consumerization of the international patient experience & opportunities for the travel sector...
TRANSCRIPT
Consumerization of the International Patient Experience & Opportunities for the Travel Sector
Presented by Josef Woodman, Founder & CEOPatients Beyond Borders
Well-Being and Medical Travel Conference Scottsdale, Arizona, 21 June 2012
Why consider the medical travel market?
$100 billion market by 2014…
Represents approximately 10 percent of the travel industry
…
Growing 20-35% percent annually…
Combines travel and healthcare to create new,
relationship-dependent customers
Who are medical travelers?
Approximately 600,000 US outbound patients…
Mostly 50+, pre-Medicare…
Usually have experience with international travel
…
Why are medical travelers different?
Average cost for total experience is $15,000, including treatment, travel, hotel, in-country support,
and amenities…
Longer stays to accommodate diagonsis, treatment and recovery
…
Usually travel with a companion…
Seeking trusted support for logistics
Types of medical travelers
Luxury travelers seeking mostly cosmetic
surgery: large but declining market…
Value travelers seek dentistry, orthopedics, cardiology, value cosmetic surgery:
rising market…
Access travelers seek treatments not
available in the US: smaller but rising market
Where are medical travelers going?
Top destinations offer high-quality care, US-standards, cost savings, cultural familiarity, and easy access
…
Mexico and Costa Rica are the most-traveled destinations for dental and cosmetic care
…
India and Malaysia are top value destinations…
Specialty destinations include Hungary, South Korea, Singapore, Thailand
…
Where are medical travelers going?
Top medical vacation destinations include Cancun, Cabos, Bangkok, Istanbul, Penang,
Phuket…
Top alternative medicine destinations include China, India, and South
Korea…
Top spa and wellness destinations include Thailand, India, Malaysia and South Korea
What trends are most important?
Trends to watch:Increasingly transparent pricingPatient-generated ratings and rankingsAll-inclusive medical packages, deals and discountsPatient participatory care: medical consumerism
Where do travel agents fit in?
Facilitate travel and lodging arrangements
…
Identify and arrange non-medical support services, including travel insurance, booking
changes, post-op complications insurance, and more…
Provide “personal touch:” guidance on the best destinations and values
What should travel agents avoid?
Avoid:Diagnosis or medical adviceSuggestions for length of stay or required in-country supportAdvice on aftercareLegal advice
Where are the opportunities?
Opportunities:Partner with hospitals, specialty clinics, and wellness centersCo-brand package dealsPromote packages using traditional and social media
What is the best way to get started?
Next steps:Talk to your customers to learn more about their needs and preferencesPartner with medical travel facilitatorsStay abreast of the marketStay tuned for emergence of medical/wellness travel inventory for agents.
Josef Woodman, Founder and President
Dale C. Van Demark, acting CEOApril 2012
Confidential
Josef [email protected]
patientsbeyondborders.comthe most trusted resource in medical travel