We really can't say it enough - remember to refresh old rates!
Why is it worth repeating?
Expired rates mean lost revenue...gone forever.
As we've mentioned in the past, our experience has shown that Firms often struggle with monitoring rate end dates. Unfortunately, it is not uncommon to find rate arrangements that are at least three to five years old, and we have seen lost revenue opportunities that exceeded $500,000 per year simply due to expired rates.
It is imperative to review – and refresh – rates diligently.
What small step can you take today to start solving the problem of expired rates? You know the drill...use your calendar to set up recurring reminders and stay on top of it.
For long term goals, we recommend doing a routine Rate Audit utilizing Rippe & Kingston's LMS+ Practice Management Rate Audit Watchlist and Rate Audit reports.
If you refresh rates regularly, pat yourself on the back. You're automatically increasing the Firm's revenue.
If not, start today with the simple routine of refreshing old rates.