Price Transparency and Free Market Healthcare, with Dr. Keith Smith and Sean Kelley
The Race to Value Podcast
We are discussing “Price Transparency and Free Market Healthcare” with Dr. Keith Smith, co-founder of Surgery Center of Oklahoma and Sean Kelley, Founder & Managing Partner of Texas Medical Management. Keith and Sean are the forefathers of price transparency as they have been providing upfront, transparent prices to patients for decades. This is one of our more controversial episodes to date, as we cover with brutal honesty, the systemically broken healthcare system that allows patient fleecing, price gouging, excessive profiteering, and limited competition to establish a market clearing price. This provocative interview will raise important concepts such as the needs of the buyer, the importance of price transparency, and why free market principles and bundled pricing for surgical procedures are necessary. Is there any difference between the healthcare industry and a Mexican drug cartel? Is the value-based care movement flawed? Should the government recuse itself from any conversation having to do with health value? Tune in to find out! This is a special joint episode between Race to Value and Point Health, released alongside the ACLC Intelligence Brief entitled “Revealing Value? Hospital Price Transparency”. This brief can be downloaded here. Episode Bookmarks: 02:00 Download the ACLC and Point Health Intelligence Brief entitled, “Revealing Value? Hospital Price Transparency” 02:30 Introduction to Keith Smith and Sean Kelley – the forefathers of price transparency 05:00 Dr. Smith shares the story of his founding of Surgery Center of Oklahoma – a free market ASC with fully transparent, bundled procedure pricing 06:00 The “rising terminator class of Administrators” and why Dr. Smith started seeing Medicare patients for free! 07:00 “We were accomplices to financial crimes that were devasting to patients.” (The fleecing of patients by profiteering hospitals) 09:00 Sean discusses the founding of Texas Medical Management (formerly Texas Free Market Surgery) 10:30 85% of all surgical dollars go to facilities! (Motivation to move cases out of the hospital that should be done in a surgery center) 12:00 “Really good doctors are not paid more than bad doctors. In fact, it is often the opposite.” 13:45 Sean reflects back on the early leadership and inspiration of Dr. Keith Smith in starting TMM 14:50 “The only reason I stayed in medicine is to be a part of a solution that brings doctors and patients back into relationship models that eliminate all the BS.” 15:30 Only 25% of all healthcare dollars spent actually go to people providing care! 17:00 “Changing the way that healthcare is purchased by employers and TPAs is the most critical part of the survival of free market providers.” 18:30 Medical Tourism and how patients are travelling from all over the country (and the world) for free market surgeries! 22:30 “The healthcare system is working as it is designed – it is a cartel; there is no mistaking that.” 24:30 Dr. Smith expresses his frustration with influencing peddling in health policy and how industry consolidation is driving up prices 26:20 Self-funded buyers are demanding transparent pricing and a stop to price gouging. 27:00 “The DC regulatory machine, brokers, and consultants needed a good thumping.” 29:00 Helping other surgery center disruptors with price transparency models to build critical mass across the country 33:00 The challenge of industry insiders and lobbyists to fight price transparency (“Washington is not the solution.”) 34:40 Sean discusses how a local employer challenged the “cartel” which led to Direct Primary Care and Free Market Surgeries 36:00 Referencing Rick Scott (former HCA CEO) on why hospitals are not going to fix the problem of high healthcare costs 37:30 Dr. Smith on why the new Hospital Price Transparency regulations won’t work…but it will change the narrative 39:30 Correcting the definition of price transparency so it includes total costs (not just patient out-of-pocket costs) 41:30 How hospitals are blocking search engine results for price transparency 42:30 The best patient advocate is an independent primary care doctor that doesn’t work for the hospital! 43:30 The entrepreneurial response to disrupt a broken system (ex: Atlas and Sesame) 44:30 Direct Primary Care that are rebelling against the insurance system 47:00 Why health insurance companies actually want more spending 48:00 Dr. Smith on how is constantly creating new bundles for episodes of care (and he is willing to share his knowledge!) 50:30 Transparency does not create an increase in prices! And why “the race to the bottom” is a myth as well. 52:30 Innovation is needed drive down cost structures (ex: 30% of revenues of surgical practices are spent on billing and collections for bad debt!) 53:00 “There is no such thing as a race to the bottom. That is flawed economic thinking. What you have is a race to a market clearing price.” 55:00 “The only concern should be the needs of the buyer…and the buyer is sovereign.” 56:00 Providing value to the purchaser is key. There needs to be competition in the market. 61:00 How the value-based care movement impacts a free market surgery center based on price transparency 62:00 Should the government recuse itself from any conversation having to do with health value? 64:00 Dr. Marty Makary and “The Price We Pay” 67:00 The dichotomy of value-based care and hospitals and how ACOs can used to minimize system leakage and increase profits 71:00 Reflecting on the price transparency movement and how that has changed patient lives for the better
Price Transparency and Free Market Healthcare, with Dr. Keith Smith and Sean Kelley
Point Health Podcast
This is a special episode in collaboration with Accountable Care Learning Collaborative’s podcast, Race to Value. Our host, Steven, is joined by Eric Weaver of ACLC in leading a discussion with Dr. Keith Smith and Sean Kelley. Keith is the co-founder and medical director of Surgery Center of Oklahoma and an outspoken advocate for broader price transparency in healthcare. Sean is the founder and managing partner of Texas Medical Management and has more than a decade of experience in healthcare, including holding executive-level roles in hospitals and health systems. This joint episode between Race to Value and Point Health is released alongside the ACLC Intelligence Brief entitled “Revealing Value? Hospital Price Transparency”. This brief can be downloaded at https://www.accountablecarelc.org/hpt
Longtime NBA broadcaster Sean Kelley of ESPN Radio drops by to talk about the Kyrie Irving's problem with Celtics fans, and weather or not in-game gambling has to do with the unfortunate actions of some fans. How will the NBA combat these few bad apples? Sean has a couple ideas of his own.
#069 Sean Kelley (on Overcoming Adversity and Making Healthcare Choices)
DailyJO by John Oberg
Managing partner at Texas Medical Management and President at Texas Free Market Surgery, Sean hasn’t always had an easy journey. From the struggle of childhood cancer to battling addiction, and then growing to face the struggle of innovation and changing the world, we’ll chat through overcoming difficulty, making big life changing decisions, and some important perspectives about making healthcare decisions in tough times. If you enjoy our podcast, would you please consider leaving a short review? It takes less than 60 seconds, and it really makes a difference in helping us get great content to great people! Contact us for professional services at JohnOberg.com Find our resources at DailyJo.com Interested in sponsoring the podcast? Email us! Follow John Oberg at: Twitter: twitter.com/johnpoberg Instagram: instagram.com/johnpoberg Facebook: facebook.com/johnobergcompanies Thanks for listening!
Folk-Rock Singer/Songwriter Patch Cummings aka Sean Kelley Interview
Joe Kelley Radio
Patch Cummings aka Sean Kelley is an internationally known folk-rock singer/songwriter. He hails from the Nutmeg State but has set up shop over the last three decades as a busker and troubadour in Boston, Los Angeles, Hong Kong and now in Tampa, Florida. You will hear tales of trains, war, heartbreak, love and laughter in his original songs.
The Keys to Better Coaching Sessions - with guest Sean Kelley
DrivingSales Dealership HCM
In this episode, Sean Kelley of Car Motivators stops by to discuss coaching with Bart and Jason. They talk about the value of coaching and how it improves your employee engagement. You’ll learn why you need that skill and discover techniques you can use to hold a coaching session with your employees.Notes:Sean Kelley contact:C: 314-323-8234O: firstname.lastname@example.org
In this episode of Beyond the Blue Badge, host Eddie Pate talks with Sean Kelley, a veteran of the U.S. Navy and veterans' advocate while in his roles at Microsoft, Starbucks, and Amazon. On this Veterans Day episode, Eddie and Sean talk about hiring veterans in tech and beyond, why advocacy and inclusion of veterans for a diversified workforce is essential and smart business, and how alumni can fight the good fight.