There has been rapid growth in the self-pay private healthcare market, driven by pressure on NHS funding and lengthening waiting lists, and the wide variety of prices available to patients who are prepared to “shop around” for private treatment, according to a new report.
The research, released on Monday 11th September 2017, was produced by Intuition Communication- publishers of private healthcare web portal Private Healthcare UK- was compiled through an online survey, interviews with leading figures in the UK private healthcare market and the analysis of 6,500 prices for private operations, treatment and scans.
According to the findings, providers and commentators reported annual growth of 15% to 25% in the number of patients without health insurance who are using savings or loan finance to fund private operations.
The researchers determined that the driving factors for this growth are longer NHS waiting times; the increasing cost of private medical insurance, which is encouraging older people to fund private healthcare from savings; and marketing initiatives and financing schemes from the major providers.
The report concluded that the growth in self-pay treatment is being seen particularly in orthopaedics, ophthalmology, general surgery, vascular, ENT and cancer treatment. Also, widely publicised restrictions on NHS funding for cancer drugs is fuelling the growth in self-pay oncology.
Keith Pollard, CEO of Intuition Communication, says the Private Healthcare UK Self-Pay Market Study 2017 highlights the growth of affordable private healthcare.
Keith explained: “There’s no doubt that NHS waiting lists are at the heart of this growth in self-pay. However, the Competition and Market Authority’s investigation into the private healthcare sector is stimulating a new era of price transparency, increased price competition and greater availability of data for patients to compare what’s on offer from the private healthcare providers. This can only be good news for patients.”
www.privatehealth.co.uk/selfpay
