treatment in foreign private healthcare facilities, especially in India. India has emerged as a popular destination for western couples seeking treatment for medical procedures which would be prohibitively expensive in developed nations such as fertility treatment. Asian private healthcare providers can rival western nations with their quality-of-care, state-of-the-art treatment centers and highly trained medical professionals. These facilities enable them to take full advantage of the stagnant national healthcare systems in the UK, Canada, and the extraordinarily expensive procedures in the US.
Asian private healthcare providers are looking to the US to increase their revenue and boost profits. For example, a patient in the US who requires a heart bypass, may need to pay US$ 130,000 for the procedure, while the same operation in a private hospital in Bangkok can cost in the region of US$30,000. A popular procedure for foreign nationals is hip replacements; increasing numbers of patients are seeking treatment in countries like Singapore, at a cost of US$ 12,000 or $9,000 in India, compared to US$43,000 in the USA.
The aim of various Asian governments is to take full advantage of the growing profitable medical tourism market. The success experienced in this industry by countries like Singapore and Thailand has lead to governments of Taiwan and Malaysia offering private healthcare providers with high levels of support to encourage investment in the medical tourism sector. The Taiwanese Department of Health estimates the medical tourism industry will create 3, 860 jobs and generate US$ 342 billion worth of revenue by 2014.
However, medical tourism has not been immune from the economic downturn; the renowned Bumrungrad Hospital in Bangkok reporting a 22 per cent decline in profits in 2009 from the highs of 2007.
Medical tourism looks certain to continue its explosive advance throughout the Asia-Pacific Region; Singapore estimates the 1 million medical tourists entering the country generate US$1.6 billion annually. Malaysia is expected to increase its market share in the lucrative industry to approximately US $600 million over the next 5 years. The future of medical tourism in Asia is to focus on the American and European market. Its intention is to build confidence in the sector; offering patients’ unrivaled value for money with medical procedures ranging from hip replacements to heart bypasses.
As US insurance companies consider adding Asian private healthcare providers to their coverage, the medical tourism across the Asian regions looks certain to continue rapidly, expanding its reach to foreign patients.
A typical average price comparison, in terms of the costs of various operations, in India, Singapore, Thailand, and the USA can be seen below:
| Procedure | India | Singapore | Thailand | USA |
| Heart Bypass | 10000 | 185000 | 11000 | 130,000 |
| Heart Valve Replacement | 9000 | 125000 | 10000 | 160000 |
| Angioplasty | 11000 | 13000 | 13000 | 57000 |
| Hip Replacement | 9000 | 12000 | 12000 | 43000 |
| Hysterectomy | 3000 | 6000 | 4500 | 20000 |
| Knee Replacement | 40000 | 13000 | 10000 | 8500 |
| Spinal Fusion | 5500 | 9000 | 7000 | 62000 |
All figures are shown in US $
Companies mentioned:
Parkway Holdings Limited
Parkway Holdings Limited, is one of the region’s leading providers of healthcare services, with a network of 16 hospitals with more than 3,400 beds throughout Asia, including Singapore, Malaysia, Brunei, India and China.
Fortis Healthcare Limited
Fortis Healthcare Limited is a healthcare provider having a network of 28 hospitals, satellite centers and heart command centers with nearly 3,300 beds capacity.
Khazanah Nasional
Khazanah Nasional is the investment holding arm of the Government of Malaysia and is empowered as the Government’s strategic investor in new industries and markets.
Bumrungrad International
The Group’s principal activities are owning and operating hospitals. Its flagship hospital, Bumrungrad International, is a renowned medical centre attracting over 1 million patients annually and named one of the world’s top ten international hospitals by Newsweek International. The Company also owns a businesses in real estate and anti-aging and functional medicine.
Jul
29
FICCI Releases Report Aiming to Improve Healthcare through Insurance
Filed Under Health Insurance, Healthcare | 3 Comments
The Federation of Indian Chambers of Commerce and Industry (FICCI) has released the results of the developmental framework to provide high quality healthcare through insurance in a document titled “Health Insurance Report, 2010”. Among the recommendations to give a boost to the health insurance sector, the report highlights the need for creating consumer awareness and satisfaction, quality healthcare delivery, improved insurance services, and an increased level of trust between insurers and healthcare providers.
FICCI includes in the report the results of deliberations from three working groups identified as follows;
(1.) ‘Promoting Quality in Health care through Health Insurance’,
(2.) ‘Standardisation of Billing Procedures in Hospitals and Contents of Discharge Summary Format,’ and
(3.) ‘Standardisation of Third Party Administrator (TPA) and Insurer’ and ‘TPA and Hospital Contracts’.
The working group on topic (1.) proposes to develop a framework leading to ‘Pay for Quality’ by achieving a common approach to promote and measure the quality of the healthcare services delivered in the country, through the development of an incentive and disincentive mechanism applied by the insurance industry, using a uniform approach with standard parameters for Quality across the healthcare industry. Implemented over a number of years, the Group recommends a staged and transparent process, whereby providers are informed upfront on the quality expectations. Another objective is to bring small-, medium-, and large-sized healthcare providers into a uniform quality control process covering and leading towards accreditation and beyond, allowing them sufficient time to implement the essential criteria in a gradual manner, and develop their Quality systems and processes, having disclosed to them upfront the expectations and stages.
The part of the report by the working group on topic (2.) suggests standardising the billing formats and enabling the mapping of the hospital information systems in accordance with the specific data requirements of the insurance companies, in order to achieve a faster claims processing time and an enhanced analysis of information handled by all the healthcare providers in the country.
On topic (3.) the working group proposes the development of a basic template for TPA and insurer contract in order to achieve uniformity across the industry and avoid multiple versions in the clauses of the agreement.
With the goal of customer satisfaction at its core, the FICCI Report envisions an ideal universe of health insurance business, greater penetration of health insurance products and affordable quality healthcare for everybody.
Organisation mentioned:
Established in 1927, FICCI is the largest and oldest apex business organisation in India. Its history is closely interwoven with India’s struggle for independence and its subsequent emergence as one of the most rapidly growing economies globally. FICCI plays a leading role in policy debates that are at the forefront of social, economic and political change. Through its 400 professionals, FICCI is active in 39 sectors of the economy. FICCI has joint business councils with 79 countries around the world.
Jul
27
Fortis Ends Bidding War Leaving Khazanah in Position to Buy Parkway
Filed Under China, Healthcare | 2 Comments
On Monday July 26th 2010, Fortis Healthcare Ltd. rescinded its SGD 3.2 billion (USD 2.3 billion) offer to buy remaining Parkway shares, leaving the subsidiary of Malaysian sovereign fund Khazanah, Integrated Healthcare Holdings, free to purchase all outstanding Parkway Holdings shares.
Khazanah, through Integrated Healthcare, had originally offered SGD 1.18 billion (USD 835 million) to increase their stake in Parkway Holdings from 23.9 to 51.5% in May 2010. Fortis then offered SGD 3.78 (US2.71) per share for all remaining shares. However, since Fortis dropped their plans for taking over Parkway on Monday, Khazanah has offered SGD 3.5 billion (USD 2.57 billion) for all outstanding shares in Parkway, making it three times larger than their previous offer for a simple majority stake.
Fortis has come to an agreement with Khazanah to sell its 282.7 million share stake in Parkway at a price of SGD 3.95 (USD 2.9) per share, translating to a total of approximately SGD 1.12 billion (USD 822.3 million). The deal will give Khazanah the keys to the Parkway kingdom, which includes 16 hospitals throughout Asia, offering more than 3,400 beds in places like Singapore, China, Malaysia, Brunei and India.
Malvinder Mohan Singh, the Chairman of Fortis and Parkway said that “After considered and deliberate discussions, we have decided to divest our strategic stake in Parkway and have reached an agreement with Khazanah to accept their voluntary general offer. Our decision to exit our investments took into account the interest of all stakeholders of Fortis. It was made after careful assessment of the intrinsic value of Parkway and in light of other growth opportunities available to us across the region and globally.”
The offer made through Integrated Healthcare will close on August 16th, with a Director of Integrated Healthcare Holdings, Ahmad Shahizam Mohd Shariff, saying that “If our voluntary general offer is successful, then we will be able to achieve the vision we outlined when we launched our partial offer, to create Asia’s premier regional healthcare platform,”
Companies Mentioned:
Fortis Healthcare International
Founded in India in 1999, Fortis Healthcare International is a healthcare provider that currently operates 46 hospitals in India, which are organized as a hub and spoke model around their specialty hospitals. They offer laboratory, wellness, information technology, travel and financial services through the wholly owned Religare Enterprises Limited.
As Malaysia’s state investment company, Khazanah Nasional Berhad is responsible for managing the Malaysian Government’s investments as well as strategically investing in new sectors and markets. Khazanah Nasional was incorporated as a public limited company in September 1993 and started operations the following year. All shares are owned by the corporate body of the Minister of Finance Incorporated, except for one owned by Pesuruhjaya Tanah Persekutuan, the Federal Land Commissioner. Khazanah holds investments in more than 50 companies, including but not limited to companies engaged in aviation, banking, electronics, healthcare, manufacturing, and telecommunications.
First listed on the Singaporean stock exchange in 1975, Parkway Holdings has become one of the top-quality integrated healthcare providers in Asia in the intervening years. Parkway now operates 16 hospitals in Asia, with over 3,400 beds throughout Singapore, China, Malaysia, India, Brunei, and the UAE. Parkway also boasts a nursing and health science college, extensive diagnostic, imaging and laboratory resources and the largest foreign owned medical network in Shanghai.
