Singapore ranks number two in the world as far as healthcare is concerned, making it one of the most attractive healthcare systems on the planet to copy, to replicate, and to borrow ideas from.
Unlike a lot of other countries that have incredibly advanced healthcare systems, in Singapore only about 5% of GDP is spent on healthcare (unlike the 43% that’s spent in the US) and the results – and quality of care – in Singapore are considerably better.
How is it that such a small nation in Southeast Asia could provide such top-tier healthcare for all of their citizens, as well as anyone visiting the nation, at such discounted prices compared to one of the world’s most powerful – and wealthy – countries on the planet like the United States?
And, maybe more importantly than that, what can America learn – and steal – from the Singapore healthcare system that helps them build a better program for themselves?
Let’s dive in and find out!
America must begin to heavily subsidize the medical care community
In Singapore, the overwhelming majority of government hospitals, polyclinics, and government healthcare agencies provide the bulk of healthcare to citizens and visitors to Singapore – and nearly 80% of all of those costs are covered by government subsidization.
At the same time, individuals that are taking advantage of this healthcare system have the opportunity to choose the kind of ward class that they take advantage of, the level of comfort and privacy they enjoy, and different services that they may take advantage of – fully understanding that the amount of subsidized healthcare they receive in exchange may change, depending upon the choices that they make.
This makes it very, very easy for those without a tremendous amount of money to take advantage of the highest possible government subsidies or their health care while forgoing some of the “luxury” services provided by these facilities. At the same time, wealthy individuals that want top-tier privacy, comfort, and other extras while getting healthcare services performed can pay a little bit extra while still enjoying some form of subsidy along the way.
The Singapore healthcare community has been developed, adjusted, and tweaked – but never completely overhauled – for decades now, and this stability (while still making necessary changes with a long-term focus) has contributed significantly to the success of this program in particular.
The American healthcare world, on the other hand, is anything but a paragon of stability or flexible adaptation built on top of a long-term foundation. The American healthcare community is constantly tossed upside down and from side to side with almost every new administration, wreaking havoc throughout the program and causing a lot more trouble while trying to fix short-term issues that only cripple the system later down the line.
At this point in time, the American healthcare community needs to seriously reevaluate itself and almost “pull the plug” on EVERYTHING that has been done up until now. Starting from scratch, the American healthcare system needs to be rebuilt with a long-term focus, trying to find ways to provide care without crippling the health and wellness of their citizens or taking more money from their pockets than absolutely necessary.
About the Author
Morris Edwards is a content writer at companyregistrationinsingapore.com.sg, he writes different topics like Build a safe and healthy workplace and The Most Innovative Economy In Asia and all topics related to Business, Economy and Company Registration in Singapore.