The Two-Fold Pursuit of a Managed Service Organization

The Service-Profit Chain for a Managed Service Organization

An MSO may link customer loyalty, work happiness, and productivity to profitability via the service-profit chain. Accordingly, profit creates loyalty. MSOs provide a variety of administrative and management services to medical professionals. As practice ownership shifts from owners to workers, more people will collaborate with MSOs as administrative service providers or private equity buyouts. High-quality support services and policies allow practitioners to provide outcomes to patients, which in turn leads to health population satisfaction.

Another key benefit is that a centralized care management office standardizes care management services throughout the MSO space. Unified governance simplifies member identification, risk categorization, attribution, care management delivery, staffing, and population health reporting and analytics. Also, centralized performance and quality improvement provides constant network-wide assessment and course correction. Thus, an MSO that offers these services is in a position to realize a genuine potential to increase use and profit.

MSOs to the Thriving Practitioners and Healthcare Institutions

The changing legislation, diminishing reimbursement, and rising costs make it difficult for many private clinics to thrive today. As cash flow slowed and expenses rose, the healthcare practice lost the ability to interact effectively with patients. MSOs may help providers enhance productivity, get better staffing, create money, and reach new customers while retaining corporate autonomy.

A healthcare MSO model can offer operational help, such as tools and support for analytics, billing, payroll, hiring, and marketing. Numerous clinicians, like occupational, physical, and speech therapists, may minimize efficiency costs and concentrate on revenue growth while maintaining independence. Joining an MSO allows practitioners to concentrate on delivering outstanding treatment to patients while reducing day-to-day business stresses.

Harnessing Technological Collaboration for Better Pursuit

Recent years have seen a substantial increase in the number of managed service organizations, companies that provide a wide range of administrative support services to medical practices. More and more MSOs are getting involved in private equity deals including medical practices. It is simpler to launch, maintain, and propagate certain service improvements than others. Further, digital health technology might raise technical, regulatory, or professional practice difficulties. This innovation must be assessed based on its implementation techniques, users, and other stakeholders, as well as its wider surroundings.

To better address the demands of an increasingly diverse population, MSOs experiment with new methods of organizing and providing healthcare. Achieving large-scale, long-term, and impactful reforms have proven challenging in reality. To guarantee the long-term success of service innovation, it is important to understand its acceptability, sustainability, and scaling. Luckily, Medvision’s QuickCap 7 (QC7) offers critical MSO functions like:

• health plan audits,
• main and specialty capitation payment systems,
• automated claim adjudications, and
• HIPAA-compliant EDI encryption-enabled security platform to simplify data flow. 

MSOs can save money on both simple and complex administrative duties by utilizing QC7's configurable platform.



Curious as to how you can innovate your organization?

Reference:

1. Management Service Organizations. “Management Service Organizations.” mhcc.maryland.gov, December 3, 2021. https://mhcc.maryland.gov/mhcc/Pages/hit/hit_mso/hit_mso.aspx.