Join the Department of Economics on Thursday, October 22 at 3:30 p.m. via Zoom as we present the T. Norman Van Cott Lecture in Political Economy and Liberty guest speaker, G. Keith Smith, M.D. of the Surgery Center of Oklahoma.
He will present The Power and Beauty of a Medical Free Market: The Surgery Center of Oklahoma Story.
Abstract
The Surgery Center of Oklahoma, a physician-owned, outpatient surgery center in Oklahoma City posted bundled, online pricing twelve years ago. A market was immediately created by this move as traditional price gougers had to match or near-match the posted pricing in order to retain business. This price-posting also more clearly revealed the cartel-like arrangement between large insurance carriers and hospital systems, as both benefit from the discounts applied to a large initial price. Medical free markets and price transparency have become a national movement, championed by the Free Market Medical Association among others. Beginning in January, 2021, fines will be imposed on hospitals failing to post their prices, an unbelievable development and one demonstrating the injustice-destroying power and beauty of the free market.
There will be a Q& A after the presentation. Please submit your questions via the chat feature.
Dr. G. Keith Smith is a board certified anesthesiologist in private practice since 1990. In 1997, he co-founded The Surgery Center of Oklahoma, an outpatient surgery center in Oklahoma City, Oklahoma, owned by 40 of the top physicians and surgeons in central Oklahoma. Dr. Smith serves as the medical director, CEO and managing partner while maintaining an active anesthesia practice.
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