What are Physician Practice Management Services?

Operating a private practice can put strain on the practicing physician, as they need to balance patient care with administrative tasks and staff management. Physician practice management companies, also known as Management Services Organizations (MSOs), offer non-clinical business administrative services to private practices, alleviating some of these pressures.

It’s a scenario most private practices face on an almost daily basis. 

Against the rigors of caring for a full schedule of  patients – each with different reasons for their visit – there’s a laundry list of other “must” tasks to keep your practice going, such as:

• HR administration
• Operations management
• Claims filing and follow-up

But in those instances where an always-renewing schedule of patients each day and those behind-the-scenes “must” tasks become unmanageable, who do you tap in for help?

Hiring a physician practice management service provider can be one of the best decisions you’ll make for your practices. Why? That’s easy. MSOs help you and your staff get back to doing their most important job: providing quality care to your patients.

Physician Practice Management: Delegating Tasks, Not Authority

Your MSO should defer to your authority on any decisions or conflicts related to your practice.

6 Reasons to Partner With an MSO

There was a time when the staff of private practice was designed to handle both the administrative side and the patient treatment in-house. However, with today’s technology and the opportunity to outsource administrative tasks and utilize resources to improve the patient experience, partnering with an MSO is a popular solution to staff shortages, physical space concerns, and also time constraints. The reasons to partner with an MSO include:

1. Improved patient care
2. Budget trimming
3. Strategic support
4. Practice growth
5. Experienced management
6. Streamlined administration behind the scenes

  1. Improved Patient Care

Having Physician Practice Management staff off-site to handle clerical and other basic tasks (e.g. insurance verification, appointment scheduling & patient calls) means that staff on-site can focus on the patients in the office for appointments. 

  2. Budget Trimming

A contract with an MSO allows you to outsource administrative tasks, freeing up your current on-site staff. This eliminates the need to hire additional employees, saving you the cost of their health insurance and training. It also helps you avoid the rising expenses of salaries and benefits over time. 

The ability to have this staff work off-site reduces expenses for technology, office space, and even parking if the medical practice location has limited access. 

  3. Strategic Support

From billing to marketing and all other day-to-day administrative tasks, an administrative strategy to ensure these tasks are handled improves the effectiveness of your medical practice. 

Coming up with that strategy and having the knowledge to implement it successfully would normally mean additional time, effort, and expense. However, working with an MSO means you get that trifecta with the bonus of a set budget for the assistance. 

  4. Practice Growth

To facilitate medical practice growth, it’s important to address marketing and monitor the efforts to that end.

Marketing and promotion tasks can be handed off to a physician practice management consultant, leaving your practice to focus on what it does best: treating patients. 

  5. Experienced Management

MSOs offer access to experienced staff who think proactively and problem-solve in a timely and effective manner. 

Rather than devoting internal resources to handling administrative issues, an MSO's capable staff is more than capable of addressing and resolving whatever comes up.  

  6. Streamlined Administration Behind the Scenes

Whether it’s a new technology, discovering efficient ways to organize files, or HR management, all are handled efficiently by an MSO. 

Thus, a medical practice can focus on patient and their care experience,  and maximize positive health outcomes for them. 

Vetting an MSO

Adding an MSO to your practice should be an operational upgrade and not something you’ll quickly regret. When evaluating potential MSOs, verify:  

• Their corporate philosophy and values. They should match yours (or at least match the role you want them to play in your practice).

• Any management qualifications you require.

• Their track record with medical practices is similar to yours.

All of these things help alleviate administrative burdens and allow you to practice medicine on your terms while growing a successful business.

MSOs Empower Practice Owners

We’ve been in your shoes. Our clients include physicians who were frustrated with the politics of insurance companies and practice administration. We joined together to increase our influence and become more competitive, while still practicing medicine the way we choose.

To be clear, working with a medical practice management partner does NOT mean you’re:

• Joining an independent practice association (IPA)

• Selling your practice

• Becoming an employee of another organization

With an MSO, you maintain independence and your name remains on your building. You also get more time with patients and the ability to provide better care.

Are You Struggling to Run Your Practice & Make Time for Patients?

This is exactly where physician practice management comes in. Want to know if an MSO partnership is right for you?

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