I don’t need to tell you that the cost of running your dental practice increases every year. Your fee schedule is a key factor in your success, and you need to keep pace with the cost of doing business. Here are some tips and resources to make sure your fees are appropriate and reflect the cost of providing services.
Establish goals for you practice, and then analyze key factors that will influence your success. Your goals will drive your business decisions. Don’t get caught in the insurance third party reimbursement fee schedule to determine which fees should be high or which should be low. In my opinion, if your fees are in line with insurance carriers, they are much too low. In “the world according to Joan”, you should analyze your fees at least twice a year and plan for at least a 2% increase and then a 3% increase for a total increase of 5% this year.
Track your overhead – your fees need to reflect how much it costs you to deliver dental care. Access resources to compare your fees to others in your geographic area and across the nation, and use that data to make better decisions.
NJDA maintains copies of the 2019 Dental Customized Fee Analyzer or you can find them on the web at optum360coding.com. Also, ADA members have access to the ADA Survey of Fees. 2019 is available on-line for all members and can be accessed by clicking here.