Are you planning to build or restructure or venture in any healthcare venture in Cayman Island? Looking for information about the major healthcare players in Government, Private diagnostic centers that are available in Cayman Island? Are you looking to find out which part of the of the city’s is best to venture in or what all facilities are available and what all should be planned for new setup? In this article Hospaccx Healthcare Consultancy has mapped all on major players in terms of medical facilities and healthcare scenario in Cayman Island.
The Cayman Islands is an autonomous British Overseas Territory in the western Caribbean Sea. The 264-km2 territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman located south of Cuba, northeast of Costa Rica, north of Panama, east of Mexico and northwest of Jamaica.
The islands became a territory within the Federation of the West Indies. When the Federation dissolved in 1962, the Cayman Islands chose to remain a British dependency. The territory has transformed itself into a significant offshore financial center.
With an average income of around KYD$47,000, Caymanians have the highest standard of living in the Caribbean. The Cayman Islands GDP per capita is the 38th highest in the world. The government’s primary source of income is indirect taxation: there is no income tax, capital gains tax, or corporation tax. An import duty of 5% to 22% (automobiles 29.5% to 100%) is levied against goods imported into the islands.
The Cayman Islands have for many years enjoyed a thriving economy with literally zero unemployment.To keep pace with the development requires the importation of foreign labour, and there are currently around 20,000 foreign workers in the Cayman Islands. The tourism industry also continues to boom with a continual increase in cruise ship passenger and air (stay-over visitor) arrivals. Seven Mile Beach is one of the most popular stretches of beach in the world.
Most locally consumed goods are imported, and almost all food, clothing, electronics, building materials, automobiles, etc., are imported directly from Miami or Tampa, Florida.The financial industry continues to boom with new businesses constantly arriving and established businesses expanding. Each year sees thousands of new company registrations, and there are now over 90,000 companies registered in the Cayman Islands.
Each Cayman Island has its own International airport & they are well connected through a number of flights from India.
Major Corporates in Cayman Islands
- Bank Mandari
- Banco Commercial Poutugues
- BNP Private Bank and Trust Cayman Limited
- ATC Trustees
- Bank of China Grand Cayman
Development Plans in Cayman Islands
The Ice Arena:Word of plans for a 4,000-seat ice stadium in Grand Cayman emerged in late 2014. Originally intended to be situated next to Cost-U-Less, the intended site was moved to George Town.
Ironwood golf resort:Ironwood seemed to hit a significant milestone when it was granted planning permission for a championship golf course in 2016& is expected to be completed by 2020.
Ocean Thermal Energy Conversion Plant:It is now more than a decade since the concept of sea-based power was first floated in the Cayman Islands.The most recent incarnation of the project proposed a floating power plant off North Side that would harness solar energy stored in Cayman’s waters to generate electricity.
Health City: Health City has become one of the development success stories of the Cayman Islands. Further phases of the development are expected to take the level of investment up to US$2 billion and include the expansion of the hospital into all specialties. A medical university is also planned in the long term.
Airport Expansion Project: This is a $55 million project in total& so far it is the most important infrastructure enhancement taking shape in the island. This project will eventually enlarge the Owen Roberts International Airport from 77,000 square feet to 200,000 square feet. Opening is expected by the end of 2018.
Some Important Health Statistics
The Healthcare Scenario
Maximum Number of deaths are caused by Diseases of Circulatory System (30%), followed by Neoplasms/Cancers (29%), Diseases of Respiratory System (10%) & Other External Causes (10%)
Fig.1: Proportional Mortality in Cayman Islands
Major Risk: Active local transmission of Zika virus by Aedes species mosquitoes has been identified in this country (as of August 2016).
Natural Disaster: The Cayman Islands’ low-lying islands are particularly vulnerable to the rise in sea level. The islands are also located in “hurricane alley,” which heightens the risk of and vulnerability to more intense hurricanes created by higher sea surface temperatures.
Mental Health: Historically, the Cayman Islands havehad no long-term residential mentalhealth facility, mental health policyor a mental health plan. In February2015, the Cayman Islands Government(“CIG”) approved the policy guidancefor the development of the Long TermResidential Mental Health Facility(“LTRMHF”) with the project intention tosupport the Government’s Strategic Aimand Policy Objective of “a fit and healthypopulation”.
Health Insurance:The Health Insurance Law, which was amended in 2013, requires every resident of the Cayman Islands to have health insurance coverage. Employers are obligated to provide a standard medical coverage plan, which includes a basic basket of compulsory benefits for employees and their dependent family members who reside in the Cayman Islands. Employees contribute a maximum of 50% of the cost.
Self-employed individuals must provide health insurance for themselves and their dependents. This coverage must be obtained from one of the nine approved health insurance providers.
Fig.2 In Cayman Island, Public Funding constitutes approx. 51% of total expenditure while 49% was Privately Funded (through Private Insurance & Out of Pocket).
The Healthcare Infrastructures
The Ministry of Health and Culture has primary responsibility for developing health policies and programs and for providing health services through its various departments and agencies. The Health Services Authority is the sole provider of public health care services at the primary, secondary, and tertiary levels.
Table 1: Number of Hospitals as per their Category.
Human Healthcare Resources
Density / 1000 Population
Table 2: Number of Healthcare Practitioners & their Categories.
Medical College in Cayman Island
Cayman Islands Hospital – 124 Beds
It is the principal health care facility in the country with a modern, two story facility administrated by the Cayman Islands Health Services Authority. This hospital offers a range of in-patient and out-patient services as well as the only 24-hour accident and emergency service in the Cayman Islands.
Faith Hospital – 18 Beds
This hospital serves the residents of Cayman Brac and Little Cayman. This facility provides primary, secondary and emergency care. Physicians provide services in the fields of general medicine, surgery, anesthesia, obstetrics and gynecology.
Established in May, 2000. This hospital is specialized in Surgical Care equipped with services of more than 40 physicians& General Practitioners.
Health City Cayman Islands – 104 Beds
This hospital is established in early 2014 as a tertiary care hospital focused on growing medical tourism on Cayman Island. The hospital is opened with partnership from Narayana Health from India & Ascension health, the largest faith based health system in United States. This is a JCI accredited Hospital providing treatment in all core specialties. The hospital is also equipped with 17 Bedded ICU.
Major Diagnostic Test Centers
Cayman Island is a high economy country with good basic health infrastructures but the country is highly prone to natural disasters i.e. Hurricanes & also having threat of Non-Communicable Diseases as Hypertension & Diabetes. The threat of communicable diseases i.e. Zika Virus is also present resulting in need of good Preventive Medicine services as well as Basic Health awareness & education in ground level. The present scenario demands further improvement in Healthcare Infrastructures. New clinics & Hospitals can also get benefit from the emerging tourism industry of the country.
if you need any support in planning and designing of a new hospital you can contact us: Hospaccx healthcare business consulting Pvt. Ltd on: [email protected] Or you can visit our website www.hhbc.in.