What is an MSO (made simple)?
MSO stands for medical services organization. It is a big multidisciplinary group of independent physician owners that share expenses that they could not otherwise afford or struggle to afford. Members of the group also share in management services, while increasing profitability and overall revenue in a way that leads to increased patient satisfaction and improved outcomes.
Members of an MSO can offer patients everything they need in one place, much like a hospital or health system does, and ensure the patient is treated in a way that is consistent with the core philosophies of each provider. However, it does not mean you can’t work well with hospitals or health systems. Our MSO has accomplished this where hospitals are willing to affiliate, work together, and create mutually beneficial strategic relationships.
Lynx Healthcare: An MSO for the Pacific Northwest
Lynx Healthcare has witnessed first-hand what happens when health systems and/or hospitals buy up private practice physicians and start controlling a market. Before long, finding an independent, privately owned clinic will be hard to come by, and the quality of care and affordability they provide for patients will be a thing of the past.
If you want to be part of the solution, then joining this MSO is the first step in that journey. We need people who are eager to maintain their independence, want to grow and build a thriving practice, want to make as much of the healthcare premium dollars as possible, want to provide the best care and services to patients based on the core philosophies of their clinic or wherever the patient needs referred to, and not have to worry whether they’ll get that patient back.
This MSO will provide all the independent clinics access to the kinds of services, products, information, technology, and resources that usually only the hospitals and health systems can afford, which levels the playing field. We feel we’ve found the perfect solution to practicing private medicine in a group type setting, while also collaborating and affiliating with hospitals and health systems in a mutually beneficial manner. Come take the time to find out how this system can be just what your practice needs.
Health systems and hospitals buying out all the private practices. Healthcare reform. ICD-10. Reimbursement cuts. Insurance controlling medicine. High deductibles. And more…
- High overhead cost
- Hard to recruit and retain providers
- Staff and administrative issues
- Capital for growth
- Cannot afford executive-level help
- Big groups and health systems taking away patients
- 20% or more of clinician owners’ time is spent on nonmedical problems
- Challenges with medical billing
- Challenges with insurance companies and no clout to fight
- Challenges getting authorizations
- Lack of clinician-to-clinician communication
- Small budgets for marketing
- Proper management
- And more
In today’s constantly changing market, health systems across the country are faced with enormous challenges. An MSO is one of the more flexible and functional approaches to binding physicians into a closer working alliance without forcing them to relinquish the autonomy they strongly value. Recently, it has been emerging with a new name – “multidiscipline approach” – which suggests the potential for collaboration among many providers.
Latest trends across the country reveal a strong tendency for physicians to become health system and/or hospital employees. Running a practice should not be a burden to the physician whose main responsibility is direct patient care. Financial and administrative pressures take time away from patients and personal life.
More and more medical doctors are joining hospitals and health systems to be able to better serve their patients, give patients more personalized attention, and better utilize their time at the clinic and at home. Malpractice insurance costs, payroll, marketing, and overhead costs are other critical issues when running a private practice.
The decision made by physicians to sell their practices is mainly driven by the rising cost of doing business. Furthermore, more and more physicians are looking for a better balance between their professional life and their personal life. The truth is, you don’t have to join a hospital system to get the benefits of freedom, management support, and balance.
- National leaders in healthcare managing the MSO
- Ability to access and benefit from dozens of “revenue enhancement programs” and ancillary services (diagnostic, screening, lab, imaging, compounding, DME, sleep, surgery centers, etc.)
- Group purchasing on equipment and supplies at a highly reduced cost (for example, purchasing a 100K piece of equipment for $55K as an MSO member)
- Shared and/or significantly reduced malpractice cost
- Shared marketing budget allows the MSO to dominate everything from media marketing, PR, internet, “field marketing”, and overall patient awareness
- Better utilization of medical assistant programs and staff to maximize both time and reimbursement of physicians and physician extenders
- Ability to recruit and grow your clinic with our recruitment and retention programs (MSO shares in the cost of growth)
- Ability to see more patients per day while actually increasing patient satisfaction and patient outcomes
- Ability to manage a payor mix in a way that doesn’t prevent you from picking and choosing what patients you are willing to treat
- Enhanced dynamic reporting and tracking capabilities (knowing there is a problem immediately)
- Immediate awareness of changes in medical coding and compliance and the ability to implement any changes quickly
- Ability to fight denials by having research and “numbers” to prove justification. With the research, you can get value-based reimbursements from insurances, which, if done correctly, is something that generates monthly income per active patient from the insurance companies.
- Rural healthcare rotations and satellite clinics that the MSO members can join if desired and share in ownership and rotations
- Ability to avoid slow times during the year
- Access to a team of high-end attorneys shared by the members
- “Scribing” programs that allow the doctor to ensure the patient chart is complete and billed right after the doctor leaves the exam room
- Vacation coverage for its members – members cross-cover each other during vacation times. This is also applicable for “gap” coverage or emergency coverage situations.
- Telemedicine programs covering multiple specialties within the MSO
- MSO members share call centers open 7 am to 8 pm (serving patients and referring physicians) – Intake and outbound calls, pre-authorizations, insurance verification, and other calls associated with the clinic
- Exit strategy for owners (one should plan their exit strategy 3-8 years in advance)
- Management information systems that allow physicians to manage risk through features such as claim adjudication, utilization management, preauthorization and certification, and financial management of contracts and risk pools
- In-house billing team comprised of various directors, senior managers, and certified billers and coders ensuring every possible dollar is billed and collected correctly
- Increases patient satisfaction
- Improves patient experience
- Improves patient outcomes
- Lowers cost to patient and insurance companies through improved physician collaboration
- Utilizes multidisciplinary approach with a focus on identifying the true problem instead of treating the symptoms
- Improves provider satisfaction while enhancing primary care payment incentives
- Reduces provider fatigue through team-based healthcare
- Provides clinics with additional revenue streams without increasing overhead costs
- Allows independent private practices to stay independent while gaining group benefits
- Improves communication between physicians (common patient complaint is a lack of this)
- Eliminates the fear physicians have of “losing their patients” when they refer them out
- Ability to jointly own various centers from which all MSO members can profit
- Vendors and insurance companies want us to be the preferred group
- Enhances the ability to get state contracts that no one could do on their own (i.e. military contracts, VA contracts, Indian Health Services, major companies, employer group plans, etc. ) that offer significant growth funding and annual revenues for the MSO members
- Reduces overhead cost
- Increases revenue
- Ability to have shared medical records between all providers
- Allows providers to be owners without managing the day-to-day operations of the business for those who want to return to just being a clinician
- Allows “private practice” to stay rather than being acquired by local hospitals
- Prevents future loss from ICD-10 and the many other changes in healthcare
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Our providers in Washington and Oregon are ready to help you with any physical ailment or illness, pain condition, mental health concern, or addiction you may be experiencing. Contact us today to schedule your appointment.