What might a medical practice do if it determines its fee schedule is not competitive?

When a medical practice finds that its fee schedule is not competitive, reviewing and adjusting charges based on market trends is a prudent approach. This strategy involves analyzing the pricing structures of similar practices in the area and considering factors such as the costs of delivering services and the value provided to patients. By making informed adjustments, the practice ensures that its fees align with what patients are willing to pay and what competitors are charging, which can help maintain or grow its patient base while remaining financially viable.

This method also allows the practice to strategically set prices that reflect the quality of care provided, potentially offering tiered pricing or package deals for certain services. Adjusting the fee schedule in response to market trends can lead to improved patient satisfaction and retention because fees that are perceived as fair and reasonable can enhance the practice's reputation.

The other options, while they may seem logical, do not take a balanced or strategic approach to pricing. Suddenly increasing fees for all services may alienate existing patients and push new patients away. Stopping insurance payments could limit access for many patients, as a significant portion rely on insurance to cover medical costs. Focusing solely on marketing without addressing competitive pricing can lead to attracting patients who may not return if they find better-value services elsewhere. Thus, aligning fees