Are Costs of Medical Procedures in Malaysia Rising?

Medical inflation in Malaysia is estimated to rise by 10% - 15% annually based on the track record of the last 15 years.  In 2000, open heart surgery cost about RM30,000 but in 2015 it was already RM62,000.  Cost of knee replacement (single) was RM14,000 in 2000 but in 2015 it was RM25,000.  Angiograms and one stent angioplasty was RM4,000 and RM15,000 respectively in 2000, But by 2015 it rose to RM10,000 and RM25,000.

The medical costs between private and public healthcare in Malaysia is significant:

Hospital services and supplies differ widely between private and public healthcare in Malaysia.

Why do they continue to rise?

1.      Private healthcare will boast state-of-the-art equipment and a better service level from doctors and nurses.  But in some private facilities their services are below that of a good Government hospital.  The common issue with the Government is the waiting time to secure consultation and medication.

2.      Demand is outpacing supply – more are ageing and requirements will keep changing.

3.      Life expectancy is increasing – it is now in the 70s but very good possibility for people to live to mid-80s and 90s.

4.      Lifestyle diseases – sedentary lifestyle, stress, work schedule cause heart disease, stroke, diabetes and a whole host of other problems.

How do we overcome?

Plan ahead on healthcare cost, especially for retirement.  Survey the hospitals – both private and government – and observe their competencies and use the cheaper one.  Try to secure an appropriate insurance plan and shop around before settling into one.  Join an advocacy group and report on unethical practices of medical professionals, i.e. recommending procedures not required but insisted upon to generate higher revenue.  The regulators or governing bodies must set price guidelines and standards which are published on a half-yearly basis.  And monitor hospital practices.

Hospitals should generally be operated on a not-for-profit basis.  Isn’t it depressing for someone to make money from the misery of another?

Reference: howtofinancemoney.com