This paper addresses the problem of managing a waiting list for elective surgery todecide the number of patients selected from the waiting list and to schedule them inaccordance with the operating room capacity in the next period. The waiting listprioritizes patients not only by their initial urgency level but also by their waitingtime. Selecting elective surgery patients requires a balance between the waiting time forurgent patients and that for less urgent patients. The problem is formulated as aninfinite horizon Markov Decision Process. Further, the study proposes a schedulingprocedure based on structural properties of an optimal policy by taking a sampling-basedfinite horizon approximation approach. Finally, we examine the performance of the policyunder various conditions.