Know What Type of Healthcare MSO to Partner Up With

Why You Need to Partner Up with the Right Healthcare MSO

Before you partner up with healthcare MSOs, you first need to know what their services are and what it entails for your business goals. Choosing the right type of MSO can make or break your organization. It is crucial to weigh all factors in considering MSOs. If the MSO you picked is the right match for your organization, they can develop your business further and grow your bottom line. Organizations can experience efficiency and improved workflow without having to worry about the day-to-day service operations.

The Two Different Types of MSO

It may seem that all healthcare MSOs are the same but there are actually two different types of MSOs that compete in the market environment. These two have different arrangements and structure that works depending on what services you need. To know which ones you want to tie up, here's a brief rundown of the two MSOs:

The Hospital-Owned MSOs

The vast majority of the MSO players in the industry are governed by hospitals. Hospital-owned MSOs administer only practices that are affiliated with those hospitals. On the other hand, this type of MSO provides different services to private-practice doctors, including billing, group purchasing, or IT assistance, while others manage the whole operation of private practices.

There are only a handful of MSOs that are not owned by hospitals and that operate on a national scale. However, they may not be appropriate for your practice. Some companies provide typical MSO services as well as top-of-the-line healthcare information technology (IT) support to both hospital-owned and private organizations. 

The Independent MSOs

There is a type of healthcare MSO that prefers not to work with hospitals. These MSOs choose not to own their practice, and it has allowed them to benefit from long-term success in their fields. Some physician groups have formed their own MSO. This allows them to personally oversee both their operations and those of smaller practices in their area. With a set up like this, it enables them to afford professional management and a first rate IT system, assisting them in contracting. 

According to an article published by Medical Economics, what distinguishes an MSO is that it works with physicians to establish a strategic plan for the practice. And it provides comprehensive services to manage the practice which includes the staff, the billing and collection, the IT, and the supplies. 

What QuickCap Can Do for You

An administrative integrated technology partner with a vision for healthcare that aligns with yours, goes to great lengths to know and support you can grow your business more effectively, leaving you time and room to focus on what matters most to you and your organization. No matter where you are in your business journey, MedVision through its signature platform QuickCap 7 (QC7) can help you to optimize processes, improve workflow efficiency, and boost revenue streams.

It’s time to take the next step. Make the change now.

Reference:

Terry, Ken. “Can an MSO Help You?” Medical Economics. www.medicaleconomics.com, November 3, 2006. https://www.medicaleconomics.com/view/can-mso-help-you.