14 Oct Fee Schedules: Don’t Leave Money On the Table
When was the last time you reviewed your practice’s charge schedule? Has it been a few years? Maybe you’ve never reviewed it since it was initially set? Optimizing practices’ fee schedules is crucial to the financial health of a practice.
You don’t need to be constantly reviewing your fees, but it’s a good idea to look at your fee schedules at least once per year.
If you are a practice that provides vaccines, you may want to review those fees quarterly, or at least a couple of times per year. The cost of pharmaceuticals changes throughout the year, and you want to make sure that you’re reviewing your fees to ensure they are appropriate compared to your purchase price.
Reviewing your fees for services annually is important to ensure you aren’t leaving money on the table with insurance companies. Regardless of your negotiated payment rate with an insurer, if you charge less on a claim form than the negotiated rate, you will only be paid what you charged. This is an easy way to make sure that you are receiving what you are owed from insurance companies.