032: Open Market Healthcare in Action – Gary Frazier


On this episode, Gary Frazier joins us to talk about his mission to revolutionize healthcare using free market principles and empowering patients with choice. Gary is the Founder and CEO of OM Healthcare whose mission it is to create consumer-driven healthcare, where patients and doctors are free of the bonds of a third party system to create transparency, efficiency, fair pricing and optimal experience.

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Using his 18 years of business development experience and almost 12 years in health leadership roles, Gary began to unpack the current healthcare system and found the biggest constraint in America’s healthcare ecosystem was that free market commerce between providers (doctors, etc.) and patients is being hindered by insurance companies acting as middlemen.

He created Open Market (“OM”) Healthcare as the first direct-to-consumer platform for purchasing healthcare services that leverages direct-pay fee-for-service provider networks and delivers them via an app-based e-commerce platform to self-funded employers (and their employees) as an alternative to traditional insurance-based health plans.

Throughout the episode Gary and Nathan dive into how free market economics could help improve the current US health system. How would that work? Can it work in both the private and public market places? Will this lead to further innovation? Find out all this and more on this episode!

Learn more about Gary Frazier and OM Helathcare on their website and Twitter or connect with Gary personally on LinkedIn and Twitter.

Enjoy the episode!

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Show Notes:

  • Interview begins [3:00]
  • Gary’s journey into healthcare [3:30]
  • His roles that have prepared him for starting OM Healthcare [6:30]
  • Why does the government drive innovation in healthcare [8:00]
  • How you work differently with the providers and the administrators. [10:22]
  • Changing the economics of healthcare with OM. [12:00]
  • The vision and mission behind OM. [13:30]
  • Health savings and a health reimbursement accounts. [20:00]
  • How OM is the AirBnB for healthcare. [23:00]
  • Empowering the patient will lead to seamless transition of care. [27:55]
  • An open market system will allow providers to better manage their business and lead to innovation. [30:15]
  • How open market systems can work a commercial market and a governmental market. [34:15]
  • Gary’s Future healthcare headline. [37:00]
  • What would Gary do to create a better future of healthcare? [39:45]
  • His advice for the next generation of healthcare leaders. [41:20]

Significant Quotes:

  • “At the end of the day, I really just want the tools that are best for my patients.” [10:34]
  • “If you want to see real unilateral change you need to change the economics.” [12:10]
  • “When the consumer is the center of their own healthcare universe, their healthcare universe goes wherever they go.” [25:20]
  • “In a free market economy the invisible hand of economics is what helps us find equilibrium.” [38:35]
  • “Go outside the lines. Create a new context. Do not accept the status quo.” [41:20]

Future Health Headline:

“America’s Healthcare Problems are Finally Solved”
“Consumers use Smartphones to Keep a Lid on Healthcare in America”

Links:

OM Healthcare’s website

OM Healthcare on Twitter

Gary Frazier on LinkedIn

Gary Frazier on Twitter.

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