Many private practices are struggling to thrive today due to the ever-changing regulations, decline in reimbursement, and the ongoing increases in expenses. Like many private practices, Revive Healthcare has a loyal customer base, and sees a lot of potential for growth in their private practice and fueled by purpose. Revive Healthcare has been offering quality health, wellness, and rehabilitation services for nearly ten years.
The owner, Michael is an Occupational Therapist who has built his reputation on quality outcomes and an unforgettable patient experience. However, in recent years, Michael can’t keep up with the overhead needed to run the day to day operations let alone expand the practice, and the business lacks the tools needed to efficiently facilitate growth. In addition, the practice is having a hard time with cash flow due to their in-consistency in effective billing and revenue cycle management. As cash flow has slowed and expenses have increased the healthcare practice has lost its ability to effectively communicate with patients and the wheels are starting to fall off the vehicle so to speak. Michael has gotten so stuck in his business that he forgot how to work on his business. In addition, he is suffering from working harder rather than smarter because he is not able to gain objective perspective and forgot what a night off or a weekend feels like in the past two years.
Does this sound all too familiar? If you’re a private practice owner like Michael, and want to maintain autonomy in your business while pushing for more growth, a Healthcare Management Service Organization (MSO) may be the solution you are seeking to optimize efficiency, find the right people, increase revenue, and reach new patients.
A Healthcare Management Services Organization allows private practices to outsource many administrative and operations-related services while streamlining expenses. Sharing resources with other practices often will increase stability and add value to your business. A healthcare MSO model can provide effective operational assistance including tools and support for comprehensive analytics, billing, payroll, recruiting, and marketing.
Many Private Practices including but not limited to Occupational Therapy, Physical Therapy, and Speech Therapy can optimize efficiency costs while focusing on increasing revenue all the while remaining independent. If you’re considering joining a healthcare MSO for your practice, you and your staff will be able to focus more on providing exceptional healthcare services to patients while removing some of the day to day business stressors that are holding most private practice owners from reaching their fullest potential. An MSO is built on the notion that private practice owners should master their strengths and outsource their weaknesses to reach their optimum level of success and scalability.
There are two main types of MSO healthcare organizations. The first MSO model will acquire the assets of the practice, then lease it all back to the healthcare provider. This model works well for small private practices who are under a lot of stress and feel that running the business is affecting the quality of care they’re able to provide to patients. When a healthcare Management Service Organization purchases the assets of your practice, including the physical space, the equipment, and all supplies, you can focus on your patients and leave all the management to someone else. The healthcare management services agreement guarantees that you’ll continue to practice in the same office, with the same staff and the same resources, but you won’t have to worry about any administrative tasks. In recent years, many larger healthcare organizations and private equity firms have partnered to utilize this approach for acquisitions of smaller practices.
The second type of healthcare MSO provides business services and advice to medical practices, enabling them to remain autonomous. The management services organization’s business plan will provide business services such as administrative assistance and operational support for billing, payroll, and marketing. The healthcare Management Service Organization will also ensure your practice is in compliance with all state and federal regulations, and that you hold up-to-date credentials. Your private practice will remain independent from the healthcare MSO, and you’ll have access to all the services you need to maintain and grow your practice.
At Wellness Works Management Partners, we operate under the second healthcare MSO model, providing instrumental support to private practices while enabling them to remain fully in control of their own practice. Although we operate under the second MSO model, we are also unique because we consider ourselves a deconstructed MSO, which provides more flexibility to customize and accommodate to every private practice’s individual needs. Our specialties fall into four main categories to help you access the business services you need, and these are: efficiency, people, revenue, and patient growth.
Streamlining Your Operations
Maintaining a practice takes efficiency, and we streamline your workflow with technology solutions, training, and new organizational techniques to help you work smarter and increase growth potential. Find out where your systems are inefficient and get the programs and automation you need to run smoothly. A Healthcare MSO will assist with:
Your practice thrives because of your team. Our healthcare Management Service Organization will help you find the right staff, as well as providing your team with the best training and resources to be successful. We’ll provide:
At Wellness Works Management Partners, we’re committed to increasing your revenue with comprehensive analysis and review of management practices to find out exactly where you can automate systems, cut costs, and increase revenue. These include:
Are you ready to grow your practice? You can reach new patients with the help of a healthcare MSO. A healthcare Management Services Organization can provide marketing tools, redesign your website, and increase patient growth. Services include:
Before choosing a healthcare MSO, make sure it complies with federal laws. Research the Stark Law and the Anti-Kickback Statute, which dictate the kind of relationship that’s acceptable between healthcare Management Service Organizations and private practices. The statute is in place to protect patients and federal health insurers from fraud and ensure that healthcare providers are making all their decisions based on the health and wellbeing of the patient, and not for any remuneration. The Anti-Kickback Statute holds private practices accountable, protects patient records, and ensures the best quality care, with no tests or treatments ordered for a kickback or financial gain.
Wellness Works Management Partners is dedicated to working in full compliance with the Anti-Kickback Statute and will help you run a practice where patient care comes first. All remunerations are based on market value, not on the volume of business transacted between the healthcare MSO and your private practice. This ensures compliance with the Anti-Kickback Statute and gives you peace of mind knowing your practice is providing exceptional care to patients.
When looking for solutions to make your private practice more successful, consider what kind of healthcare Management Service Organization solution is the best for your practice. While healthcare Management Service Organizations can provide the resources and support you need, it’s critical that you fully understand the agreement before you sign, review MSO contract samples, and ensure you’re making the best decision for your healthcare practice and your patients.
Wellness Works Management Partners works with private practices that are interested in reaching optimum growth through efficiency, effectiveness, and strategy. One of our core competencies is supporting private practices with unique specialties inclusive of but not limited to Occupational Therapy, Physical Therapy, and Speech Therapy. Rather than offering traditional healthcare MSO services, we’ve developed a Deconstructed MSO model to give you all the flexibility your practice needs. This new healthcare MSO gives you complete control over the services you want to access. While traditional MSOs work with a one-size-fits-all model, our deconstructed healthcare MSO can be tailored to match your unique needs and focuses on the areas where your practice could use the most help.
We believe one size doesn’t fit all practices, and you should be able to choose which of our four main specialties you’d like to implement in order to streamline your business and scale up your practice. “Our deconstructed MSO,” explains President Brandon Seigel, “Is an opportunity for any size practice to find solutions that fit their budget – we offer value and partner with organizations to help them scale through support within the four areas.”
Our deconstructed healthcare Management Service Organization allows you to pick and choose the services you need, and scale up only when you’re ready. It won’t force you to sign up for services you aren’t prepared to implement, and you can add services as your practice expands. For example, you can start by optimizing efficiency through remote function automation and streamline your private practice before you begin investing in patient growth. If you have staffing issues, start with recruitment and leadership training while improving areas of revenue.
Revive Healthcare found Wellness Works Management Partners at the end of 2017. After an initial consultation, Michael quickly found that Wellness Works Management Partners could not only reduce several operational expenses that he was experiencing but optimize efficiency and bring quality growth in all areas of the organization. After two years of working with Wellness Works Management Partners, Michael has hit his stride as a clinician and private practice owner. Michael has grown to multiple locations and is finally able to enjoy more time off while fulfilling his goal of building a scalable and patient-oriented private practice.
As you consider your healthcare Management Service Organization solutions, pick up a copy of The Private Practice Survival Guide, where Brandon Seigel highlights the challenges of running a successful practice. He discusses the fundamental strategies you need to meet your goals, and show you how to develop a solid business foundation.
Wellness Works Management Partners has over 15 years’ experience in healthcare management, and our new deconstructed healthcare MSO solution will give you full autonomy in your practice. Through coaching, consulting, strategic plan implementation, and management programs, we’ll provide instrumental support and resources in the areas where you need it the most. Whether you want to focus on efficiency, people, revenue, or patient growth, we have a solution that will fit your needs.