This is an editorial opinion by Frankie Wallace, a freelance writer from the Pacific Northwest.
Medical tourism is on the rise. Every year millions of Americans save between 40-80% on their medical costs by crossing the border or taking a short flight to receive the care they need. Even after the pandemic slowed international travel, more people are looking abroad for shorter wait times, better service, and lower costs.
Bitcoin can boost the medical tourism sector and help patients get the treatment they need at an affordable price. Bitcoin can make overseas transactions easier and ensure that everyone gets a fair deal.
Medical Tourism
Medical tourism has a bad reputation. It is usually associated with experimental treatments, suspicious surgeons, and cosmetic procedures. However, this problem is generally overplayed and overstated. For millions, medical tourism is a lifeline that helps people get the care they need at an affordable price.
The CDC defines medical tourism as the practice of traveling to another country for medical treatment. Common medical tourism destinations include Canada, as well as countries in Central America, South America, and the Caribbean.
The CDC warns that medical tourism carries risks. Flying soon after surgery increases the patient’s risk of deep vein thrombosis. Medical tourists may be exposed to bacterial infections due to their lack of immunity and should carefully examine their treatment provider before undertaking treatment.
People choose to travel abroad for various treatments. However, medical treatment is particularly popular for treatments with shorter recovery times such as cataract surgery. People who have cataract surgery are usually able to drive the day after treatment, so airport negotiations are not a problem.
Patients considering medical tourism should consult with their primary care provider before proceeding. The primary provider has a complete medical history and will know whether the procedure is feasible or not. They will also be able to arrange follow-up care when the patient comes home.
Foreign Transactions
Bitcoin transactions may be very important in the near future, as the US medical economy seems set for a post-pandemic black swan event. Trillions of dollars in medical debt have accumulated in the US, which may lead people to seek better services and lower costs abroad.
Medical debt is a serious problem in the US, although most people can avoid medical debt by researching their billing codes and negotiating a payment plan that works. This may involve negotiations with partial payments in bitcoin as well.
Bitcoin has the potential to make medical tourism more affordable for all. This can close the care gap, and ensure that everyone has access to high quality, reliable medical care.
This sentiment was echoed by Renée-Marie Stephano, CEO of Global Health Resources and the Medical Tourism Association. Stephano noted that there is a “clear uptick in the use of cryptocurrency” to pay for medical treatment abroad.
Decentralized currencies like bitcoin generate power for patients and make it easier for patients to pay for treatment. Bitcoin can help patients avoid problems with currency conversion and international payments. Bitcoin payments to the clinic are fast and the cost is minimal compared to traditional transactions.
Providers who accept bitcoins find the process easy and can be quickly converted to their national currency. Ken Fryer, a spokesman for the UK-based Vinci Hair Clinic, admitted that the clinic has had to cancel previous treatments for international patients due to fund transfer issues and banking restrictions.
Fryer says Bitcoin solves that problem and gives patients the ability to quickly pay large amounts if needed.
Countries Accepting Bitcoin For Medical Travel
Medical tourism often occurs in less developed economies (LEDC). Bitcoin can help these countries close the wealth inequality gap by encouraging a fair and free exchange of funds in return for legitimate healthcare services.
Despite the recent downturn in the cryptocurrency market, Bitcoin usage remains high in many countries where medical tourism is popular.
Currently, the top 10 countries for Bitcoin adoption include Brazil, India and Pakistan. Many of these countries are popular medical tourism destinations.
India is a particularly popular destination for medical tourism in Asia. India has a favorable medical visa policy, which allows family members to stay with the patient. India also scored high in Bitcoin adoption and ranked first in value of centralized services received and value of retail centralized services received.
Conclusion
Bitcoin has the potential to boost medical tourism and help everyone get the care they need. Bitcoin is very important in today’s post-pandemic world, where medical bills are rising and the US medical sector is trillions of dollars in debt.
Bitcoin can be very useful when traveling to countries with difficult transfer laws. Treatment may be delayed or canceled if the patient is unable to pay on time. Bitcoin can reverse this problem, and help everyone get a fair deal.
Before paying for medical care in Bitcoin, patients should consult with their primary care provider to make sure they get the care they need when they go home.
This is a guest post by Frankie Wallace. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.