At Gateway Psychiatric, we strive to provide the highest quality mental healthcare services while ensuring our practice remains financially sustainable. To achieve this, we regularly review and adjust our fees to reflect the rising costs of healthcare and ensure we can continue to attract and retain experienced, compassionate clinicians.
Our annual fee revisions are based on a comprehensive analysis of several key factors:
- Consumer Price Index (CPI) data from the Bureau of Labor Statistics: We closely monitor the CPI, particularly focusing on changes in healthcare costs within the Bay Area. This data provides crucial insights into the broader economic landscape impacting operating expenses.
- FairHealth.org database comparison: We benchmark our fees against the average fees charged in San Francisco for similar services (identified by CPT codes). This comparison helps us ensure our fees remain competitive and align with the market value of our services.
- Gateway’s internal cost analysis: We conduct a thorough review of our own operating expenses, including the cost of staffing, equipment, technology, and other essential resources. This internal analysis ensures that our fee adjustments reflect the actual cost increases we experience.
Based on this comprehensive review, we will implement a fee adjustment of approximately 5%, effective February 1, 2024. This modest adjustment is necessary to maintain our financial stability and continue providing the exceptional level of care you have come to expect from Gateway Psychiatric.
We understand that any fee increase can be a concern. We want to assure you that we have carefully considered the impact of this adjustment and have taken steps to minimize the burden on our patients. As we did last year, we will be sending you a revised Good Faith Estimate reflecting the updated fees. This document will help you understand the estimated costs of your treatment plan, allowing you to make informed decisions about your healthcare.
We are committed to providing you with access to high-quality, affordable mental healthcare services. We believe that this moderate fee adjustment will allow us to continue serving our community with the same dedication and expertise for years to come.
If you have any questions or concerns about the upcoming fee changes, please do not hesitate to reach out to your clinician or our billing department. We are here to support you in any way we can.
Sincerely,
The Gateway Psychiatric Team