Definitions
Health Insurance Terms
Fee Schedule

Fee Schedule

Definition:

A list of CPT codes and dollar amounts an insurance company will pay for a particular medical service

Application:

Physician practices usually guess what the covered amount is by an insurance company for a specific CPT code (medical service). The creation of a fee schedule will state the actual dollar amount the insurance company will pay for each medical service. Knowing the actual dollar amount reduces the time spent on appeals, because there is no guesswork on the part of the medical practice and patient.

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