Oklahoma City-based Surgery Center of Oklahoma Founder Keith Smith, MD, detailed his surgery center's price transparency strategy in an interview with Business Insider.
Here are five things to know:
1. The ASC has prices listed on its website for more than 200 procedures and also gives patients informing regarding its infection rates.
2. To have a consistent stream of patients, Dr. Smith notes the practice relies on patient reviews. He told Business Insider, "Our reputation is everything."
3. The ASC does not take insurance, which is not the norm for many U.S. practices. However, Dr. Smith noted this practice is becoming more commonplace and the practice performs between 7,000 and 8,000 surgeries annually.
4. Business Insider reports cash-pay providers are popular among self-insured employers who find this option as more cost-effective than traditional insurance.
5. Other practitioners are following suit, including Virginia Harbour, a physical therapist in Oklahoma City. She teamed up with Dr. Smith last year and offers her services for the ASC's total joint replacements for a flat fee. Ms. Harbour told Business Insider she prefers this cash-only model, but still accepts insurance at her practice.