Davis Mohn
Keith Smith on Free Market Health Care
Describe the Aspect of the Podcast
Businessman and anesthesiologist Keith Smith, owner of the Surgery Center of Oklahoma, discusses running a surgical facility without accepting insurance and posting costs online with host Russ Roberts. Along the way, he talks about the inefficiencies in the health care market and how a true market for health care might operate if the government played a reduced role in the sector. This plays a huge role for the entrepreneurship side due to Keith Smith being one of the only surgeons to let patients get operated on without insurance. Having patients all over the United States calling him specifically to see if they can work things out is fantastic. Other hospitals and surgeons wouldn’t even allow you to come into the door without asking you if you have insurance or not. Also, Keith Smith posts his prices online and is willing to work with you and negotiate to come up with a reasonable price to get procedures done.
Why is it Interesting?
I found this podcast interesting because I love that this surgeon and hospital is in Oklahoma. This is tremendous for those who I know that need specific procedures. Keith Smith going out of his way and being a leader to really try and help this world become healthier. Not all humans in this world have it easy. A lot are poor and can’t afford things like insurance. There are numerous advantages to a free market in healthcare. These advantages deal with some of the problems that the current healthcare system has. Free-market healthcare does not, however, guarantee high-quality medical care. Quality in Health Care in a Free Market. The provision of healthcare in a free market may raise the standard of care. It is obvious how health affects a nation's socioeconomic structure. Countries with more robust economies are those where citizens can afford healthcare. Everyone has access to medical care thanks to free healthcare. subsequently raising individual productivity and directly impacting the economics of the country.
Elaborate the Entrepreneurial Aspect
Since the majority of people do not have to spend money on accessing health services, which are typically highly expensive, free healthcare is crucial in that it fosters entrepreneurship. Many people are beginning to understand how important the entrepreneur is to healthcare and are embracing their entrepreneurial skills, expertise, and habits. Going forward, it seems that entrepreneurship and healthcare are related and will be related for a while. It's common to define entrepreneurship as the capacity to develop new businesses from thoughts, ideas, and ambitions, whether they are original or already existing. The modifications to the scientific and social bases for the provision of health care services have prompted a major entrepreneurial response. Keith Smith taking matters into his own hands helps society around him because people can really rely on him and his team to help no mater how much money or if you have insurance or not. The fact that business principles are guiding the sector is one of the most significant ways entrepreneurship and healthcare are intertwined. Traditional healthcare is being disrupted by healthcare MBAs and other healthcare professionals who are using business concepts to advance.