Q&A: Setting the right fee schedule

Q: Our fee schedule hasn't changed in a while, and I'm concerned that we're undercharging for some procedures. What can we do to learn whether our fees are at appropriate levels?

A: One way to determine if you are undercharging is to look at whether Medicare and any other significant payers are paying 100 percent of what you charge. A more sophisticated approach is to evaluate your fee schedule compared with regional rates. You can do this by purchasing a report from any number of vendors or consultants at the National Society of Certified Healthcare Business Consultants website at NSCHBC.org (go to "Find a Consultant" and select the specialty of "Billing"). Don't just ask colleagues, because the results are anecdotal, and don't conspire to fix fees-that is illegal.