Medical Practice Management
Oct 13

Updating fee schedules appropriately

Knowing the importance of updating your rates is only half the battle. Now you must actually take care of your fee schedule. If you still feel uncomfortable raising prices and setting new rates, try the following strategies to ease the process and fend off critics:

  • Use objective standards to set fair prices. The Consumer Price Index, relative value scales, cost-based accounting, and regional "usual and customary" charge rates provide impartial data to help you create sensible fees.
  • Budget time and resources to provide care for those who cannot afford it. One radiologist sets aside one day out of every 10 to provide free care, calling it his medical tithe.

Objective measures and comparisons help you approach fee setting with a proper businesslike attitude. And purposefully helping patients who cannot afford your services may help provide you with the courage to ask for fair payment from those who can.


About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →