Have you ever heard of the term medical tourism? If you haven't, I wouldn't be surprised if you hear about it very soon in the media. Medical tourism is a somewhat new phenomenon - new, within the last 5 years - where many people are choosing to travel overseas for medical treatment that would otherwise, pardon the pun, cost them an arm and a leg at home.
Sounds crazy? Maybe not so much, especially when many people in the US cannot afford costly procedures without health insurance. Or in Canada, maybe they can't wait months for a lifesaving - or lifestyle-saving - surgery. With medical tourism, they now have other options that may be a better fit for them.
Costa Rica's High Quality Healthcare
In the many articles that I have read about medical tourism, Costa Rica is often mentioned as one of the countries that many people travel to for medical treatment. It is one of the favored countries because of it's high quality of medical care. Many of the doctors are trained abroad and return to their country. They do not get paid as much as they would if they worked in the country where they received their medical education, but the cost of living is much lower, as are medical insurance expenses.
There are also many modern private medical facilities in Costa Rica, some with affiliations to US schools or businesses. For example, CIMA in the community of Escazu in San Jose, is affiliated with Baylor University Medical Center in Texas. Interestingly, CIMA will accept most major US and European health insurance plans, though you can pay cash for medical services. Even when paying cash, it's still reasonable.
Incredible Cost Savings
Many people who do travel abroad for medical treatment do so for plastic surgery or even dental work. Patients can get these treatments at a fraction of the cost of what they would spend in the US - even after airfare and lodging. Other medical tourists choose their treatment abroad because the treatment they want may not be available in their home country, or just too exorbitantly expensive. Medical tourists can see savings of 15% - 85%, and they are happy with the work.
Medical Tourism Presents Business Opportunities
In my opinion, the growth that is being seen in the medical tourism industry presents some unique opportunities for entrepreneurs. Facilities are needed for medical tourists for pre- and post-treatment care. There are opportunities for providing these facilities, as well as medical office buildings for the growing industry. If you are an investor, developer, or entrepreneur, give me a call and let's chat about these possibilities!
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