How often should a medical practice review its fee schedule?

The most appropriate frequency for a medical practice to review its fee schedule is annually or when market conditions change. Regular reviews are essential to ensure that the fees charged reflect the current costs of services, including changes in overhead, personnel costs, and the competitive landscape within the healthcare market. Annual assessments allow practices to align their pricing with insurance reimbursement rates and adjust for inflation, ensuring they remain financially viable while providing quality care.

This approach keeps the practice agile and responsive to shifts in the healthcare environment, such as emerging competitive practices or changes in patient demographics. Moreover, it helps in maintaining transparency and trust with patients as pricing structures remain fair and justifiable.

Other frequencies mentioned, such as reviewing fees only when a new staff member is hired, lack the periodic assessment needed for a dynamic pricing strategy. Similarly, reviewing fees every five years is too infrequent in a rapidly changing market, and addressing complaints about pricing does not create a proactive strategy for managing fees effectively. Regular, structured reviews help mitigate these issues and ensure that a medical practice remains competitive and compliant with regulations while meeting its operational needs.