Have you ever put medical tourism and cross-border business payment together, and it made perfect sense?
According to the Medical Tourism Association (MTA), 14 million people travel to other countries to receive healthcare services annually with an average spending of USD 3,550 per visit. Healthcare resource provider Patients Beyond Borders estimates that the global medical tourism market is growing at a rate of 15-25%.
Source: Mordor Intelligence
Payment challenges affecting medical tourism
With these growth numbers come increasing concerns. More than half, or 57.7%, of the respondents of an MTA survey indicated that they were concerned about making international payments, highlighting the gaps in the current payment providers that may lack cost transparency, secure payment options and ease of transacting.
Medical tourism involves a large amount of cross-border payments. Healthcare providers often cite the amount of work needed to reconcile such payments. In certain cases, where multiple rounds of payments or refunds are involved, these processes need to be marked manually, which can lead to human errors.
In medical tourism, there are many reasons why a person would seek treatment in Country A compared with other destinations. Perhaps it’s shorter wait lists, lower costs or a perceived reputation of better healthcare services.
Likewise, healthcare providers need to heed the demands of their customers for intuitive, quick and secure payments. This is where Tranglo Business can help.
Tranglo Business - transforming cross-border payments for healthcare providers
✅ Tranglo Business gives full access to transaction reports, data and statistics. Alongside AI-driven reporting and smart, on-demand retrievals, your treasury team can easily draw reports and perform accurate reconciliations without errors.
✅ Tranglo Business supports payments to more than 70 countries and all major currencies. With a real-time gross settlement system, currency exchange and network that is available 24/7, Tranglo Business connects you to primary payment networks such as Europe SEPA and Swift, all in one place.
✅ Tranglo Business runs in-house APIs with real-time monitoring that minimises non-compliance and reduces failed transactions. It is also easy and intuitive to integrate with, optimising your payment security and data transparency.
Need for a robust payment ecosystem
As medical tourism continues to grow on the back of healthcare innovations and global access, healthcare providers need a reliable cross-border payment partner to free themselves from associated tasks like payment reconciliations, FX monitoring and financial compliance, and focus on delivering the best medical treatment for their customers.
