Caymans to become medical tourism destination
Caymans to become medical tourism destination with 2,000-bed Healthcare City
The Cayman Islands are finding a new presence on the world stage as a leading medical tourism destination thanks to a proposed 2,000-bed Healthcare City. World-renowned heart surgeon and health care reformist Dr. Devi Shetty has agreed a deal with the British territory to build the medical complex which will target American patients – and indeed patients from all over the world – who are seeking quality health care at a fraction of the cost of that in their home country.
The multi million dollar Healthcare City will encompass a state-of-the-art hospital, medical university and assisted living facility, all of which will be spearheaded by the pioneering Dr. Shetty. The guiding principle of Dr. Shetty is that "what health care needs is process innovation, not product innovation". His health care model is based on driving massive volume of reliable, quality medical procedures, even those as high-risk as heart surgery. This model has already been proven in India, where the cost of health care has been driven down by one billion dollars to date.
Bringing cutting-edge, discounted medical care to the Cayman Islands is sure to attract American patients and insurers who are currently suffering under steadily increasing health care costs. Grand Cayman’s Healthcare City will be just one hour’s flight from Miami, giving Americans unprecedented ease of access to medical treatments which are as much as 50% lower in price than those found in the U.S. As Dr. Shetty himself puts it, "It will be much easier for insurance companies to buy an air ticket and ask them to go to the Cayman Islands and get a heart bypass done and have a two-week beach holiday and come back at perhaps less than 50 percent of the cost".
Reports by corporate advisory firm Deloitte LLP indicate that next year around 6 million Americans will travel to other countries seeking cheaper healthcare, and while medical bills continue to soar in the U.S. this figure is likely to rise yet further. The groundbreaking Healthcare City will position the Cayman Islands as a world-class medical tourism destination, diversifying the economy and significantly boosting the attraction of the Caymans to international investors.
