Ozva AdminThis is an opinion editorial by Frankie Wallace, a freelance writer from the Pacific Northwest.
Medical tourism is on the rise. Each year, millions of Americans save between 40-80% in medical fees crossing the border or taking a short plane ride to get the care they need. Even after the pandemic curtailed international travel, more people looked abroad for shorter wait times, better service, and lower fares.
Bitcoin can boost the medical tourism sector and help patients get the treatment they need at an affordable price. Bitcoin can make foreign transactions easier and ensure that everyone gets a fair deal.
Medical tourism
Medical tourism has a bad reputation. It is commonly associated with experimental treatments, suspect surgeons, and related cosmetic procedures. However, these issues are greatly exaggerated and exaggerated. For millions, medical tourism is a lifeline, helping people get the treatment they need at a price they can afford.
The CDC defines medical tourism such as the practice of traveling to another country to receive medical care. 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 lack of immunity and should thoroughly investigate care providers before proceeding with treatment.
People choose to travel abroad for many different treatments. However, medical treatments are particularly popular for treatments that have shorter recovery times like cataract surgery. People who have cataract surgery can usually drive the day after treatment, so negotiating an airport shouldn’t be 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 if a procedure is feasible or not. They will also be able to arrange follow-up care when patients get home.
Foreign Transactions
Bitcoin transactions may be particularly important in the future, as the US medical economy appears to be poised for a black swan event following the pandemic. Trillions of dollars of medical debt has accumulated in the US, which may push people to seek better service and lower costs abroad.
Medical debt is a serious problem in the US, although most people can avoid medical debt researching billing codes and negotiating a payment plan that works for them. This may also involve negotiations with partial payments in bitcoin.
Bitcoin has the potential to make medical tourism more affordable for everyone. This can close the care gap and ensures that everyone has access to high-quality, reliable healthcare.
RenĆ©e-Marie Stephano, executive director of the Global Healthcare Resources and Medical Tourism Association, echoes this sentiment. stefano notes that there has been a “sharp increase in the use of cryptocurrencies” to pay for medical treatment abroad.
Decentralized currencies like bitcoin put power back in the patient and make it easier for patients to pay for their treatment. Bitcoin can help patients avoid problems with currency conversions and international payments. Bitcoin payments to clinics are fast and have minimal fees compared to traditional transactions.
Vendors that accept bitcoin find the process easy and can be quickly converted to national currencies. Ken Fryer, spokesman for Vinci Hair Clinic in the UK, accepted that his clinic had to cancel previous treatments for international patients due to problems with funds transfers and banking restrictions.
Fryer says that Bitcoin solved these problems and gave patients the ability to quickly pay large sums if necessary.
Countries that accept Bitcoin for medical tourism
Medical tourism often occurs in less economically developed countries (LEDCs). Bitcoin can help these nations close the wealth inequality gap encouraging a fair and seamless exchange of funds in exchange for legitimate health services.
Despite the recent downturn in the cryptocurrency markets, Bitcoin utilization 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 destinations for medical tourism.
India is a particularly popular destination for medical tourism in Asia. India has a favorable medical visa policy, allowing family members to stay with patients. India also scores highly in Bitcoin adoption and ranks first in value received from centralized service and value received from retail centralized service.
Conclution
Bitcoin has the potential to improve medical tourism and help everyone get the treatment they need. Bitcoin is particularly 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 particularly useful when traveling to countries with complicated transfer laws. Treatment can be delayed or even canceled if patients are unable to pay on time. Bitcoin can negate this problem and help everyone get a fair deal.
Before paying for medical treatment in Bitcoin, patients should check with their primary care provider to ensure they receive the treatment they need when they return 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.
Ozva Admin
