What Are the Benefits of Private Healthcare?
- In many nations, such as the U.K. and Canada, public healthcare systems provide the entire population with affordable health services. In other countries, such as the U.S., the healthcare industry is controlled by free market economics. While there are valid arguments for the superiority of both systems, many believe that the benefits of private healthcare outweigh the costs.
- An important benefit of private healthcare is that all private organizations, including insurance companies, hospitals, and family practitioners, are motivated by profit and financial sustainability. These factors force private healthcare organizations to put an emphasis on customer satisfaction and cost reduction.
According to EconomicsHelp.org, a traditional barrier to the efficiency and effectiveness of public institutions is the fact that these organizations generally do not have to worry about losing customers to a competitor, which allows them to become complacent in important operational areas. Subjecting healthcare organizations to free market forces can solve this problem. - Private insurance policyholders can admit themselves to a wide range of hospitals or medical service offices, such as dermatologists, without waiting in a queue. Although patients may have to wait to see specific doctors in popular offices, they always have the option of visiting a different office if their need is urgent.
The ability to see doctors as soon as possible can serve to increase the effectiveness of preventative care, since conditions are generally not worsened by an extraneously long waiting period. - The free market competition mentioned above creates a situation where individual healthcare organizations may differentiate themselves from each other on the basis of such factors as price, suite of services, or incentives to attract and retain customers. This allows you to choose from among a range of options when deciding which insurance company, hospital, or specialist to patronize.
- According to Netdoctor.co.uk, one of the disadvantages of public healthcare is the seemingly random assignment of doctors and specialists that can occur throughout a patient's lifetime, or even during the course of a single illness. Private healthcare allows patients to utilize the services of a single practitioner for as long as they desire. This can be a great benefit in such areas as dermatology and pediatric care, where a long term, semi-personal relationship allows patients to feel at ease and confident in the abilities of their chosen doctor.
- Placing the burden of financial sustainability on the free market rather than on a single entity, like a government, can create cost efficiencies that accelerate innovation while keeping taxes under control. This can allow a government to focus spending on other important public needs.