Want three good reasons for tackling a fee schedule update for your practice? TMA Practice Consulting suggests you consider these:
- Medicare reimbursements change annually and codes are updated quarterly,
- Some managed care companies publish reimbursements changes every quarter, and
- Operating costs are rising.
Many practices assume they don't need to review their practice fee schedule because they are subject to contract reimbursement with insurance plans. But if your managed care contracts use a "lesser of practice fee or health plan fee" schedule, you may be charging less than the allowable reimbursement.
When was the last time you analyzed your practice overhead and other costs? Are you charging what it truly costs you to provide medical services? You actually may be billing less than you're entitled to collect and this could add up to a significant amount of lost revenue over a year.
Updating your fee schedule also helps you make realistic revenue projections and assess the value of your managed care contracts to your practice. When you are ready to address a fee schedule update, why not call on the experts for hands-on guidance? TMA Practice Consulting can help you tailor a fee schedule to your practice. Contact a TMA consultant today at (800) 523-8776 or e-mail TMA Practice Consulting.