The Surgery Center of Oklahoma City is attracting nationwide attention with their “cash only” approach to payments of medical procedures. Dr. Keith Smith and his business partner Dr. Steve Lantier established what they call “price transparency” with guaranteed rates for procedures.
For the last three years these doctors have been supplying and posting their prices for 112 common surgical procedures such as:
- Ear, Nose, and Throat
- General Surgery
- Foot and Ankle
- Reconstructive Plastics
This practice is predicated on the fact that they not only provide top-notch procedures at a fraction of the cost of traditional hospitals but ensure that the patients know exactly how much they’ll be paying, prior to the procedure. These physicians are providing an alternative to the third-party payer systems including the Affordable Care Act (aka ObamaCare). The center avoids Medicare and Medicaid, and only carefully engages with private health insurance plans.
This “transparent cash” approach leads to patient bills that can be laid out with all costs listed on a single page. The Surgery Center of Oklahoma City’s procedures typically cost 1/10th to 1/6th less than hospitals.
Dr. Smith said that there are presently no legal implementations to this approach embedded in the Affordable Care Act.
What are your thoughts on this practice??
Do you see “transparent pricing” taking root in more medical practices throughout the nation?