Successfully managing a practice can present challenges in terms of setting appropriate prices, identifying bad debt, monitoring employee efficiency and more. Here’s a look at the answers to a few frequently asked financial questions to help guide your practice’s financial health.

FAQ 1: What is the common practice for establishing “charges”?

While it is up to each individual practice to determine how it chooses prices, a frequently used approach is to set charges at 200 to 400 percent of Medicare reimbursement, with the low end of this range for office visits and the high end for surgeries. Outside of that, the main “rule of thumb” is to set charges higher than the highest commercial reimbursement. If your practice chooses to offer discounts for upfront payment, a 30 percent rate is common.

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Thank you to everyone who attended our June 23 webinar to learn how the national trend toward consumer-driven healthcare is changing the way providers do business.

During the one-hour event, Pamela L. Moore, PhD, Vice President, Content and Strategy, UBM Medica and Physicians Practice discussed:

• The importance of quality, pricing and patient satisfaction as it relates to consumer-driven healthcare.
• How consumer-driven healthcare impacts your bottom line.
• Strategies for providers to increase patient collections at the point of service

To learn more about the movement toward consumer-driven healthcare or to pass this webinar on to a colleague click here.

Join us on Wednesday, June 23 at 1 p.m. EDT for a complimentary webinar
to learn how the national trend toward consumer-driven healthcare is changing the way providers do business.

In under an hour, you’ll hear Pamela L. Moore, PhD, Vice President, Content and Strategy, UBM Medica and Physicians Practice discuss:

• The importance of quality, pricing and patient satisfaction as it relates to consumer-driven healthcare.
• How consumer-driven healthcare impacts your bottom line.
• Strategies for providers to increase patient collections at the point of service

Register now.