How to make medical treatment affordable
In this article, we will describe some of the strategies that can be employed in order to decrease the cost of medical procedures.
1- What drives the cost of medical treatment and the strategies you can deploy to reduce it.
You may have noticed that medical treatment is expensive. According to Yale researchers, the USA spends 20% of its GDP on medical expenses. That is 1 of every 5 dollars spent. As a patient, you know that getting treatment always translates into a large bill at the end of the day. To be able to reduce your treatment costs, the first step is to analyze what drives these costs.
The system in place that prices medical treatment in the USA is complex, arcane and hard to understand. At the patient level (which is what we care about at the end of the day), the price you pay for surgery or other treatments is influenced by the following elements:
- The type of treatment you are getting: the condition for which you require treatment will require specific kinds of procedures. Sometimes, there is one standard treatment for it. Other times, a patient may be eligible for a variety of possible treatments. A medical professional will suggest the procedure that they believe is best adjusted for you. However, you can always ask about alternative treatment solutions. In the end, it comes down to what you feel most comfortable with that will provide you with your desired outcomes.
- The facility where the treatment is offered: in many cases, the hospital or medical facility at which you’re seeking treatment may have specific pricing policies around a procedure. And in many cases, you can “shop around” other institutions or providers that offer the same treatment and oftentimes, you will find that their prices are lower. This may be because they have different suppliers, they specialize in the type of treatment you’re seeking and can therefore offer a discount or because they’re located in cities where their overhead cost is lower. Looking at other facilities that offer the same treatment and asking them for an itemized quote can go a long way in reducing the cost of a procedure.
- The type of insurance you have: it is no secret that the end cost for patients will differ based on the type of insurance you have (or lack of). Some insurance plans will have significantly lower coverages than others and different plans will usually cover different conditions. And some insurance plans will even cover part of your treatment (even if not all of it). Approaching your insurance provider and asking what coverage they can offer you, even if they don’t fully cover all your treatment may help.
- Itemizing your treatment: usually getting medical treatment is a multi-step process. The central part of it all is usually a surgery that may account for a large part of the cost. But included in this treatment plan there may be some prepping to be done. And post-op care as well (such as rehabilitation). By itemizing your treatment plan, you can select different providers that offer you the best value for your different treatment processes. Once you know the full process of the treatment you’re comfortable with, one proven strategy to reduce the cost of the surgical process is to go abroad and have your surgery in a different country.
- Medication package: medical procedures will, by definition, require several rounds of different medication. These will help with anesthesia, antibiotics (preventing and fighting infection), anti-inflammatory medication and several others that may be required. You will need to follow the guidelines given to you by your provider. However, you can request to be prescribed the generic version of a particular medicine and in the case of particularly expensive doses, you can reach out to the laboratories who usually have patient advocates and may offer you discounted prices. Not all manufacturers have this type of program and not all of their drugs are covered. But in may help you save on the final bill.
- Find a different place for the surgery: the biggest item (aside from medication) in your final bill, will be the cost of surgery. Different doctors and different facilities will offer different prices. One of the best ways to offset this cost, is going to a different country.
2- Affordable treatment abroad: affordable doesn’t necessarily mean “cheap”
One of the biggest elements in the final cost of your treatment will be the surgery. The surgery package often includes pre and post operation care. It usually includes all the materials, medications and hospital fees that you may need during the procedure. However, this cost may prove particularly difficult to reduce in the US. Some reasons may be that doctors themselves are under significant financial strain and hospitals may struggle to reduce prices given their heavy overhead.
One solution may be to go abroad to get your surgery. Doctors in other countries have the necessary training and know-how to perform the treatment you need, often at prices that defy what you can find in the USA. The reasons for this are many: overhead for these professionals may not be as high. The same medication packages will be cheaper abroad than in the USA. And the general cost of labor and cost of living may be lower.
It is important to note, that even though price is an important consideration, it is not the only consideration and should certainly not be considered the main decision point in your treatment. Safety, quality, expected outcomes and the supplier’s reputation and track record should be elements that you take into account. Remember: there are costs that can’t be compressed. And whoever offers a “miracle cure” or treatments that cost less than the materials they cost should be considered with a grain of salt. Basically: make a list of the best there is. And then consider the price.
It may be difficult to do the proper research for medical professionals in a different country. And even then, making sense of the pricing and what is included in the treatment may be challenging. It even is difficult in the USA. One option that can help you a long way is to hire a professional agency to help you through this process. A medical tourism agency will help you obtain the treatment you need by bridging the gaps that naturally exist between medical systems.
3- How can Hillhouse Medical help?
Hillhouse Medical is an agency based in the USA and whose main goal is helping individuals requiring medical care abroad. We have extensive experience navigating the US medical system and we understand well the challenges our customers face.
If you are in a position where you require medical treatment abroad, we can help you with understanding what your options are and connect you with the best medical professionals abroad. We will put you in touch with fully accredited and incredibly well trained professionals that can provide you with the treatment you need. We take away the uncertainty of knowing who you’re dealing with and the logistics surrounding your treatment. And we offer you understandable, affordable quotes without ever sacrificing quality or your safety.
