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Data Sources: Centers for Medicare & Medicaid Services (CMS), Medicare Provider Utilization and Payment Data
Disclaimer: This site is an independent journalism project. Data analysis and editorial content are not affiliated with or endorsed by CMS or any government agency. All spending figures are based on publicly available Medicare payment records.
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Methodology•Download Data
  1. Home
  2. Providers
  3. Matthew Speicher
👁️
MDIndividual

Matthew Speicher, M.D.

NPI: 1275536963
Baltimore, MD
10 years of data
Ophthalmology
$27.2M
Total Payments
152
Beneficiaries
135.7K
Services
2.47x
Markup Ratio

Peer Comparison

99th
percentile in specialty
This provider$27.2M
Specialty median$383.7K

📋 Key Findings

1Billed $27.2M over 10 years
22.47x markup ratio (above median)
399th percentile in Ophthalmology by payments
454 services/day — unusually high
511 procedures with >3x markup

This provider averages 54 services per working day

Based on 135.7K total services over 10 years (250 working days/year). Learn about impossible service volumes →

🔎 Data Analysis

This provider's $27.2M in total Medicare payments ranks in the 99th percentile of Ophthalmology providers nationally.

Averaging 54 services per working day raises questions about billing patterns.

AI-generated analysis based on Medicare payment data.

Annual Medicare Payments

Annual Services Provided

Avg Payment per Service

Markup Ratio Over Time

Submitted Charges vs. Medicare Payments

Average per-service amounts submitted by the provider compared to what Medicare actually paid — the gap represents the markup.

YearAvg SubmittedAvg PaidMarkup RatioGap per ServiceTotal PaymentsServicesBeneficiaries
2014$340.81$196.431.74x$144.38$2.5M12.6K16
2015$340.45$196.221.74x$144.23$2.4M12.0K15
2016$320.07$179.091.79x$140.98$2.0M11.0K16
2017$326.65$182.031.79x$144.62$2.3M12.7K13
2018$358.28$200.381.79x$157.90$2.7M13.3K14
2019$373.67$207.001.81x$166.67$3.1M15.0K14
2020$395.85$213.731.85x$182.12$2.7M12.6K14
2021$628.45$216.952.90x$411.50$3.0M13.8K17
2022$860.61$222.163.87x$638.45$3.0M13.5K13
2023$808.41$191.614.22x$616.80$3.7M19.2K20

Top Procedures (20)

J0178Injection, aflibercept, 1 mg
$12.9M
17.6K services$729.24/svc2.25x markup
J2778Injection, ranibizumab, 0.1 mg
$8.0M
29.0K services$275.20/svc2.19x markup
92014Established patient complete exam of visual system
$2.3M
25.3K services$90.40/svc2.27x markup
67028Injection of drug into eye⚠ 4.2x markup
$1.6M
18.6K services$86.94/svc4.23x markup
92134Imaging of retina⚠ 4.3x markup
$677.3K
20.5K services$32.97/svc4.28x markup
92250Photography of the retina⚠ 3.7x markup
$267.1K
6.6K services$40.64/svc3.73x markup
J9035Injection, bevacizumab, 10 mg
$239.6K
4.2K services$57.59/svc1.44x markup
99204New patient office or other outpatient visit, 45-59 minutes
$217.8K
1.8K services$118.96/svc2.38x markup
J3490Unclassified drugs⚠ 3.2x markup
$210.8K
118 services$1.8K/svc3.19x markup
J3590Unclassified biologics⚠ 3.1x markup
$175.9K
77 services$2.3K/svc3.07x markup
Q5128Injection, ranibizumab-eqrn (cimerli), biosimilar, 0.1 mg⚠ 4.7x markup
$136.5K
639 services$213.60/svc4.67x markup
J2777Injection, faricimab-svoa, 0.1 mg⚠ 4.6x markup
$113.4K
4.2K services$27.01/svc4.63x markup
92012Established patient problem focused exam of visual system
$94.9K
1.4K services$66.73/svc1.99x markup
J2781Injection, pegcetacoplan, intravitreal, 1 mg⚠ 3.1x markup
$72.2K
615 services$117.42/svc3.12x markup
92235Exam of retinal blood vessels using a special camera after injection of a dye
$67.5K
848 services$79.57/svc2.94x markup
92499Service or surgery of the eye
$63.1K
1.8K services$35.67/svc2.82x markup
J7999Compounded drug, not otherwise classified⚠ 8.4x markup
$45.5K
619 services$73.50/svc8.44x markup
67042Removal of membrane from the retina, pars plana approach
$33.1K
34 services$972.89/svc2.57x markup
67228Laser destruction of leaking retinal blood vessels, 1 or more sessions⚠ 5.6x markup
$23.6K
57 services$413.79/svc5.56x markup
765122d ultrasound scan of eye tissue and structures⚠ 4.0x markup
$18.1K
327 services$55.34/svc3.96x markup
Show detailed table ▾
CodeDescriptionServicesPaymentsAvg/ServiceMarkup
J0178Injection, aflibercept, 1 mg17.6K$12.9M$729.242.25x
J2778Injection, ranibizumab, 0.1 mg29.0K$8.0M$275.202.19x
92014Established patient complete exam of visual system25.3K$2.3M$90.402.27x
67028Injection of drug into eye18.6K$1.6M$86.944.23x
92134Imaging of retina20.5K$677.3K$32.974.28x
92250Photography of the retina6.6K$267.1K$40.643.73x
J9035Injection, bevacizumab, 10 mg4.2K$239.6K$57.591.44x
99204New patient office or other outpatient visit, 45-59 minutes1.8K$217.8K$118.962.38x
J3490Unclassified drugs118$210.8K$1.8K3.19x
J3590Unclassified biologics77$175.9K$2.3K3.07x
Q5128Injection, ranibizumab-eqrn (cimerli), biosimilar, 0.1 mg639$136.5K$213.604.67x
J2777Injection, faricimab-svoa, 0.1 mg4.2K$113.4K$27.014.63x
92012Established patient problem focused exam of visual system1.4K$94.9K$66.731.99x
J2781Injection, pegcetacoplan, intravitreal, 1 mg615$72.2K$117.423.12x
92235Exam of retinal blood vessels using a special camera after injection of a dye848$67.5K$79.572.94x
92499Service or surgery of the eye1.8K$63.1K$35.672.82x
J7999Compounded drug, not otherwise classified619$45.5K$73.508.44x
67042Removal of membrane from the retina, pars plana approach34$33.1K$972.892.57x
67228Laser destruction of leaking retinal blood vessels, 1 or more sessions57$23.6K$413.795.56x
765122d ultrasound scan of eye tissue and structures327$18.1K$55.343.96x

Markup Analysis

Charge-to-Payment Ratio

2.47x

This provider submits charges 2.47 times higher than what Medicare actually pays.

What This Means

A markup ratio of 2.47x means for every $100 Medicare pays, this provider initially charges $247. This is higher than the national average.

Location

Baltimore, MD

Provider Verification

Always verify provider credentials and location before scheduling appointments. This data reflects Medicare payments and may not include all practice locations.

Similar Providers

Other Ophthalmology providers in MD for peer comparison.

Matthew Speicher (you)
$27.2M
Michael Elman, M.D.
$68.5M
David Warrow, M.D.
$65.5M
Raymond Sjaarda, M.D.
$47.2M
Allen Hu, MD
$45.7M
James Rial, M.D.
$45.2M
Show detailed table ▾
ProviderLocationTotal PaymentsStatus
Michael Elman, M.D.Baltimore, MD$68.5M✓ Clear
David Warrow, M.D.Hagerstown, MD$65.5M✓ Clear
Raymond Sjaarda, M.D.Baltimore, MD$47.2M✓ Clear
Allen Hu, MDHagerstown, MD$45.7M✓ Clear
James Rial, M.D.Salisbury, MD$45.2M✓ Clear

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Data Sources

  • • Centers for Medicare & Medicaid Services (CMS)
  • • Medicare Provider Utilization and Payment Data (2014-2023)
  • • National Plan and Provider Enumeration System (NPPES)

Last Updated: February 2026 (data through 2023, the latest CMS release)

Note: All data is from publicly available Medicare records. OpenMedicare is an independent journalism project not affiliated with CMS.

Believe this data is inaccurate? Dispute this data