Using the 2016 Dental Economics Annual Fee Survey to Your Advantage
The Dental Economics Annual Fee Survey is an invaluable resource to practices to ensure they are maximizing their fee income based off their geological area. The survey focuses on the premise that asking your neighboring dental practice how much they charge or how much they made the prior year are difficult questions to ask. After surveying over 600 practitioners across the U.S., they analyzed the data they received and produced ranges for practices to effectively compare to within their region. Here is an example of the data the survey produced for the Fee Code D0150: Comp exam in the 50th/70th/90th percentiles:
- Region 1: Northeast – ME, VT, NH, MA, CT, RI
- Region 2: Mid-Atlantic – NY, NJ, PA, DE, MD, VA, WV
- Region 3: South – KY, TN, NC, SC, GA, MS, AL, FL, AR, LA, OK, TX
- Region 4: Midwest – MI, OH, IN, IL, WI, MN, IA, MO, ND, SD, NE, KS
- Region 5: Mountain – MT, ID, WY, UT, NV, CO, AZ, NM
- Region 6: Pacific – CA, OR, WA, AK, HI
Data and reports are only as valuable to your practice as you actively use them to your advantage. Taking into account your region, how does your practice compare – 50th, 70th, or 90th percentile? If you’re in the 50th & 70th percentile, it’s time to ask yourself a few questions:
- When was the last time you analyzed your practice fee schedule?
- What did you base your fee schedule pricing off of to create your fees?
No matter what phase you are in with your practice – start up, existing, transitioning or multi-location- establishing the correct fees and having consistency between coding and procedures within your office is a critical aspect of profitability and production. After reviewing how you compare, reach out to Dental Insurance Credentialing and we will help analyze where opportunities may be being missed.
Dental Insurance Credentialing
Please reference the following link for the above information & for further details:
2016 Dental Economics Annual Fee Survey