Setting your Fee Schedule: Tools and Tactics
Category: Coding
How much do you charge for removing earwax? How about performing well-child checks? You might know what health plans or Medicare will pay, but what are your fees? Practice management experts agree that your fee schedule should be set carefully and updated regularlyevery three to twelve months.
Why evaluate your fees? Your first responsibility is to be profitable; this is what pays your bills. If you are not profitable, you cannot provide quality care. If you are not willing to do what it takes to make money, you are going to go out of business.
The best thing you do for your fee schedule is a cost study. Carefully accounting for costs should be your first step. Your goal is to break down your costs and your margin into units of work--typically services and visits, which can be defined by CPT® codes. Are your costs covered?
In addition, you need to know:
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