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Daewoo Electronics, Daewoo International America and Woori America Bank Sign Medical Travel Benefit Contract With Patients Without Borders (PWB)
Date:1/19/2010

BOSTON, Jan. 19 /PRNewswire/ -- Patients Without Borders (PWB), a Boston-based medical travel facilitator, has signed an agreement to provide a medical travel benefit option to Woori America Bank, Daewoo Electronics and Daewoo International America employees. The contracts were completed through Econo Agency of New Jersey, the benefits consultant and brokerage agency for both companies. The medical travel service offering was built with the help of PWB partner KHIDI (the Korea Health Industry Development Institute), a government organization dedicated to building the international presence of that country's health industry - a key economic driver there.

Medical travel is a fast growing business that sends US patients abroad for more cost effective medical procedures at accredited hospitals and medical centers. The role of medical facilitators like PWB is to act as a single source for patients by coordinating referrals, medical record transfers, travel, lodging, guidance in the host country, and follow on care back in the US.

As a key player in the market for employer-driven medical travel, Patients Without Borders brings experience and strategic relationships to bear in working with plan sponsors to deploy this new employee benefit. The medical travel benefit provided by PWB gives Woori America Bank, Daewoo Electronics and Daewoo International America employees access to the world-class medical centers in Korea.

"Our employees are our greatest asset," said Gyun Bae Shin, Director of HR department of Woori America Bank, "and we want to offer them the best benefits for their health. The opportunity to do so while helping to expand the reach of Korea's finest hospitals is an honor and one of the key reasons we decided to offer this medical travel option," he added.

"Daewoo Electronics has always been an innovator in our industry. We want to offer our employees as many options as possible for health care. The fact that we could do that with Korea's finest hospitals while reducing our overall health costs is an opportunity that we could not pass up," said Dong Hwa Choi, General Manager of Daewoo Electronics.

"Our industry requires forward-thinking business leaders who embrace new ideas. With increasing healthcare costs, we have a need to introduce low-cost options without compromising quality," said Sang Chul Shin Director of Human Resources Department of Daewoo International America Corporation. "Allowing our employees to receive medical care in Korea seemed like a natural extension of our corporate culture."

"We are pleased to be working with Patients Without Borders. Their industry-leading products and Daewoo Electronics forward thinking have added to the list of Korean owned businesses taking advantage of medical travel in Korea," said Bup-Wan Kim, M.D., PHD, President of KHIDI.

"Medical travel is rapidly becoming the leading option for managing health care costs without compromising quality or safety," said Jeffrey Carter, CEO of Patients Without Borders, "over time, both Daewoo Electronics and Woori America Bank will see a significant reduction in health care expense as more and more employees choose Korean hospitals for their medical care," he added.

The medical travel benefit has been available to employees of all three companies since September 1st, 2009.

About Patients Without Borders:

Patients Without Borders is a medical travel facilitator that delivers a total solution for patients, from sourcing and qualification of the best provider, to the planning of transportation, accommodations and post-treatment or procedure follow up. The company works with hospitals and medical facilities recognized for the highest standards of medical care around the world. www.patientswithoutborders.us

About Woori America Bank:

Woori America Bank, which is wholly-owned US subsidiary of Woori Bank, Korea, provides various fast-track banking services such as remittances, international trade finance and account opening services through established banking networks of Woori Bank, Korea over 1,000 in domestic Korea and 35 overseas branches in London, Singapore, Hong Kong, China, and Vietnam and other countries.

About Daewoo Electronics:

Daewoo Electronics is one of South Korea's largest makers and exporters of televisions (digital, high-definition), DVD players and recorders, VCRs, and portable video recorders. It also makes home and kitchen appliances (microwave ovens, refrigerators, washing machines, vacuum cleaners, and air conditioners). Daewoo Electronics sells its products in more than 105 countries.

About Daewoo International America Corporation:

Daewoo International Corporation is the special trade and overseas investment company formed under the vision of "Global Trading & Investment Company." Daewoo International Corporation is the driving force for trade and overseas investment and conducts business in trade, manufacturing, sales, distribution and resource development with about 6,000 clients all over the world.

About Korea Health Industry Development Institute (KHIDI):

KHIDI's goals are to improve the national health industry of Korea by providing comprehensive and professional support programs and to strengthen the competitiveness of the national health industry in this global era. KHIDI works with leading government, academic and private institutions around to world to accomplish these goals.

www.econoagency.com  

www.khidi.or.kr  
www.koreahealthtour.co.kr  

SOURCE Patients Without Borders

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SOURCE Patients Without Borders
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