Question

Explain the advantages and disadvantages of a fee schedule when it comes to profitability.

Answer 1

The fee schedule is one of the most important financial tools utilized by the medical office.

Advantages:

1. Sets foundation for profitability

2. Useful financial tool for specialist, Professionals and experts specially Doctors and Surgeons.

3. Helps in profitability analysis.

4. Ensures and track record of pending payments.

Disadvantages:

1. High cost of maintenance for system development and labour for operations.

2. Difficult to manage (complicated) in case of various professionals involved like Doctors with different specialization with different fees structure,