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How Often Should You Evaluate Your Fee Schedule?

The fees that a dentist charges00024-08_SEPT(253).jpg for services are always under pressure from a variety of sources.  The costs of running a dental practice are always going up, whether it be from rising prices for equipment and staff or pressure from insurance companies to keep costs down.

So a good dental practice evaluates its fee schedule on a regular basis to compensate for cost changes and competitive challenges.  Many practices will review their fee schedules once a year, but many industry experts suggest that twice a year may be a better approach.

Dentists have a number of tools at their disposal to help in this process.  A variety of national and local schedule indices allow practices to compare where their fees fall in relation to other dentists in their market area.  A common target is to try to keep fees adjusted so they range in the 80-100th percentile of fee averages.  This allows the practice to keep profitability healthy while staying competitive.

Fee schedules are available by zip code which is a better gauge when evaluating your local schedules.

Another advantage of evaluating fee schedules twice a year is that if a procedure price needs to be raised substantially, it doesn’t have to all be done at once.  It can be done in increments, which prevents patient “sticker shock” that could result in patients looking at other practices. So remember is it always good to evaluate your fee schedule.

Would You Like To Know More? Ask Dr. Armstrong by using the “Ask The Expert” feature of our website.

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