What is a fee schedule in the context of medical billing?

In the context of medical billing, a fee schedule is a comprehensive list that details the charges for specific medical services and procedures. It serves as a reference for both healthcare providers and insurers, aiding in the determination of the amount that will be billed for different types of care, such as consultations, surgeries, or diagnostic tests.

This list is crucial for standardizing billing practices and ensuring that providers are compensated appropriately for their services. Typically, fee schedules are negotiated between healthcare providers and insurance companies and can vary based on location, provider experience, and the specific policies of the insurer.

Having a well-defined fee schedule helps in maintaining financial clarity and consistency in healthcare payments, both from patients and insurers.