Episode 40: Bundled payment & The Surgery Center of Oklahoma–with Dr Keith Smith
- The Surgery Center of Oklahoma
- Time Article on The Surgery Center of OK
- Business Insider Article on The Surgery Center of OK
- Dr Keith Smith on Fox Business
- Dr Keith Smith on CNBC
- Dr Keith Smith on ReasonTV
- Dr Keith Smith on Capital Account
For most healthcare procedures, the markets have been marked by obscurity and dramatic overpricing. Separate bills from the anesthesiologist, surgeon and hospital combined with extreme price exaggeration often leads to sticker prices for procedures far above fair market value. This leads to increased premium prices and unaffordable procedures for the uninsured. The Surgery Center of Oklahoma is changing all of this by bundling payment to the surgeon, anesthesiologist and facility and kicking out insurance companies. In this episode Dr Keith Smith, co-founder of the Surgery Center of Oklahoma explains how bundling payment and not taking third party reimbursement has allowed them to lower prices for surgeries sometimes by a factor fo 10. As a consequence they’re now forcing other hospital systems to follow suit and be more transparent and fair about their prices. As well, Dr Roussel and Dr Smith also discuss how DPC and the Surgery Center of Oklahoma can collaborate to lower cost and improve value by focusing on transparency and relationships and minimizing third-party involvement in healthcare.
[02:52] What was your inspiration to start the Surgery Center of Oklahoma?
[05:05] So the Surgery Center of Oklahoma has really been a trend setter in terms of cutting costs. Can you give us some examples of how you’ve been able to save people money on surgical services?
[07:45] How are you able to cut costs for these services?
[10:57] How do patients pay if no insurance is accepted?
[14:50] So this podcast is about DPC, which is somewhat distinct from ambulatory surgery, but I find your work very relevant to DPC. DPC lowers costs by breaking down the barrier of 3rd parties and restores the doctor patient relationship. How can DPC and Surgery Center of OK, or other surgery centers who are interested in adopting a similar model, work together to lower costs and improve quality?
Dr Keith Smith is an anesthesiologist who co-founded the Surgery Center of Oklahoma after seven years in private practice. He has been featured on Fox Business, ReasonTV, CNBC and many other major media outlets.