There are several questions that you need to consider when setting your fees.
- What are your competitors fees?
- What fees have you agreed with the Insurance Companies?
- Do you have a niche, where you are the only Consultant with that skill?
- How many other similarly skilled Consultants are at the same location, or in the near geographical area?
- Do you want to align with, or base on, an Insurance Company Fee Schedule?
- What is the cost to you of undertaking that particular treatment? Is it worth your while?
It is also complicated by the varying positions of the insurance companies.
- For BUPA and AXA PPP, have you entered into an agreement on your fees, if so you will be bound by that agreement, unless you withdraw from it and de-register with these insurance companies.
- For some insurers, there will be no cap, but they may point out to the patient that your fees may not be covered in full and offer another lower priced Consultant to the patient.
- For other insurers, they will set their remuneration rates at a rate they consider reasonable, and it is up to the patient as to whether or not they are willing to accept your rates.
Start by finding out what other Consultants charge, you can often do this by asking them, checking on their website or contacting the hospitals where they practice.
Bear in mind that it is illegal for you to agree your charge with the other Consultants, as that constitutes a price fixing cartel.
