The first of the year is the perfect time to evaluate the price you set in your charge master for each vaccine. Vaccine manufacturers increase their prices between November and March, therefore, it is imperative that practices keep up with the increases. Do not leave reimbursement dollars on the table by not increasing your vaccine charge each year.
- Determine the new price your practice will charge based on the new price of the vaccine. If you have separate fee schedules for commercial payors and self-pay patients, be sure to review the price for each schedule.
- Update the vaccine price in your charge master to take effect when the new vaccine price is charged by the manufacturer.
- Increase your administration code (90460-90474) charge by at least 3% each year
- Watch your remittances to make sure your payor reimbursements increase at the same rate as the cost of the vaccine. Most commercial payors update their vaccine reimbursements every quarter. If rates do not change after 1-2 months, reach out to our payor contacts and inquire about the vaccine reimbursement rates.
Need help setting the charges ore reviewing reimbursements for your vaccine program? Call or email Amanda in the Vaccine Connect office.