Have you ever been in your car on a trip and your car broke down and you were fortunate enough to encounter a mechanic who could have charged you whatever he wanted? He could have ripped you off, but he didn’t. He charged you a fair price and got you on our way. You were in dire straits, you were vulnerable and he knew this, but he still charged you a fair price.
I bring this up because I think it’s interesting that the naysayers of the free market movement who would agree that the price of a bunionectomy, for instance, or gallbladder surgery, while it can be known up front, their default assumption is that the big box hospital is going to rip you off and that those prices could not possibly be known up front.
I’m suggesting that there are a few big box hospitals leading the way and they are not ripping people off. I think we will see more and more of them. I think it’s also interesting to acknowledge that people remember this and the word gets around. Those facilities that don’t rip people off tend to be patronized more. This is a slow process, but it is a definite process. And the price-gougers will hopefully stick out as unique in the marketplace.
Imagine for a moment that you are in a board room of a hospital and you suggest in a strategic planning meeting that you can distinguish yourself in the marketplace from you competitors by just not ripping people off. Hopefully those conversations will become more numerous over the next few months, as the free market does what it does and takes its toll on those who continue to be price-gougers and take advantage of the needy and the vulnerable.
Thank you for joining me, see you next time.