Who is responsible for updating the fee schedule?

The practice is responsible for updating the fee schedule because it directly manages its billing processes and pricing strategies. Each medical practice establishes its fee schedule based on various factors, including the services provided, market rates, and reimbursement guidelines from payers such as Medicare or Medicaid. This ensures that the practice remains competitive while also covering its costs and maintaining profitability.

While entities like Medicare and CMS (Centers for Medicare & Medicaid Services) provide guidelines and reimbursement rates for specific services, it is ultimately up to the individual practice to adopt, modify, and implement these schedules in accordance with their operational needs and contractual agreements with insurers. The electronic health record (EHR) systems may facilitate the management and application of fee schedules, but they do not update or create them on their own; they function as tools for the practice.