Have you ever wondered why your medical practice isn’t making as much money as it could? It’s possible that an out-of-date fee schedule could be the source of the problem. Outdated fee schedules are found across many medical practices, which is why it’s important to update your schedule from time to time. Naturally, with an outdated schedule, you’ll want to know how to fix it. However, a schedule can be made in many different ways, so we’re going to help make sure you take the right steps when you’re making your own schedule. When creating a fee schedule, here is what to do and what to avoid doing.
Do Review Your Fee Schedule Twice Per Year
Once every six months, it’s advised that you analyze your fee schedule. Over time, the dynamics of the healthcare industry can change, as well as other variables such as how many patients you see and what your liability insurance rates may be. You want to be sure your fee schedule is suitable for your practice’s current situation. If your payers frequently allow all of your charges, you’ll want to change up your schedule.
Don’t Change Your Fees Suddenly or Drastically
People like predictability, especially in the world of medical billing. Because of this, it won’t be appreciated if you suddenly make drastic adjustments to your fee schedule. If you really need to change your fees, do so in an incremental manner until you have gotten your fees to an appropriate level.
Do Read Contracts Carefully
Whenever an insurer provides you with a contract, you’ll want to take the time to read it thoroughly. It’s always advised to read through contracts carefully before you sign them. After signing an insurer’s contract, make sure you receive a copy of the contract. If you don’t have a copy of a contract at the moment, you should get in touch with insurance carriers to make sure you receive a copy that you can keep in your records for future reference.
Don’t Charge Varying Fees for Different Patients
Patients need to be treated equally, so it’s not in your best interest to charge different fees for different patients. However, there are exceptions to this rule. If you have self-pay patients, it may be acceptable to provide them with a small discount. You can increase this discount even further if these patients pay their fees at their time of service.
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