Free Market Healthcare & Price Transparency in Medicine

The CashPT Lunch Hour #14: Keith Smith, M.D.

keith smith surgical center of oklahoma price transparency free market medical`I had the distinct pleasure of interviewing Dr. Keith Smith, M.D. I first ran across his videos and blog while searching Twitter for “direct primary care” physicians and their posts and immediately knew I had to share this story with the cash-based physical therapy community.

Dr. Keith Smith, an anesthesiologist in full time practice since 1990, is the co-founder of the Surgery Center of Oklahoma. Almost eight years ago he launched a website displaying all-inclusive, bundled pricing for all of the surgical procedures performed at his facility, a move that has gained him and the facility national and even international attention. Consistent with his goal of disrupting the government- enabled health cartel, he co-founded the Free Market Medical Association, which provides a platform for mutually beneficial exchange between buyers and sellers of healthcare services.

Free Market Healthcare & Price Transparency in Medicine

In this interview some of the questions and topics discussed were:

  • What is the background of the Surgery Center of Oklahoma and how is it different?
  • Are you an ‘in-network” or “out-of-network” facility?
  • How does that choice effect your patients? and the price you charge?
  • Are there any insurance networks Dr. Smith’s practice does contract with?
  • Do you produce claim forms for clients, or simply provide them with the info they need to self-submit?
  • Why did you decide to publish your rates on your website?
  • How did you determine the price you decided to charge for an arthroscopic surgery or lumbar fusion?
  • Why can’t most physician’s offices, hospitals or surgical centers do the same?
  • What effects have the website pricing had on your patients? other health care markets?
  • What was your estimated percentage of patient volume monthly growth after implementing pricing of services on your website?
  • What is the Free Market Medical Association?
  • What has been the response of the public and private sector to this revolutionary movement?
  • Is your facility a Medicare credentialed surgical center? or have you opted out of Medicare?
  • Have you seen other facilities adopt this same pricing model?
  • Has the change in health care recently with the affordable care act effected your practice? or your patients?
  • How do policy makers, legislators and politicians impact the price and fees healthcare?
  • What do you think is the future of healthcare and medicine in America?

Resources Mentioned:

The Free Market Medical Association

The FMMA Annual Conference

Connect with Dr. Smith

Surgical Center of OK Website – click here to see their interactive surgical pricing guide. Click the “media” tab and scroll down for his other videos and interviews about his practice model

Dr. Smith’s Blog

Twitter @SurgeryCenterOK

Free Market Medical Association on Facebook

Surgical Center of Oklahoma on Facebook

 

About The Author

Aaron LeBauer

Aaron LeBauer PT, DPT, LMBT started a 100% cash based physical therapy practice right after graduation. He enjoys sharing his experiences in private practice and helping other therapists find freedom in practice.

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