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BackTable Vascular & Interventional
Ep. 469 Price Transparency in Healthcare with Dr. Keith Smith
Aug 2, 2024
Dr. Keith Smith, founder of Oklahoma Surgery Center and the Free Market Medical Association, discusses his revolutionary approach to healthcare pricing. He outlines the journey of establishing transparent, affordable healthcare, overcoming regulatory challenges and insurance complexities. Dr. Smith shares insights on the rise of self-funding in healthcare and the value of the Free Market Medical Association in connecting consumers and providers. He emphasizes the need for price transparency to enhance patient care and plans for expanding this model beyond Oklahoma.
38:42
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Quick takeaways
- Dr. Keith Smith advocates for transparent pricing in healthcare to empower patients and challenge the traditional opaque cost model.
- The rising trend of self-funded companies allows businesses greater control over healthcare spending, enhancing the demand for value and price transparency.
Deep dives
Rethinking Healthcare Pricing
The discussion emphasizes the necessity of attaching a price to every service offered in healthcare, advocating for transparency. This notion stems from the frustrations faced by healthcare providers as they observed the high costs imposed by hospitals on patients. A case was shared where the Surgery Center of Oklahoma started quoting prices over the phone, revealing a considerably lower cost for certain procedures compared to hospitals. The approach not only aids patients in understanding their expected expenses but also serves to challenge the traditional opaque pricing model often found in healthcare facilities.
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