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EconTalk has a super interesting new podcast episode on a surgical practice in Oklahoma that has refused to accept insurance and instead offered flat-rate, transparent pricing for more than 20 years. Their full price list is even posted on their website https://www.econtalk.org/keith-smith-on-free-market-health-care/ …pic.twitter.com/6wqv52FlHf
They do also treat Canadians & Europeans — the doc says the most common Canadian case is a woman with severe abnormal uterine bleeding, who may be in pain & require blood transfusions, who's on a ~3 year wait list for a hysterectomy. For $8,000 all-in, she can have it done *now*
That's not a knock on Canada; from what I know, the US health insurance industry also does a broadly terrible job of securing surgical interventions for conditions that mostly just impact quality of life. It's just strange to realize that $8,000 could save 3 years of misery
I was just listening to it now! I wonder what this has to say to the argument that healthcare in the US has to be hopelessly expensive because the US is rich (Baumol).
If the podcast doesn't answer 'why isn't this model evrrywhere' I'll be disappointed
Learned a lot from this ep. Hard to leave it not thinking the industry is a huge scam. Also, interesting that the hospital only accepts checks, cash, or bitcoin
Reading this right now. Filled with appalling stories of hospitals and insurance cos going to unimaginable extremes to conceal their pricing -https://www.amazon.com/Price-We-Pay-American-Care/dp/1635574110/ref=sr_1_1?keywords=the+price+we+pay&qid=1574620271&sr=8-1 …
Those greatly resemble pricing in Australia. Payment is set by government for the public system, but there is often a waiting list on particular surgeries, so people go private just to have it ASAP. But public acts as a brake on prices going up as people can easily drop private
health insurance if pricing gets out of hand. I know we would.
It's insane to me this practice from OKC is JUST NOW making the rounds. No wonder people always laughed when I'd mention cash-based healthcare.
An argument Karl Denninger has made for years is that all medical providers are already required by federal law to post transparent pricing and if those laws were actually enforced healthcare costs would drop.
Providers are price takers (not makers. Insurances and hospitals set the prices, of which a portion is allocated to professional services.
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