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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.
In addition, the practice is having a hard time with cash flow due to their inconsistency in billing and revenue cycle workflow.
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.
Our specialties fall into four main categories to help you access the business services you need, and these are: efficiency, people, revenue, and done for you marketing system.
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.
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:
Implementing a management system that includes medical coding and billing, the collections process, and patient financial policies will make it easy to understand your revenue cycle.
Before you can increase your revenue, you need to understand the financial state of your practice. A comprehensive financial analysis will include an implementation of data analytics inclusive of profit and loss statements, cash flow analytics, productivity analytics, and the development of a strategic financial plan with advice from your healthcare MSO.
Internal provider competitive analytics and internal clinical analytics will determine your competitive viability compared to other practices. We’ll then perform cost comparisons and strategic competitor analytics to get a full picture of where you can increase revenue.
Find out exactly where your revenue is coming from with contract analysis, contract negotiation metrics, and internal provider payor analytics.
Many financial functions can be outsourced rather than handled in house, and verification of benefits, patient collections, medical billing, payment posting, and authorizations can all be outsourced to free up time and revenue.
Are you ready to grow your practice? You can reach new patients with the help of a healthcare MSO. Healthcare Management Partners can provide marketing tools, redesign your website, and increase patient growth.
Our MSO services include:
Google My Business(GMB) has arguably become one of the most essential marketing tools for local business owners in the last five years. Healthcare providers like doctors, therapists, and other medical practitioners can use Google My Business to claim and manage their practice’s info.
Did you know that search results differ based on the location of the searcher? We use scientific methods based on years of testing to outsmart Googles search algorithms and rank your site above your competitors in your surrounding areas.
Your practice doesn’t need more traffic. It needs targeted traffic that converts into long-term patients. We use a systematic approach to filtering buyers to your website, who are eager to purchase your services.
Booking new patients is great, but we don't stop there. Far from it, in fact! Our Patient Growth System is designed to set your practice up for long term success by creating a marketing infrastructure built to scale.
A healthcare MSO will assist with generation and oversight of positive reviews on Yelp, Google, Indeed, Glassdoor, etc. to increase 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:
There’s always room for improvement in workflow, but it can be hard to identify areas that should be streamlined. Workflow analysis and process mapping will highlight bottlenecks, and present solutions to optimize both front and back-office workflow.
The right business dashboard will give you a clear picture of your business at any moment, with real-time metrics, project management support, productivity reports, and KPIs. You'll see at a glance which areas lack efficiency.
Easily track data such as patient engagement, patient outcome tracking, and clinical metrics to ensure your practice is providing the highest standard of care.
Automating your operations with solutions for EMR, phone systems, email automation, and billing will free up valuable staff time, as well as reduce errors in records or billing.
Help your staff stay on track by automating the systems they use every day. A virtual assistant can take over specific tasks, insurance eligibility can be determined automatically, and appointment scheduling and reminders can be handled remotely.
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:
A healthcare MSO will make recruitment easy with detailed job postings and a smooth job interview process. Take the stress out of onboard orientation and accountability onboarding, and standardize training for all staff.
Update your employee handbooks, employee hiring paperwork, job descriptions, and policies & procedures binder to make sure they’re in compliance with your needs as well as with government regulations. Ensure all HIPAA Training, Safety Training, OSHA Training, and Liability Insurance Audits are regularly scheduled and performed.
Streamline your payroll and HR systems, ensure payroll implementation, and perform benefits analysis and workforce financial analysis to make your team even more successful.
Get advice on succession planning, job function training programs, reorganization initiatives, organizational values initiatives, and even remote management. Be a great leader and inspire confidence in your staff.
Increase employee engagement with employee gamification implementation, employee engagement campaigns, HR employee analytics and empowerment campaigns to motivate staff to do their best work and support a positive workplace environment.
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.
Whether you want to focus on efficiency, people, revenue, or patient growth, we have a solution that will fit your needs.
If you’re a private practice owner 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.
