There are many ways that the global healthcare industry is being transformed. It is not only the rich and super-rich who have access to and adopting concierge medicine, but it is also not accessible by the not so rich who are seeking to attain a greater quality of care compared to what is typically available for them.
There is boom in the medical tourism segment also at the same time. Medical tourism is referred to the movement of people form one country to another in a legal manner to receive medical treatment. For example, typically, patients from the less developed economies and countries travel to the countries which are more developed for getting medical treatment.
But the most recent trend is the travelling of people and patients throughout the world in search of medical care that are less costly compared to developed countries or in their own countries. And medical tourism has opened up doors to a growing number of healthcare institutions and practices to take advantage of the growing trend. While the very rich are the focus of some medical institutions, for others, the broader audience with relatively less wealth is the focus.
Another trend of the health care sector that has been noticeable is the acceptance of crypto currencies by a larger number of healthcare institutions as well as concierge medical practices.
“The protected nature of blockchains has the potential to be a superior way to access healthcare throughout the world. It’s not just about the price and potential appreciation of a crypto currency. It’s more about the security available because of blockchains,” says Peter Sasaki, managing member of CGS Associates and an expert in the field.
For the superrich – with wealth of $500 million or more, making use of crypto currencies and blockchain technology is essential. This group is however quite small in number compared to the not so rich. Crypto currencies and blockchain technologies present an opportunity for these extremely wealthy families to maintain confidentiality of payments. This confidentiality is a requirement for them for multiple reasons. Additionally, it is most likely that there would be a growing number of such super-rich families would want to make enhanced usage of blockchain technology for catering to their issues of healthcare, specifically when they intend to gain access to and making payments for healthcare all across the globe.
Hence it can be said that in the near future, the use of crypto currencies and blockchain technology for making payments for medical purposes would become trend for the medical tourism sector. And the primary advantage for the super-rich, the rich and the not so wealthy of making use of cryptocurrencies is confidentiality and privacy of payments.
(Adapted from Forbes.com)