How often should a practice review its fee schedule?

A practice should review its fee schedule as needed based on market changes because this approach ensures that the fees remain competitive and reflective of the services offered. The healthcare market is dynamic, influenced by factors such as changes in the cost of providing services, reimbursement rates from insurance companies, patient demand, and competitor pricing. By regularly assessing the fee schedule in response to these variables, a practice can make timely adjustments that align with its financial goals and the needs of its patients.

This strategy also helps the practice to avoid losing patients to competitors due to outdated pricing or offering services at a loss due to increased operational costs. Ultimately, a responsive approach to fee scheduling promotes financial health for the practice while ensuring it remains accessible and attractive to patients.