Price increases in general are not fun. Fortunately in the case of vaccines, buying group members receive 30 to 90 days of advanced notice before the new pricing becomes effective. This timing enables a practice to take action to minimize the negative impact to their bottom line. Here are several steps you can take:
- Notify your payers of the change and refer them to the updated CDC Private Sector List price as the benchmark for reimbursements.
- Update your billing rates accordingly
- Purchase a refrigerator and freezer large enough to store extra vaccines purchased during this discount period
- Strategically time your purchases so that you can purchase as much product as you can at the pre-increase price
- Check all invoices to make sure the pre-increase price is honored through the implementation date
If you have any questions about the overall financial health of your immunization services, contact CPP for a free analysis!