Bob Murphy Show Ep. 466 Dr Keith Smith Testifies With Mark Cuban to Congress
Nov 25, 2025
Dr. Keith Smith, a board-certified anesthesiologist and founder of the Surgery Center of Oklahoma, shares his recent testimony to Congress about medical costs and the need for price transparency. He discusses the impact of Mark Cuban's Cost Plus Drugs initiative in challenging traditional pricing models. Keith highlights why more transparent surgical centers aren't emerging despite clear benefits to patients. He also explores innovative alternatives like Crowd Health and the importance of a free market in improving healthcare quality and reducing costs.
AI Snips
Chapters
Books
Transcript
Episode notes
Why Keith Accepted The Senate Invite
- Keith Smith decided to testify to the Senate after learning Mark Cuban would also appear.
- Their shared experience with transparent pricing connected them and motivated Keith to attend.
Cost-Plus Pricing As Market Disruption
- Mark Cuban launched Cost Plus Drugs to disrupt opaque PBM pricing and expose price gouging.
- Keith sees Cuban's transparent pricing as a market shock that forces accountability.
Reference Pricing Versus Transparent Listing
- Reference-based pricing (CalPERS) forced hospitals to match a payer's price and lowered overall prices.
- Keith argues sellers should instead display prices so buyers can shop directly.
