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Setting Practice Fee Schedules

One of the number one questions doctors ask regarding their services is, "How much do I charge?"  So, in an effort to take the guess work out of setting fee schedules, I have recorded this video.  There are many myths regarding regulations on how much a doctor can charge.  The key is setting fee schedules high enough to cover your costs and earn a profit.  After you set your fee schedules, you need to compare them to your network contract allowances from both government contracts and commercial insurance contracts.  If your network contracts are not allowing you to be paid enough to cover your costs, then it is time to revisit those contracts and either renegotiate them or get out of network.

With the uncertainty of the economy and the directing healthcare coverage is going, it is very important to have strong fee schedules to help offset costs.  If you do not factor your costs into your fees, you are basically shooting yourself in the foot.  In addition, you need to revisit your fee schedule periodically to evaluate if there is a need for adjustments.  Usually you will do this every year. 

This learning video is designed to teach you three tools for setting your fee schedules.  The first is evaluating your profit and loss statement to find your profit margin.  The second is using your expenses from your profit and loss statement to find your break-even point per patient visit.  The third is using your profit margin and your break-even point to set your minimum patient visit fee that will cover your costs and create a goal for profit.  Click on the following link for the video.

http://www.facebook.com/video/video.php?v=1960261097702

Making a profit in business is a choice and a choice that can be made from the moment the doors are open.  If profit goals are set in advance, a plan is put in place, and the plan is followed; you and your patients will win every time.

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