An excellent doctor and blogger asked me today what we define as a “Fair” price for care. Here is my response:
“Good Morning Dr. Bazan,
You raise a very good point about cheap vs. Fair pricing for health services. What is a “Fair” Price? Essentially, a Fair Price is not too high and not too low, Fair to both doctor and patient. We believe that insurance reimbursement rates are often unfair to Physicians and standard fees at many offices are unfair to patients paying cash. FairCareMD seeks to remedy these dual problems by allowing doctors and patients to work out fair prices for care offerings in an automated, facilitated fashion.
For Example: an Optometric Physician we know is paid $17-$85 by insurance companies for an eye exam and only charges $95 for that same exam for self-pays. We consider this to be a Fair price compared to the $225 that others charge for the same exam. People should be able to easily find a Fair price which is not the same as a cheap price. Doctors should be able to be paid enough that they can spend the proper amount of time with each patient and still keep the lights on.
By the same token, doctors on Park Avenue with great reputations may charge $500 for an even more extensive exam with a doctor who is considered among the best in his or her field. We think that is a Fair Price too.
Bottom line – Fair is what you and your patients think is fair. Doctors who take amazing care of their patients will develop a following and reputation on FairCareMD that will help grow their practice. We only provide the system which automates and facilitates making deals for services for self-pays – the Provider has complete control of his or her pricing, service offerings, profile, and even, to some extent, reputation.
You are right, it isn’t for everyone. We are asking the best doctors if they want to list their services on FairCareMD (free for 30 days and fairly priced thereafter!) because we think it is a perfect fit for those that are ready to reduce their dependence on the lower paying insurance companies and spend more time with their patients who are willing to pay a reasonable fee directly.
Thanks for the great question Dr. Bazan and welcome to FairCareMD.