Posts Tagged ‘HRA’
Why Employers Should Consider Offering a Medical Travel Program to their Employees
Written by Satori on March 12, 2010 – 11:24 am -By Keith Mendoza, Director of Sales of Satori World Medical
The continual rise in employer-funded healthcare costs has prompted more U.S. companies to explore innovative alternatives to traditional health insurance plans. As such, insurance brokers and advisors are continually looking to partner with companies that can provide solutions that lower employers’ healthcare costs while offering benefit programs that their employees will value.
Employers are now integrating medical travel programs into their benefit plan designs. Through such programs, their employees have the option to travel to international Joint Commission International (JCI) hospitals to undergo select surgical procedures at an average cost of 40-80 percent less when compared to a hospital in the U.S. That 40-80 percent savings is generated even after factoring in all hotel accommodations and roundtrip airfare for the patient and a companion.
Through medical travel programs, the employee who receives medical care internationally is able to retain dollars they would have otherwise spent if they had chosen to have their procedure done domestically. Employers who have incorporated a medical travel program allow the individual to waive their copays, deductibles and coinsurances. Additionally, a feature that is unique to the Satori World Medical program is its financial sharing concept, whereby a portion of the savings of global healthcare is passed along to the employee through a tax-advantaged, employer-funded Health Reimbursement Account (HRA). Because the savings of global healthcare are so significant, many employers are establishing HRA’s and funding a portion of the savings generated to their employees.
Here’s how it works: An employee selects the employer option to go to Mexico for a major medical procedure through the Satori Global Network™. All out-of-pocket cost for the individual are waived and the employer deposits a fixed dollar amount (between $5,000-$10,000) in the employee’s HRA, representing an employee’s share of the savings. The funds deposited are tax-deductible to the employer and tax-free to the employee. The employee can then use those funds to pay for future medical expenses, such as premiums, deductibles, co-pays, prescriptions, and more. The funds roll over annually, so essentially the employee can cover their out-of-pocket medical expenses for several years by choosing to go internationally for a major medical procedure.
Why medical travel is attractive to employers and their employees:
- Significantly reduces healthcare cost. Employers have the opportunity to save dollars on their surgical claims experience. Many medical travel programs do not charge a Per Employee Per Month (PEPM) or network access fee. Savings are based on utilization, so there is no need to invest dollars in the medical travel program up front.
- Gives moderate income employees the opportunity to hold onto dollars otherwise allocated for out-of-pocket expenses. Typically, medical travel programs waive all out-of-pocket expenses for the employee and offer a cash incentive. A medical travel option empowers employees with the ability to choose where they receive their care based on quality and price. Employees have the opportunity to avoid going into medical debt for a major surgical episode.
- Meets the needs of a culturally diverse workforce. A large share of the workforce in the U.S. is comprised of Hispanics, Filipinos, Asian-Indians, Vietnamese, and Chinese employees. Companies with largely diverse workforces have a vested interest in meeting the health and welfare needs of their employees.
The fact is that opportunities and innovation in healthcare delivery exist all throughout the world, whether it’s in India, Mexico or Singapore. Embracing these opportunities allows organizations to be at the forefront of providing innovative alternatives to lowering healthcare costs. Medical travel essentially is a cost savings strategy that is tangible, and just makes sense.
Tags: cost saving solutions, Employee Benefits, Financial Savings, Global Healthcare, HRA, Joint Commission International, Medical Tourism, Medical Travel, Satori World Medical
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Medical Tourism – A Driving Force for Emerging Countries
Written by Satori on December 30, 2009 – 10:25 am -By Steven Lash
As reported in the recent Financial Times article, “Travel Sickness,” the rising costs of healthcare in developed countries is having a positive effect on countries like Mexico, Thailand and India where medical care is available at a fraction of the cost. According to a recent report by Deloitte Center for Health Solutions, medical tourism is likely to expand at 35 percent a year by 2012. This means an economic boost and advanced infrastructure for developing countries.
The number of internationally accredited medical facilities is growing rapidly. There are now more than 200 international hospitals which have received accreditation by Joint Commission International, the international arm of the U.S. accreditation body for domestic hospitals in the U.S. Foreign governments are investing in world-class facilities to complement the influx of Western medical tourists and tourism bureaus are reaping the benefits of Westerners combining medical procedures with exotic vacations. Ideally, this will have a trickle down to improved health systems for those countries’ citizens, as stated in the Financial Times article.
International accreditation benefits everyone. It raises healthcare standards and increases competition, which raises the bar even in the public sector. In South Korea, for example, the government has launched a public-private initiative designed to do just this. The Council for Korea Medicine Overseas Promotion was established in 2007 to develop world-class healthcare infrastructure and to promote Korean healthcare to international patients.
Domestically, U.S. health insurers are buying into the growing trend of medical tourism, as well. Blue Cross of South Carolina, for example, has brought hospitals in Europe, Asia and Latin America into its network of coverage. State governments have also taken notice of the financial opportunities medical tourism provides. Although the bills have not yet passed, both West Virginia and Colorado have proposed legislation that would provide incentives to insurers that include medical tourism in their plans.
To make medical tourism a seamless, high-quality and convenient healthcare option for more and more U.S. patients, employers and payors, companies like Satori World Medical have entered the marketplace to offer a “one-stop-shop” for medical travel. Through such programs, all services and procedures for the patient are arranged by a reputable medical travel partner to ensure that all aspects of the patient’s care and travel are properly handled, from helping the individual select his or her surgeon and hospital abroad and transferring his or her medical records to the destination hospital, to handling all travel details, such as flights, hotel, ground transportation, etc.
Companies, such as Satori World Medical, also offer fully integrated medical travel plans that employers can add to their existing employee benefit offerings at no cost, whatsoever, because the savings are achieved through utilization. Additionally, with the Satori World Medical program, for instance, the participating patient directly receives a portion of the savings as well – anywhere from $5,000-$10,000 per procedure is deposited into an employer-funded Health Reimbursement Account (HRA). This offers everyone a compelling reason to participate in medical travel – the employer, payor and the individual receiving care.
As reinforced by this Financial Times article, as medical costs in mature markets continue to soar, medical tourism will continue to rapidly evolve in developed and developing nations, alike.
Tags: Deloitte Center for Health Solutions, Financial Savings, Global Healthcare, HRA, JCI, Joint Commission International, Medical Tourism, Medical Travel, Satori, Satori World Medical, Steven Lash
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A Look at U.S. Healthcare Reform: How will global healthcare fit in?
Written by Satori on October 22, 2009 – 10:52 am -By Jessica Yarbrough, Marketing & Communications Manager of Satori World Medical
Last Tuesday’s 14-9 vote in the Senate Finance Committee to move the fifth and final healthcare reform proposal through the panel brought the nation closer than ever before to assuring quality and affordable healthcare coverage for all Americans.
An important provision of the healthcare reform program is to create a new insurance marketplace – the Exchange – that allows people without insurance and small businesses to compare plans and buy insurance at competitive prices. Additionally, new tax credits will be provided to help people purchase insurance and to help small businesses cover their employees.
“The Obama Plan: Stability & Security for all Americans” summarizes the Obama Administration’s key objectives for comprehensive health reform:
• Reduce long-term growth of healthcare costs for businesses and government
• Protect families from bankruptcy or debt because of healthcare costs
• Guarantee choice of doctors and health plans
• Invest in prevention and wellness
• Improve patient safety and quality of care
• Assure affordable, quality health coverage for all Americans
• Maintain coverage when individuals change or lose their job
• End barriers to coverage for people with pre-existing medical conditions
So how does global healthcare fit in?
As an active member of the global healthcare industry, one key topic of debate has been how healthcare reform will affect the demand for global healthcare programs.
In looking at how well aligned the guiding principles of medical travel are with the objectives of U.S. healthcare reform, I’m even more confident that medical travel will continue to play an integral role in bringing quality, affordable healthcare to Americans.
President Obama’s proposed $900 billion healthcare reform package promises to control rising healthcare costs, guarantee choice of doctor, and ensure high-quality healthcare. Each of these key objectives is achieved by global healthcare programs, such as Satori World Medical.
• Ability to control rising healthcare costs: The costs of healthcare internationally are substantially lower than the costs of comparable care in U.S. hospitals, on average 40-80 percent less per procedure (which factors in the costs of travel and accommodations for the patient and a companion). As such, medical travel programs offer employers the opportunity to control the rising costs of healthcare and make affordable healthcare options available to their employees.
Satori World Medical, for example, is designed to be added to any employee benefit plan design at no cost to the employer. Additionally, the employee receiving care through the Satori Global Network™ is provided with a 100 percent medical benefit, which includes no responsibility for any of out-of-pocket expenses, such as co-pays, deductibles, etc. One feature that is also unique only to Satori World Medical is the ability for employers to share a portion of the savings of global healthcare with their employee who elects to receive care through the Satori Global Network™. Typically, the employer will deposit funds into the employee’s Health Reimbursement Account (HRA). The deposits in the HRA are tax-free to the employee and tax-deductible to the employer. The funds deposited can then be used by the employee to offset his or her future out-of-pocket medical expenses.
• Ensure High-Quality Care: The growing access to high-quality medical care outside the U.S. has been one of the most important reasons for the increased interest in medical travel programs in the U.S. There are more than 200 Joint Commission International (JCI)-accredited hospitals around the world, many of which have quality standards that rival leading U.S. hospitals. These institutions are staffed by U.S./U.K. or equivalently trained and Board Certified physicians and registered nurses that are fluent in English. They also offer state-of-the-art medical equipment and techniques, spacious private rooms with modern amenities, and excellent patient care and quality outcomes. Therefore, while the costs of care internationally are significantly lower than in the U.S., patients still have access to some of the best care in the world.
As U.S. healthcare reform becomes a closer reality for America, I am optimistic that the fundamental changes it offers will only further fuel the demand for global healthcare programs.
Tags: Financial Savings, Global Healthcare, Healthcare Answers, Healthcare Reform, HRA, JCI, Joint Commission International, Medical Tourism, Medical Travel, Satori World Medical
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Medical Tourism Gains Appeal among America’s Self-Funded Employers
Written by Satori on October 5, 2009 – 11:29 am -
By Keith Mendoza, Director of Sales, Satori World Medical
When I attended SIIA 29th Annual Educational Conference & Expo last week in Orlando, a large, annual trade show event for the self-insurance/alternative risk transfer industry, I was extremely excited to see the high level of interest among attendees in medical travel. This was evidence to me that global healthcare programs will play a viable and meaningful role in providing quality, affordable healthcare solutions for America’s self-insured employers and their workforce.
Self-Insurance Institute of America, Inc. (SIIA), which hosts this annual event, is an industry association dedicated to serving all members of the self-insured market, including self-insured employers, captive insurance companies, risk retention groups, TPAs, industry service providers, and global healthcare entities/facilities. Self-Insurance has become an increasingly attractive option for many employers due to the rising costs associated with healthcare and Workers’ Compensation insurance.
In speaking with attendees about medical tourism, it became especially clear to me that while the idea of reducing healthcare costs for employers and their employees is compelling, the global healthcare models that will succeed in the self-insured marketplace will be those that 1) ensure high-quality care for participating employees and 2) offer a real incentive for employees to travel internationally for medical care. Satori World Medical’s program specifically meets both of these requirements.
• Medical Quality: Satori World Medical’s Quality Assurance Program™ has been built to provide access to high-quality care and promote safety for every patient who undergoes a surgical procedure through its program. Satori World Medical only contracts with international hospitals that are JCI-accredited and has a full-time Chief Medical Officer on staff that has personally visited and performed due diligence at each of the international hospitals within its network. Additionally, the company has an active Medical Quality Advisory Board (MQAB) comprised of physicians who are proven leaders in their sub-specialty field. Satori’s MQAB helps to establish guidelines around medical travel eligibility.
• Incentives for Employers and Employees to Participate: Unlike any other medical travel benefit program available today, Satori World Medical is the first to actually provide a direct and meaningful financial incentive for employees who choose to receive care internationally through its program. By undergoing a surgical procedure at a participating, in-network international hospital, the patient is eligible to receive thousands of dollars of savings via an employer-funded Health Reimbursement Account (HRA). These HRA funds can then be used to offset future medical expenses such as deductibles, copays and more. The HRA funds are tax-free to the employee and tax-deductible to the employer.
It is promising to see such a positive response to medical tourism within the self-insured marketplace, and to recognize how well our program meets the specific healthcare delivery needs and challenges of today’s self-funded employers.
Tags: Financial Savings, HRA, Insurance, Medical Tourism, Medical Travel, Satori World Medical, Self Insurance Institute of America, Self-Insured, SIIA
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Satori World Medical Brings Innovative Solutions to Lowering California Public Employers Healthcare Costs
Written by Satori on September 17, 2009 – 11:16 am -
By Steven Lash, President & CEO of Satori World Medical
Last week in South Lake Tahoe, California, Satori World Medical was proud to sponsor The California Association of Joint Powers Authorities (CAJPA) 27th Annual Fall Conference and Training Seminar. CAJPA, founded in 1981, is the premier organization setting standards for cooperative and fiscally responsible governance enabling California local agencies to work together in the area of risk management. CAJPA represents public entity Joint Powers Authority’s (JPA) that provide risk management services and insurance programs to cities, counties, school districts and special districts. A JPA, is a government-regulated public entity formed by two or more public agencies. CAJPA members employ over 800,000 people and provide local government services to nearly all California residents. Despite the current economic climate CAJPA’s annual conference continues to be the largest educational meeting for the risk management pooling industry in the nation.
Today’s skyrocketing costs of healthcare in the U.S. continue to place a tremendous financial burden on California’s public sector entities and their workforce. At Satori World Medical, we believe in providing innovative solutions to lowering the cost of healthcare for both private and public entities. Based in San Diego, California, our company was excited to present our global healthcare program to the key decision makers for California school districts, fire agencies, housing authorities and other entities.
Medical travel benefit options are becoming increasingly appealing to more employers, especially within the public sector space. With the rising cost of healthcare, especially for early retiree populations and the need to lower GASB 45 liability coupled with the current budget crisis in California, there is now more than ever a greater need to find ways to lower healthcare expenses without eliminating choice, quality or benefits. Through our program, public entities can offer their workforce a 100% new medical benefit at no cost to the organization. The employer saves real dollars on their claims expense and the employee gets an additional choice as to where to obtain their healthcare and receive an economic benefit.
Through Satori’s Health & Shared Wealth Program™, the individual who selects to go internationally for a covered non-emergent surgical procedure has no out-of-pocket expenses, all co-pays and deductibles are waived. Additionally, their employer will fund between $5,000-$10,000 into a Health Reimbursement Account (HRA) which the employee can then use to offset future medical expenses. What’s unique about a HRA is the funds deposited are tax-free to the employee and tax-deductible to the employer. HRA funds roll over annually and can be used toward future out-of-pocket expenses such as co-pays, deductibles, premiums, prescriptions, and more. Our program is so novel, that we have filed a patent around the business model and method.
The response from the public sector community has been extremely positive. Employers love our quality programs, our patient centric philosophy and being empowered to give their workforce an additional healthcare option with a direct financial reward to the consumer that ultimately makes the decision. Our membership with CAJPA and our sponsorship of their annual conference, demonstrates our commitment to providing high quality, innovative healthcare solutions to the public sector space. We are very excited to be a part of this organization.
Tags: CAJPA, California Association of Joint Powers Authorities, cost saving solutions, Financial Savings, Healthcare Answers, Healthcare Expenses, HRA, Medical Benefit, Medical Tourism, Medical Travel, Public Sector
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Why America’s early retirees are an ideal fit for medical travel programs
Written by Satori on September 3, 2009 – 9:53 am -By Conni Nelson, Satori World Medical
A few weeks ago, I discussed the financial burdens of America’s escalating healthcare costs on today’s early retirees and the employers funding their health plans into retirement. This has become an increasingly pressing issue for the 3.8-million early retirees in the U.S., between the ages of 55 and 64, who do not yet qualify for Medicare and are being forced to now carry a greater portion of their own medical expenses into retirement.
One promising solution to this problem, which I discussed in my previous blog post, is medical travel, whereby patients travel internationally to receive quality healthcare at a fraction of the cost than in the U.S. So, now I’d like to delve into specifically why early retirees are especially ideal candidates for medical travel.
• Early retirees are more likely to need common surgical procedures, which fall within the specific specialty areas of many of today’s Joint Commission International (JCI)-accredited, international hospitals: It is a well-known fact that as people age, they become more susceptible to health problems. According to the American Heart Association, for instance, U.S. heart disease accounts for nearly $438 billion in medical procedures, and more than 38 million American adults age 60 or higher have one, or more, types of cardiovascular disease. Cost-prohibitive surgical procedures are much less expensive in other parts of the world. A prime example is heart surgery in India. The quality of care and patient outcomes in India’s hospitals are among the best in the world. Yet, the average heart procedure in India costs a tenth of what it would for the same procedure in a top-rated U.S. hospital. An article published last year in Health Affairs offers an interesting perspective on this.
• Growing prevalence of U.S. employers that are reimbursing their employees for participation in a global healthcare program: Many of the common procedures that early retirees need are also eligible for reimbursement by an employer to the employee through a Health Reimbursement Account (HRA). These funds can then be used to cover the patient’s future medical expenses for years to come. Specifically, under Satori World Medical’s proprietary business model employers will fund a portion of the savings to their employees through a HRA and, as an added incentive, waive all out-of-pocket costs including co-pays and deductibles when an individual selects the Satori Global Network™ for their medical procedure.
• Early retirees have more free time than other demographics: Medical travel programs are also a good fit for people in early retirement because they generally have more time to travel. Therefore, they are more likely to participate in a medical travel program. Additionally, early retirees are typically on a fixed income and would greatly benefit from the economic incentives available through a global healthcare program which can supplement their existing incomes into retirement.
Unfortunately, the rising costs of healthcare continue to place a significant burden on many early retirees and their employers. However, the good news is that access to high-quality, affordable healthcare is available throughout the world, and for many reasons medical travel is an ideal option suited for Americans entering retirement.
Tags: American Heart Association, Financial Savings, Global Healthcare, Health Affairs, HRA, JCI, Joint Commission International, Medical Tourism, Medical Travel, Retirees, Satori, Satori World Medical
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How does Consumer-Directed Healthcare fit into Healthcare Reform?
Written by Satori on August 7, 2009 – 8:19 am -
By Keith Mendoza, Director of Sales Satori World Medical
Experts say that consumer-driven healthcare will continue to play an important role in U.S. Healthcare Reform by helping to contain healthcare costs across the board, while giving consumers more control over their own healthcare choices and expenses.
According to a recent study of 589 large U.S. employers, conducted by Watson Wyatt and the National Business Group on Health, more U.S. employers say they will offer consumer-directed health plans (CDHPs) in 2010 in order to help control employees’ healthcare costs. A CDHP is an insurance coverage option with a high deductible that is typically combined with a tax-advantaged Health Reimbursement Account (HRA), funded by the employer or Health Savings Account (HSA), funded by the employer or employee.
The study found that 51 percent of companies now offer workers a CDHP, up from 47 percent in 2008. These plans invite workers to choose from insurance coverage with a menu that usually makes the cost of medical care clear. There are currently an estimated 160 million Americans (nearly half of the population) who receive health insurance through an employer.
Another study by CIGNA revealed that more than 400,000 client employees found the ultimate cost of health coverage for both the employer and employee was typically 13 percent less for those enrolled in a CDHP than for those with a Preferred Provider Organization (PPO) or Health Maintenance Organization (HMO).
The growing adoption of CDHPs among U.S. employers, in particular, has created an extremely bright opportunity and future for the medical tourism industry. An example of medical tourism is when American employees travel to countries outside the U.S. to receive high-quality healthcare at a fraction of the cost.
Satori World Medical has created the industry’s first global healthcare program whereby U.S. employees actually participate directly in the economic benefits of medical travel. Through the Satori program, for the first time ever, employees are eligible to receive thousands through an employer-funded HRA or HSA by undergoing certain surgical procedures through any of the Joint Commission International (JCI)-accredited hospitals with the Satori Global Network™. Qualifying procedures include cardiac, orthopedic and spinal surgeries, just to name a few, that are typically cost-prohibitive within the domestic hospital system.
Additionally, there is no monthly or fixed cost to the employer or payor to integrate the Satori Global Network™ into their existing health plan design. On average, the cost savings per procedure, range anywhere from 40-80 percent through Satori’s program, including the costs for travel and hotel accommodations for the patient and a companion.
So how do medical travel programs like Satori World Medical specifically fit into CDHPs?
Well for one, they offer healthcare consumers the ultimate choice of quality care and control over their healthcare cost, which is the primary premise of CDHPs.
Medical travel programs offer tremendous cost savings, which will only further accelerate the adoption of CDHPs. Global healthcare programs are proven to dramatically reduce the cost of healthcare across the board for all participants – U.S. employers, payors, and employees.
Finally, it is important to recognize that both above cost and quality objectives are achieved through medical travel programs. In fact, all of the hospitals in the Satori Global Network™ are JCI-accredited, staffed by doctors that are U.S./U.K. or equivalently trained and Board Certified, and offer some of the best medical care and technology available anywhere in the world.
As we continue to explore and find ways to provide more Americans with access to quality and affordable healthcare, it is very promising to see the growing mainstream demand for and success of progressive options like CDHPs and globalized healthcare.
Tags: CDHP, Consumer Directed Healthcare, Healthcare Reform, HRA, HSA
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Medical Travel: An Attractive Alternative for Early Retirees
Written by Satori on July 30, 2009 – 9:57 am -
By Conni Nelson, Satori World Medical
Faced with the unrelenting rising costs of healthcare in the U.S., affordable medical insurance remains a critical issue for millions of early retirees (ages 55 to 64) who are not yet eligible for Medicare benefits. Currently there are about 80 million baby boomers heading towards retirement, and an estimated 3.8 million early retirees and dependents that rely on their employer for some sort of health insurance.
But with medical costs increasing at staggering rates and more companies significantly scaling back on retiree health benefits, the status of employer-sponsored retiree medical coverage has become an issue of considerable concern.
In fact, according to Reuters, a recent study conducted by Fidelity Investments, the world’s largest mutual fund company since 2002, the amount retirees need to cover healthcare costs has risen 6 percent a year on average in the U.S. — about double the average U.S. inflation rate in that period.
In response to the rising costs of healthcare and loss of medical benefits into retirement, global healthcare benefit programs are becoming an intriguing option for more U.S. companies due to the enormous cost savings available on high-quality medical care in other countries around the world.
For instance, heart surgery in Singapore, Thailand, or Turkey costs anywhere from 40 to 80 percent less than in a U.S. hospital (including the costs of travel, hospital fees, etc. for the patient and a travel companion). Meanwhile, the quality of care delivered rivals many leading U.S. hospitals.
These hospitals are accredited by the Joint Commission International (JCI), the global arm of the organization that accredits U.S. hospitals. They have U.S./U.K. trained and Board Certified surgeons, medical staff that is fluent in English, state-of-the-art amenities, and the latest innovations in medical technology and techniques. Many of these hospitals even have direct affiliations with top U.S. hospitals and medical universities, such as Johns Hopkins, Harvard Medical and Tufts University School of Medicine, to name a few.
Many common procedures that early retirees need, such as orthopedic and cardiac procedures, are eligible for reimbursement from their employer via a tax-advantaged Health Reimbursement Account (HRA). These funds can then be used to cover the patient’s future medical expenses for years to come. Specifically, under Satori World Medical’s proprietary business model employers will fund a portion of the savings to their employees through a HRA and, as an added incentive, waive all out-of-pocket costs including co-pays and deductibles when an individual selects the Satori Global Network™ for their medical procedure.
As a result, not only does the employer and payor receive a financial benefit through dramatically reduced healthcare expenses, but the employee does as well. This offers early retirees a real and meaningful financial incentive to opt for receiving medical care outside the U.S. Meanwhile, there is no cost to the employer or plan sponsor to provide this benefit option to retirees as part of their existing employee health plan design.
As healthcare costs continue to escalate and more Americans are heading toward retirement, there is now more than ever a need for cost effective alternatives to delivering healthcare. With high-quality healthcare available outside the U.S., thousands of dollars in out-of-pocket expenses that consumers can save and an economic benefit of $5,000-7,000 on the table to offset future expenses, medical travel is becoming a more attractive alternative for many Americans.
Tags: Baby Boomers, Early Retirees, Fidelity Investments, Financial Savings, Health Reimbursment Account, HRA, JCI, Joint Commission International, Medical Tourism, Medical Travel, Quality, Reuters, Satori World Medical
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Satori World Medical Partners with Integrated Healthcare Platform of Consumer-Driven Technology that Support Employers and TPAs
Written by Satori on June 10, 2009 – 10:02 am -
By Keith Mendoza, Director of Sales, Satori World Medical
Satori World Medical continues to remain dedicated to our mission and vision to provide individuals, employers, financial sponsors and insurers with world-class healthcare, excellent client service and significant financial benefit. We are pleased to announce that we have formed a new partnership with Integrated Healthcare, LLC (IHC), a technology company dedicated to delivering cost-saving, consumer-driven health plan tools and solutions to America’s self-funded employers, and their workforces.
According to Jim Williams, Integrated Healthcare’s Chief Marketing & Technology Officer, the partnership with us adds great value to their customers (employers, benefit brokers, consultants, and TPAs) who are all looking for cost-effective and measurable solutions that provide value to employees. Satori World Medical’s high quality global healthcare network that shares the savings with all participants, including employees, through tax-advantaged Health Reimbursement Accounts (HRAs) and Health Savings Accounts (HSAs), is exactly the type of consumer friendly program that can significantly reduce employers’ healthcare expenditures and improve their bottom line.
When employers add Satori World Medical, they utilize HRAs by funding it with a portion of the significant savings generated by the employee when they elect to undergo a surgical procedure through the Satori Global Network™. The savings range from 40 to 80 percent. A portion of the difference in cost, when compared to the same procedure performed in the US, is shared by the employer with the employee by funding a HRA, a tax-advantaged account that employees can use to pay their future medical expenses. Additionally, the employer waives any co-pays or deductibles when the Satori Global NetworkTM is selected. Such an arrangement creates a win-win for all stakeholders.
Satori World Medicals’s program can be seamlessly added to any benefit plan design and has no monthly fee to the employer or health plan. Addionally, we provide a single bill in U.S. dollars which can be easily adjudicated. As a result, companies have the ability to reduce their claims processing costs without any foreign currency exchange fluctuations. Our company works only with high quality Joint Commission International (JCI) accredited hospitals for contracted, high–cost, elective surgical procedures. We provide end-to-end customer service and our program and services are designed to meet the needs of the U.S. Third Party Payor System.
All of us here at Satori World Medical are very pleased to have formed this synergistic partnership. Both our companies focus on promoting and engaging consumer choice with cost-effective solutions and tools to guide consumers in making informed decisions. Together, we can provide employers and their employees with the resources necessary to effectively manage their healthcare costs.
Tags: Employee Benefits, HRA, Integrated Healthcare, Satori, Satori World Medical
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Tips for Choosing a High Quality Global Healthcare Network
Written by Satori on March 19, 2009 – 4:06 pm -
One of the biggest driving factors fueling global healthcare and medical tourism in America, whereby patients seek medical care outside of the U.S., is the high quality of care now available in international hospitals. But what are the crucial attributes to look for in a high quality global health care program? If you are considering a medical tourism program, here are some important tips to help you ensure the medical care is of the highest quality and safety.
Make sure all hospitals in the network are accredited by the Joint Commission International (JCI): More than 220 public and private health care organizations in 33 countries around the world are now accredited by JCI, the international arm of the U.S. accreditor of hospitals.
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Look for a global health network comprised of U.S./U.K. or equivalently trained and Board Certified physicians
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Check to see if the hospitals in the global network have affiliations with prestigious medical universities and hospitals: There are several top-tier international hospitals that are directly affiliated with Harvard Medical, Johns Hopkins, The Cleveland Clinic, The Mayo Clinic, and other leading medical universities and hospitals.
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Partner with organizations that follow AMA guidelines on medical travel: The American Medical Association (AMA) has set specific and important guidelines pertaining to medical travel. Global healthcare organizations should follow these established guidelines.
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Determine if the program has a full-time Chief Medical Officer (CMO) and quality assurance team in place: The best global healthcare companies have a full-time CMO and Medical Quality Advisory Board to ensure ongoing quality improvements in patient care.
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Work with an organization that offers dedicated support for the patient throughout the entire experience: Choose a medical travel program that offers a team of experts, comprised of Nurse Patient Advocates and Travel Care Coordinators, to ensure optimal delivery of healthcare services and a rewarding experience for the patient and his or her travel companion. Ideally, the Nurse Patient Advocates should be Registered Nurses with surgical training.
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Find out if the program covers all costs for not only the patient, but a companion as well: Another important part of ensuring patients’ safety and comfort when undergoing surgery in another country is that they have a trusting companion to accompany them and be on hand to help them through the entire experience. That’s why a key distinguishing factor to look for in a global health care program is whether or not the costs of travel and accommodations for a companion are included.
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Visit some JCI-accredited international hospitals online: To view the amenities and features international hospitals offer, take a virtual tour of them online. For instance, Clinica Biblica, a top, JCI-accredited hospital located in Costa Rica offers a virtual tour of their facilities, as well as National University Hospital in Singapore.
Tags: Add new tag, AMA, American Medical Association, Employee Benefits, Financial Savings, Global Healthcare, HRA, JCI, Joint Commission International, Medical Tourism, Medical Travel, Satori, Satori World Medical, Tips
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