The topic of healthcare has always been viewed as a problem that has no ideal solution. Much of society views it as a flawed system of ours, but individuals need medical attention regardless for obvious reasons. The Surgery Center of Oklahoma has proven to successfully create a medical system where individuals who do not obtain health insurance can safely receive their surgeries at a fraction of a cost. This is revolutionary to the community because there has not previously been a successful way to disregard insurance and government regulation to produce something so safe and cost friendly. This is possibly the new marketplace for providing non healthcare covered surgeries in the future.
A common problem people may face during surgeries at a typical hospital is how transparent they can be about the post prices of the surgery. There are so many hands in the pot at larger hospitals that the costs can even seem blown out of proportion. This was a key problem that The Surgery Center of Oklahoma intended to innovate. Not only are all their prices displayed on their website for people to evaluate, but they haven't been raised costs in over twenty two years. This is an impressive title to hold, and it really shows the corporation's intentions on helping people and not reacting to market demand. They also can set and stabilize these prices because they are the creators of this new sub-market of surgeries. This goes back to Bylund’s example of the ice makers setting prices after the hurricane because they are the only providers of such goods or services. New values can be priced any such way they want because they innovated it and have no similar companies to benchmark to.
An important thing to realize is that the original consumers of Oklahoma City (where it is located) have shrunk to not even the majority of the patients who are treated there. The company only receives about forty percent of their patients from Oklahoma, and they are seeing an increase in out of the country patients. The value created by the Surgery Center of Oklahoma was viewed so highly that people would rather catch a flight than rely on their countries medical availability. This was not an original plan, but this is great news for an entrepreneur to act on for new potential consumers. For example, Canada has a free healthcare plan that is viewed in the United States as a step we are not willing to take/achieve. However, Keith Smith tells us a story on how an individual from Canada flew to Oklahoma because she was estimated to be on the waiting list for three years and just wanted a solution to be out of pain. It is apparent that all systems have their flaws. That's why Keith intended to stay away from government regulation of insurance and prefers to do things the plain and simple way with cash and on site payment.
Regulations are in a constant battle with the intentions of some entrepreneurs. Keith managed to remove the entire insurance firm and goes off the prices that the individual doctors demanded. Keith does not believe in the constant waste of hospitals and the attempt of legally upcharging patients. He has almost sought after a cost focus strategy, but it is an attempt to appeal to individuals who do not have healthcare. Of course this is a small subdivision of the market, but if it is providing the same service for a much less cost, and therefore it will be seen as a much more valuable choice to these individuals.
Keith has achieved a new market through avoiding government regulation. This is of course a high risk high reward ratio that is seeming to be a success. Keith has helped patients from all over the world by giving them an honest service away from dishonest doctors and physicians. A prime example of an entrepreneur taking a risk to not only innovate the medical industry, but to provide a beneficial value to society and the less fortunate. These are the choices that make America the land of opportunity that keeps innovation alive.
