Why is medical tourism a successful and growing industry in India?
Medical tourism refers to travelling for healthcare treatment for diseases and ailments. India is a particularly popular spot for medical tourists.
Some projections reveal that medical tourism in India can lead to revenues of $7-$8 billion by 2020.
Reflecting more on the growing medical tourism industry
Turnover of the Indian medical tourism industry- $3 Billion.
Expected YOY growth- 200% CAGR.
Waiting time for healthcare in India- 0 days.
Global ranking of India as a medical tourism destination as per patient reviews-1st.
Here are some reasons for the popularity of this particular section of tourism within the country.
Easy acquisition of medical visas
While many countries in the world maintain multiple jargons for the healthcare, India is not among such nations. Securing a Medical or M Visa for treatment in the country is simple. Moreover, there is almost no waiting period for M Visas in the case of emergencies or life-threatening conditions. In these instances, even an hour’s delay can mean the difference between fatalities.
Even though India’s medical inflation is at an all-time high, the cost of treatments in the country is still almost half when compared to nations, such as the U.S. and the U.K. The lower cost makes treatment affordable to people from a wide range of socio-economic background, which in turn leads to the popularity of medical tourism in India. The emergence of nanotechnology in India and its respective applications has also encouraged integration of high-end medical care.
No waiting for surgeries
In most other medically advanced countries, medical tourists need to wait for prolonged periods for surgeries. Weeks or even months may sometimes pass by before patients can make an appointment for the surgery. This wait is longer for select complicated procedures. However, in India, surgeries are conducted almost instantly. With the introduction of the practice management systems or PMS, most hospitals today automate billing and scheduling for operations.
With financial aid, such as professional loans, available to leading doctors, a large number of new and technologically advanced care centres are coming up in India each year. Additionally, every medical practitioner in the country undergoes intensive training and internship programs to prepare them to handle every situation. With services, such as Lybrate for doctors, medical experts can consult among themselves regarding the particularly difficult cases to come up with a solution.
India is home to many branches of medical science, which includes homoeopathy, Ayurveda, Unani and more besides conventional medicine. For individuals who require an alternative approach to the treatment, Ayurveda comes up as a suitable recourse. Originating thousands of years ago, this science of medicine can not only help the body but the mind and spirit as well. Therefore, greater patient engagement options in the country make it an ideal medical tourism destination.
Opportunity for tourism
Aside from medical technology, India is also home to some of the most diverse cultures and landscapes. After completing the treatment, people can stay for a few days and enjoy the various attractions and sights in the country.
Things doctors can do to promote medical tourism
Maintaining a blog and social media presence for doctors is the best way to improve medical tourism rates in India.
Another factor in a doctor’s guide for medical tourism is the integration of state-of-the-art technology for treatment.
Collaboration with international medical teams and hospitals can help bring more patients to India from various countries. Doctors should spread the word about India’s medical science advancement. Additionally, you must understand the A-Z of practice management tools to keep in constant touch with medical practitioners across the globe.
Additionally, medical tourists look for some benefits when they step into India, apart from the quality of treatment. Listed below are some of the factors that can attract such tourists to India.
Based on the treatment required, doctors should try to assist with quotation to international patients. Prior knowledge about costs involved can help tourists plan the trip.
To avail a medical Visa to India, the patient needs to submit a Visa invitation letter. As a doctor, you should send this letter to the foreign patient after receiving their details, such as the passport number.
Some healthcare centres in India today offer accommodation to medical tourists for the duration of their stay in the country. Spacious rooms, with air-conditioners, TV, Wi-Fi and other facilities should be available for these people.
However, to provide these services and features, sufficient capital is integral. If money is an issue, opting for a loan for doctors can help. Many NBFCs today offer credit to reputed medical practitioners in their fields.
Bajaj Finserv provides pre-approved offers to make availing professional loans simpler and faster. Apart from professional loans, these offers are available for a range of unsecured and secured credit, such as personal loans, business loans, credit cards, home loans and more. You can check your pre-approved offer today by providing your name and phone number.
Ensure these steps to capitalise on the popularity of medical tourism in India. The quality of service you offer will ensure greater popularity among patients and greater success.