Managing costs – 5 ways to reduce expenses and save money at hospital


5 ways to reduce expenses and save money at hospital

I was wondering whether this is really possible to reduce expenses and save money at hospitals?. But when I have done my analysis, I really thought there are few ways we can do that.

Again I repeat what I said in my previous articles,  “What I meant here is, not to cut-down the things which you use and reduce the expenses. What I am referring is getting what you want with lesser costs, thereby increasing savings and adding this kitty as extra income”

5 ways to reduce expenses and save money at hospital

  1. Good medical insurance: One of the major factor to reduce expenses at hospital is taking good medical insurance upfront. Key factor is to ensure that the medical insurance covers major illness / surgeries. You can check policy bazaar for latest quotes of medical insurance which even includes pre-existing diseases.
  2. Get a second opinion: In case of any major expenses to be incurred for diagnostics and procedures, take a second opinion before starting the process. You may spend very little amount, but you may save lot of money
  3. Generic Medicines from branded companies: Have you checked the generic medicines sold by chemist. When my daughter was not well, I took her to a hospital where doctor said, she is little weak and prescribed a vitamins/minerals syrup. When I purchased this, I was surprised where the cost was Rs.152 and it is a local brand (not manufactured by a brand company). I enquired later on and found that branded syrups with similar composition are available at 1/3 of the price what I paid. I spent 67% cost more on this
  4. I prefer using “Apollo Pharmacy” for our medicines as we get 10% discount straight away. You can try for any such similar discounts being offered by chemists and reduce expenses
  5. Get your own food stuff: Getting your own food stuff can also save small money. While this saves money, it also keeps healthy and fit

Final word caution, here our aim should not be saving money. Health is a priceless commodity where everyone would pay any amount to have it back. Our aim should be to reduce the expenses and not avoiding the expenses to be incurred on our health.

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Suresh KP

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