“Why do I need to check my fee schedule? My charges are high enough arent they? “
We are continually amazed by the number of practices that we encounter that have not completed a recent fee schedule review. With the advent of ERA (electronic remittance advice) where payments are posted automatically, your staff are not watching the numbers like they used to.
So, this translates to missed opportunities, not much, but of course sometimes there is money left on the table. Did you know that other businesses hire pricing consultants to analyze how their pricing impacts their income? Your practice needs to do the same. Using public data from Medicare, our analytics team can actually tell you how your fee schedule compares to those of your competitors. Similarly, you can purchase fee schedule analytics from companies like Optum360 and others.
If you are interested in what your procedure will cost when you personally pay cash, you can head over to https://www.fairhealthconsumer.org/ to see what the local going rate is going to be for that upcoming procedure you are going to receive. Be warned however that there are limits on how you can use the information at Fair Health Consumer and there is no commercial allowed use.
Limits on Use. FAIR Health’s Consumer Website and YouCanPlanForThis.Org are provided solely for personal, consumer use, and not for any commercial, professional, research, litigation or other purposes.