Private Healthcare Self Pay Market Study
A new report published this week has revealed that as optimism in the UK economy grows so too does potential growth in the private acute healthcare market. The research team have cited NHS waiting times and uncertainty around procedure dates, as well as rising private medical insurance prices as major factors likely to increase growth in the number of self-paying individuals.
The research has also highlighted huge disparities nationally in prices for self-funding individuals wishing to ‘shop around’ for surgical and cosmetic procedures, some of which could not rationally be attributed to geographical differences or difference in provider. For one procedure the price varied from £240 to £734, whilst a hip replacement varied from £7,610 to £14,980*.
Clearly, with growth forecasted in the sector and prices varying so widely, individuals considering self-funding will need to be market savvy when comparing fixed price packages. Enticing promotions like free consultations may well be absorbed into other parts of the quote and price may not be the only factor you should consider when choosing where to spend your money.
So what do you need to think about when looking at fixed price packages?
• Does the package compare like for like?
• If an inpatient stay is included, is this for the same amount of time?
• Is a pre and post consultation appointment included in the price?
• What does your post discharge care include?
• Is the cost of associated diagnostic tests included in the price?
• Can you access the consultants you want?
• Does the hospital achieve excellent patient feedback and have low infection rates?
At Spencer Private Hospitals we work with some of the best consultants and our packages are always competitively priced. We regularly check our packages with our competitors to ensure that we offer not only the best value for money, but also provide excellent care and a quality service. At Spencer Private Hospitals we have also achieved excellent results, including 100% rating for patients’ privacy, dignity and well-being and also cleanliness in the nationwide Patient-Led Assessments of the Care Environment (PLACE) surveys.
When comparing prices from other providers you should consider that our packages include the following:
• The “Initial Consultation” Guide Price covers your initial appointment with your Consultant or Specialist.
• The “Diagnostic Investigations” Guide Price covers the cost of tests (such as x-rays and blood tests) that most patients need as part of diagnosing your condition and any consultations required to discuss the results. Your consultant might advise that you need additional diagnostic investigations. If this is the case, the hospital will advise you of the prices before you go ahead with them.
• The “Main Treatment” Guide Price covers your stay in hospital as long as your Consultant advises is necessary (but not exceeding 30 days), including all the tests you need, fees for your Consultant and Anaesthetist, nursing care, medication and food during this time.
• The “Main Treatment” Guide Price includes prosthesis (for example, hip or knee implants) from a standard range most commonly used for the Procedure. If your Consultant advises that you need different prosthesis, then the price for your Main Treatment may be different. Your final price quote will be made clear to you before you proceed for treatment (see the “Your Quote” section below).
• The “Post Discharge Care” Guide Price includes your care after you leave hospital, including consultations and physiotherapy visits (up to the number stated), removal of stitches, change of dressings and the medication you need to take home with you for up to 10 days after you leave hospital. Note that some home aids (such as commodes) are not included in the Guide Price.
For more information you can find a full list of guide prices for a range of surgical treatments on our website http://www.spencerprivatehospitals.com/treatment-guide-prices/
*The Private Healthcare UK Self-Pay Market Study 2013 was undertaken by Private Healthcare UK and a full copy can be downloaded here: http://www.privatehealth.co.uk/selfpay/