Here is a complete guide to How to start medical Tourism Business:
Are you an entrepreneur seeking fresh ideas for a new venture? Are you looking to start medical tourism business? Do you want to know how to start medical tourism business? You will get all your answers on how to start medical tourism business in this guide.
How to start medical tourism business is not that much tough as we think. Thus, it required only a deep understanding of it.
A recent estimate by GEM Global Report states that over 100 million new businesses are founded each year in the world. Medical tourism allows patients to receive care outside of their hometown, state, or nation. You’ll likely discover that how to start medical tourism business is easier. The first stage is to comprehend the basics, such as what a “facilitator” does. I want to provide some knowledge about how to start a company in a $38 billion industry. An increasing number of people are crossing international boundaries to get dental work and liposuction, among other medical services. This type of travel is referred to as medical or healthcare tourism. This sector of the economy is expanding quickly. Thus, it is worth knowing how to start medical tourism business. Globally, the medical tourism industry is ranked higher than the oil and gold industries.
So, it is important to know how to start medical tourism business before your further step. If you wish to know how to start medical tourism business, this site is for you. This blog will hopefully be a resource for you and help you make decisions. Before knowing how to start medical tourism business, will first understand what exactly it is. In this guide, we will also let you know about the process to know how to start medical tourism business.
What Is Medical Tourism?
Medical tourism is the practice of traveling abroad for medical care. Patients used to travel to more developed countries to receive therapies that weren’t available in less developed countries. Nowadays, wealthy people visit less developed countries to acquire medical treatment. This transformation is being driven by low-cost medical services. These services are offered by developing countries, inexpensive flights, and easy accessibility to online information about medical services. The term “tourism” is used here since it is common for people to remain in a foreign country to receive medical treatment. As a result, this situation can help tourists understand more about the country in that short amount of time.
Before knowing how to start medical tourism business, it is necessary to understand its history.
History of Medical Tourism
Traveling for wellness and medical services is a common practice. People have traveled for medical reasons ever since the time of the ancient Greeks and Egyptians. Both Europeans and Americans visited thermal baths and spas in the 18th and 19th centuries. Those individuals sought treatment for ailments like TB by going to spas. Spas and seawater cures have always been the basis of European medical travel. The numerous sea beaches, thermal springs, and mineral springs are to blame for this. The term “medical tourism” today refers to those who travel abroad to receive specialized medical care, often known as “health tourism.”
An overview
The 1930s are when medical tourism first began. Rich Europeans and Americans began to use it frequently. They wanted to get top-notch medical care abroad. Maintaining fitness and good health has been and will continue to be consumers’ top concern since 1983; according to the Future Foundation’s Changing Lives Survey. Thankfully, medical tourism is becoming more well-known to people all over the world. According to Flanigan, it is currently one of the tourism industry’s fastest-growing categories. And by 2017, the global market is anticipated to expand dramatically (2009).
Familiarise yourself with types of medical tourism before knowing how to start medical tourism business:
Medical tourism is a novel concept in the tourism industry. It is the practice of traveling for medical care. There are essentially two forms of medical tourism. Here are some of them:
Let us discuss them one by one:
International Medical Tourism
International medical tourism is the practice of individuals visiting another nation for medical treatment. They move for surgical, dental, and medicinal treatment. While providing them with care that is just as good as or even better than what they would have received at home. Therefore, as a result of affordability, improved access to care, or a higher caliber of treatment.
It is divided into two categories:
- Inbound Medical Tourism
- Outbound Medical Tourism
Visitors who are coming from abroad to receive medical care are referred to as inbound medical tourists. When people travel outside of their home or original country for medical care, it is referred to as Inbound medical tourism.
Outbound medical tourism refers to travelers who leave their home country and travel to another. Medical tourists represent outbound tourism for their own country when they travel for health-related reasons.
Domestic Medical Tourism
Domestic medical tourism is the practice of citizens of one country traveling to another city, area, or state for medical, dental, or surgical care. Receiving medical care that is at least as good as what they would have gotten in their hometown. Due to cost, better access to care, or a higher grade of care, and are relocating for medical treatment.
Now let us discuss some of the reasons why medical tourism is becoming popular. Before knowing how to start medical tourism business; it must be known for an entrepreneur.
The practice of medical tourism is spreading rapidly throughout the world. It has become a sizable industry in recent years. Although there are many reasons for this, cost savings, reduced wait times, and quality care are some of the more compelling ones.
We’ll go through a few of the elements causing the global upsurge in medical travel:
Cost-effective
One reason behind the medical tourism industry’s rising popularity is the cost of the medical services offered. Medical operations in industrialized nations cost more than equivalent procedures in developing nations. Going to another country may be able to save close to 80% on medical costs. The higher cost is the main reason patients think medical tourism is a viable option.
Less waiting times
Patients who need urgent medical care regularly decide to go outside of their home country. It helps them to escape excessive wait times. Faster access to the necessary care is provided through medical tourism. For example, it makes it possible for cardiac patients to obtain top-notch medical treatment. Their procedures are completed at a lower cost and with shorter wait times. In many other cases, patients can begin treatment just a few days after arriving in a foreign country. It is significantly shorter than the drawn-out wait times in the majority of industrialized countries.
Exceptional Healthcare
Is receiving top-notch medical treatment one of the main concerns people have? Many hospitals and clinics that offer services to medical tourists are accredited by international organizations; like the Joint Commission International. The Medical Tourism Association defines medical tourism as “when individuals who are citizens of one country travel to another country to receive medical, dental, and surgical care. While concurrently receiving similar or better treatment than they would receive in their own country. And for reasons related to affordability, better access to care, or a higher level of care quality.”
The range of options for processes
Patients may receive a range of treatments, depending on their requirements. They can certainly find a facility where they can receive dental, surgical, or reproductive care. A place with uniform medical services and top-notch medical staff.
Being able to consult specialists
Medical tourism may give patients the best exposure to some of the best doctors in the world. This suggests that a healthy traveler can get the medical attention he needs. He does not have to wait months or even years for an appointment.
Use of cutting-edge technology
Medical tourism-friendly hospitals are typically on the cutting edge of new medical technology. This suggests that you have access to the newest medical methods and techniques. If you want the greatest care from skilled medical professionals who adhere to established norms; medical tourism is a fantastic solution.
Now let us discuss how to start medical tourism business
Get a feasibility analysis report
You can use a professional service to complete this task. You will have a general insight into the medical tourism industry from it. As the name suggests, the research will help you determine, based on several factors, if it is practicable for you to start a business. These papers comprise research and evaluation based on several factors, including:
- What involves medical travel
- The investment’s price
- Possibly successful in the sector
- Opportunities and competition
- Norms for starting a business
You need to know this information to assess your options for launching a new medical tourism business. If the answer is “yes,” the following course of action should be done.
Plan your business and do market research
- Business Plan
The following concerns must be addressed in a business plan for medical tourism:
- How many clients can you serve at once while maintaining high standards?
- Providing the lowest pricing possible and still running a successful business.
- Total costs for running a small staff and a physical or virtual office.
- Local Market
Understanding the regional medical travel industry is essential. For instance, practice specialties have emerged in the following countries:
- Orthopedic (muscle/bone) and heart surgery in India
- Philippine and Hungarian dental practices
- Turkey: Optical science
- A brain procedure in Spain
- Costa Rica: Cosmetic services
Secure certificates, licenses, and permits
Joint Commission International
The Commission on Accreditation of Healthcare Organizations is the most well-known healthcare certification organization in the US (ICAHO). In 1994, it created the Joint Commission International (JCI). It now works with healthcare organizations and medical tourism businesses in more than a hundred countries. The JCI accrediting program includes the Gold Seal of Approval. More than 1,000 medical organizations throughout the world have received it. JCI accreditation requirements apply to international hospitals in non-U.S. and non-European countries.
JCI Accreditation
The Medical Travel Quality Alliance (MTOA) states that having a certification seal on your business’ website or marketing materials is respectful. As it will allow customers and customers’ clients to know that your health tourism operation complies with industry standards. Part of this is adhering to rigid MTOA requirements. After launch, any modifications to accreditations and certifications should be communicated to your company. Building a solid reputation in the healthcare industry can keep your clients safe.
Licenses and Permits
Additionally, a medical tourism company needs to get numerous national licenses and local permits. You’ll also need to follow a similar process abroad or apply for an IRS tax resale number in the United States.
Locate the Best Healthcare Facilities
Another crucial phase is now. Make sure to conduct thorough research on the top medical facilities in the areas you’ll be promoting. The information is available online. But it’s frequently best to carry your passport and go to the designated locations for a hands-on inspection. You may, for instance, look into the environmental friendliness of specific medical facilities. And then follow a process for disposing of medical waste.
Call potential
Deal only with companies that have JCI accreditation and reasonable prices. You can get in touch with the management to discuss your company’s packages and programs with the medical facilities. Based on their current ties with other medical tourism businesses; certain medical experts may be able to provide resources and information. There are a lot of things you should research before traveling. Two of these are local transportation and post-operative care. This will make clients feel more at ease when they go across the country or have their treatments completed.
Pick reasonable, profitable prices
Do the necessary rate research for the medical services you are offering and the locale. Look at the costs that “medical tourism agencies” charge. This often comprises commissions paid to lodge establishments, vacation spots, and spas. All these in addition to hospitals or physicians cover 20% of the patient’s overall medical costs.
Promote the field of medical tourism
Your target market is identified using this strategy. Examples of this include small enterprises and patients who are either uninsured or underinsured. One of the least expensive kinds of advertising is word-of-mouth promotion. This is accomplished by letting primary care physicians know that you offer medical travel services. If you want to regularly receive patient referrals; developing solid relationships with the medical community is crucial.
Other considerations
- Insurance is one of the most important aspects of the medical tourism market. Ensure that your clients’ insurance policies cover the majority of your business.
- To make sure that your client’s medical journey goes successfully, you must prepare ahead of time. Collaborate with the complete medical tourism network. They involve interacting with embassies, hotels, airlines, insurance providers, and travel agencies.
- Most consumers look for medical tourism-related services online. Therefore, if you want to start a medical tourism business, having a website is essential. A respectable web development and design company will have the essential understanding. Understanding that is required to create a solution that is especially suited to your requirements. Therefore, it is highly recommended that you ask for their help.
- Develop a successful web marketing strategy to advertise your business. You can also seek help from experts in digital marketing to gain better results.
Challenges and Issues in Medical Tourism
Medical tourism is the fusion of the travel and healthcare sectors. Medical tourism is on the rise constantly, both domestically and internationally. When people travel to another nation for medical care, several issues and challenges arise. As a result, medical tourism faces several problems and obstacles, including linguistic and technological ones. Additional problems with medical tourism are caused by the people of the destination and the host country. There are advantages and disadvantages to medical tourism. In the travel and tourism industry, medical tourism is a relatively recent concept. In the past, people routinely traveled to different countries and locales for medical attention. However, things have changed, and people now travel for a variety of reasons. Reasons like having access to the best healthcare at a low cost in a developing country and the absence of a waiting list.
In medical tourism, there are several issues and challenges. Here is a handful of them:
The following Issues
Aftercare is particularly difficult in medical tourism. There is no established medical tourism follow-up service. The issues after surgery include an infection or other problems after returning home.
Language Barriers
Linguistic and cultural barriers are the biggest barriers to medical tourism. The medical staff will communicate in the patient’s language is not necessary. This will find the entire process to be difficult.
Infrastructure Shortfall
People travel between underdeveloped nations in search of medical care. There is no developed, first-rate infrastructure in these undeveloped countries. Poor food quality, unsanitary conditions, and an inadequate supply of energy and water are just a few of the problems hospitals encounter.
Lack of professionalism
The majority of medical workers in developing countries lack professionalism and ethical values. The development of the soft skills of warmth, compassion, and friendliness among medical personnel is still lacking.
Issues with Promotion
For developing countries, promoting medical tourism is a difficulty. Hospitals and other medical care providers are not properly certified or regulated. There is no standardized pricing or standardization of services. It results in barriers to building customer trust.
Rules and Regulations
One of the main problems with medical tourism is the disparity in legal systems between different countries. There is no global regulation governing medical travel. Legal restrictions on medical tourism are unreasonable and loose. This is a significant challenge that medical tourism encounters.
Transplant Offenses
Transplant tourism is illegal in the majority of the world. Because vulnerable people are typically the source of organs. Organs can still be purchased on the black market, though.
The benefits and worth of medical tourism
Medical tourism is a cutting-edge concept in the travel and tourism industry. It is crucial to the travel and tourism sector. Many people travel each year to receive medical treatment. Two advantages of medical tourism are the expansion of the economy and the enhancement of living standards.
The importance and benefits of medical tourism are as follows:
- Tremendously beneficial for the expansion of the economy.
- There is an increase in healthcare jobs.
- Additional medical facilities are being built.
- Give the populace access to modern medicine.
- Increase the standard of living for everyone involved.
- Take part in international health programs.
- Raising improved global healthcare standards is necessary.
- Enhanced transfer of knowledge.
- Bring in money from abroad.
- Social benefits
- Political benefits
- Economic benefits
Bottom Line
International healthcare services have increased dramatically. It is due to the globalization of capital finance and advancements in medical technology. With advances in technology and the economy; patients and enterprises in the global medical tourism market today have a variety of opportunities.
Success in the service industry depends on providing courteous and efficient service. It is highly recommended that you must have familiarity with the medical tourism sector before launching your own business. Always make sure to thoroughly investigate a topic and consult authorities in the field. This will allow your patients to obtain top-notch medical attention while enjoying a brief vacation abroad.
Medical tourism will continue to be successful in the future since analysts project billion-dollar revenue growth in the coming years!
