Medical Second Opinion is Essential to Save Life and Money!
According to the study published by the World Health Organization (WHO) in 2019, approximately 25% patients around the world suffer from the complications occurred in surgical procedures. Moreover, each year, approx. 1 million patients die during surgery or follow-up of the same. The main reason behind these incidents is that mostly patients deal with the various confusions created through the consultations and recommendations of treatments. When patient goes through this scenario, medical second opinion plays vital role.
The research report by The Insight Partners predicts that the medical second opinion market will grow to US$ 10,739.48 million by 2027 at a CAGR of 16.8% between 2020 and 2027. The same report also states that the reluctance towards opting for second opinion in emerging countries and lack of awareness may hinder the market growth.
Medical second opinion provides additional information or flaws in the patient’s current treatments help to improve outcomes of a treatment. The second opinion also helps to validate diagnosis that increases the accuracy of the treatment.
Rising Preference for Healthcare Cost Optimization
Patients across the world are experiencing the growing financial burdens imposed by healthcare services. Continuously increasing costs associated to healthcare to the overall lack of healthcare professionals and availability of limited resources are the main reasons that generate the need for healthcare cost optimization worldwide. Plus, increasing emphasis on reducing the additional costs and growing awareness about the possibility of exploitation from healthcare organizations—especially in middle- and low-income regions—drive the second medical opinion market.
Superior Treatment Outcomes
Second opinion enables availability of extensive information to the patients. This information enables them to make the decisions about surgery or the main case. Additionally, medical second opinion experts review the recommendations for procedures related to surgery on the basis of analysis of existing medical records, additional diagnosis, and assessment of other therapeutic solutions as an alternative for surgery.
Observations show that these aspects of the second opinion help to save therapeutic costs. Also, second opinion on surgical decisions reduces possible surgical adversities, which lead to additional healthcare-related costs.
Errors in Medical Billing
Rising number of errors in medical billing is one of the major factors responsible for the growth of the market. As per the study published by the Medical Billing Advocates of America in2019, approx. 80.0% of medical bills contain at least one error. Further, problems regarding medical billing errors cost a total of approx.US$ 210 billion each year in the U.S. So, the analysts opine that these occurrences and possibilities of financial errors are expected to bolster the growth of medical second opinion market in coming years.
Rising investments in telemedicine technologies are creating new growth opportunities for healthcare specialists involved in a market.
Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.