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.
They’ve 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.
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, an MSO (Management Service Organization) may be the solution you are seeking to optimize efficiency, find the right people, increase revenue, and reach new patients.
An MSO stands for a Management Service Organization.
Healthcare MSOS allow 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.
There are two main types of healthcare MSO organizations.
The first MSO model will acquire the assets of the practice, then lease it all back to the healthcare provider. This MSO 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 MSO 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 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 every private practice’s individual needs.
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 MSO services, we’ve developed a Deconstructed MSO model to give you all the flexibility your practice needs. This new healthcare MSO model gives you complete control over the services you want to access.
While traditional MSOs work with a one-size-fits-all model, our deconstructed 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.
There are many areas to manage in any medical practice. Benefits, human resource issues, and payroll alone take significant time and effort to operate correctly.
Coding, compliance, and revenue cycle management can consume much of a manager’s time and effort. Ensuring that you receive the best supply pricing and services on top of all these usual day-to-day activities can be too much. That’s where healthcare MSOs come in.
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:
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 MSO solution is the best for your practice.
While healthcare MSO’s can provide the resources and support you need, it’s critical that you fully understand the agreement. Before you sign, review other MSO contract samples, and ensure you’re making the best decision for your healthcare practice and your patients.
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 may start with a coaching package to take a look at the inefficiencies in your business, move into a revenue cycle management program to revive your cash flow, before investing in patient growth. If you have staffing issues, start with recruitment and leadership training.
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 MSO 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 a marketing branch with over 12 years experience building, designing and implementing winning patient growth campaigns.
Our new deconstructed 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.