Like many industries today, the medical sector is seeing increasing global involvement. Patients don't just have health and dental care available at their doorstep. Medical facilities can effectively connect with consumers from all over the world. This has created a thriving medical tourism market.
It is not surprising that greater freedom of choice in healthcare is supported by decentralized currency solutions. More than ever, patients and facilities are using Bitcoin, in particular, to pay for treatment.
Let's look a little closer in this direction.
Facilitating access to wellness
One of the major challenges facing patients today is the lack of access to healthcare in their home country. In some cases, communities have a shortage of doctors, while for others, quality care is not particularly affordable. It's not just primary care doctors or surgeries. The state of oral health care in the United States is also fraught with accessibility issues. Lack of dental insurance, relatively high costs for basic treatments, and inequalities in care are among the factors contributing to poor oral health outcomes. This not only disrupts dental health. Oral malaise can have indirect effects on other areas of health.
Challenges at home mean that many Americans are seeking treatment elsewhere in the world. Countries like Thailand and Mexico are common targets for high-quality, affordable healthcare. However, different currencies in these regions can result in either administrative complications, additional conversion costs, or conversion fees. This is one of the reasons why some international medical providers have started incorporating Bitcoin technology.
This means that Bitcoin could be a tool to break down some of the barriers to affordable care. Using this decentralized currency means that patients will not be subjected to unnecessary transfer fees from banks or credit card providers. Therefore, they can lower their overall care costs even further. The prominence of Bitcoin in the cryptocurrency market may also mean that specific sponsors are likely to accept the coin now and in the future.
Maintain security and privacy
Global medical care faces a unique set of challenges. Perhaps the most important is how health care providers can effectively manage risks. Like many industries, solid risk mitigation practices enhance reputation and improve efficiency. Most importantly, focusing on maintaining security and privacy protocols reduces facility and patient exposure to breaches. Bitcoin may be one component of these efforts.
One of the privacy and security risks in traditional international transactions is the existence of a very straightforward digital paper record of patients' financial and personal data. When breaches occur, criminals may be able to access not only financial information but also link it to medical records. Patients are also not always able to guarantee the same level of regulatory standards for data protection abroad as they would at home.
Bitcoin, on the other hand, offers built-in security and privacy protocols. First, they are traded and stored on blockchain systems. This makes it particularly difficult for cybercriminals to access the ledger and extract coins or – more importantly – sensitive information from it.
Additionally, the decentralized nature of Bitcoin means that transactions can be somewhat anonymized. This means that patients can reduce the possibility of Bitcoin transactions being traced back to them and their medical data. However, maintaining anonymity requires effective protocols. For example, patients can use IP masking tools during transactions. They can also agree with medical providers to use pseudonyms in transactions.
Linking investment to payments
One component of Bitcoin that is often overlooked in relation to global healthcare is the investment protocols involved. When patients use their credit or debit cards to pay for their treatment abroad, this currency does not necessarily benefit from potential rises in value. To be sure, money in medical savings accounts may accrue interest over time. However, this may still be negatively affected by the currency conversion fees mentioned above when it comes time to pay for services abroad.
Bitcoin, on the other hand, is inherently subject to the fluctuations of the cryptocurrency market. It can be fickle, of course. However, sometimes this can work to investors' advantage.
For example, patients can track cryptocurrency markets and use forecasting tools to make predictions about purchasing coins at the lowest value. They can then plan elective treatments abroad when the currency is expected to appreciate again. As a result, they may get the most medical treatment out of their investment.
Likewise, overseas healthcare providers can keep Bitcoin payments in dedicated wallets rather than withdrawing them immediately. By taking a responsible approach to market tracking and forecasting, they can use increases in value to reinvest in their business. This can enable them to make improvements to their facilities. They may also have more money to put into marketing tactics. For example, arranging packages for comprehensive health tourism trips that have become popular among dental tourism patients.
However, both patients and caregivers should be fully aware of the significant risks posed by such reliance on Bitcoin. On the patient side, it's rarely wise to put all your eggs in one basket, especially when it comes to saving for medical care. It may be better to diversify using other forms of traditional health insurance and health savings. It is also a good idea to consider limiting Bitcoin-based medical tourism to non-essential electives only. This prevents the possibility of health being significantly affected by the cryptocurrency markets.
Conclusion
Bitcoin is being accepted by more healthcare providers around the world. This not only provides comfort and safety benefits. It may also help some patients afford more treatments that they otherwise would not have access to in the United States. However, it is important to realize that this is not a solution that prohibits access to health care. As with any investment in Bitcoin, its use by patients and facilities alike should be based on informed decision-making. However, with a responsible approach, there is potential for this currency to be a useful tool in a broader healthcare strategy.
This is a guest post by Miles Oliver. The opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.
