An MSO, or Management Service Organization, is a business designed to assist medical practices. MSOs focus on the non-medical work involved in running a practice.
MSOs handle the administrative side of things for office-based medical practices and ambulatory surgery centers not associated with a hospital. There are a variety of areas where MSOs can contribute to the efficiency of medical practices. There are also several kinds of MSOs. Keep reading to learn more about MSOs!
If your medical practice joins an MSO, the MSO will take care of most non-medical operations. This includes, but is not limited to:
- Billing, Collections, and Payroll
- Coding and Management Software
- Staffing and Human Resources
- Office Management
- Compliance Oversight
- Staff Training
- Negotiations with Medical Suppliers
- Day-to-Day Operations
An MSO will help their associated medical practices with almost every area of administrative duties. MSOs have the advantage of experience in the medical industry. They also have experience managing medical practices.
Many practices, especially new ones, lack this experience. This means more efficient management and savings when minimizing operational costs and buying from suppliers who have a relationship with the MSO.
How It Works
There are two kinds of MSOs. The first kind of MSO works with medical practices as a separate entity. The second kind of MSO buys medical practices and takes on the burden of administration and associated fees.
There are advantages to both kinds of MSOs. Maintaining a separate practice is a good way to have total control over your practice. There are limitations to how much an MSO can take on.
Being bought by an MSO may mean less autonomy in some cases, but in others, you may be able to become an MSO associated with less risk and more independence.
MSO Eye Partners uses a model that allows practices to try out our services. They can see how we work without having to make a commitment to becoming an associate right away.
This gives our medical practices the best of both worlds.
Advantages of Becoming an MSO Associate
At MSO Eye Partners, joining our organization takes place over three phases. In phase one, your practice remains independent and you can opt-out at any time without consequences.
In phase two, we combine entities and your practice gains access to our investments and savings. In phase three, we assess the possibility of acquiring your practice.
If we are in agreement, we purchase your administrative assets. If things don’t work out, that’s okay! Since we don’t buy your practice until both parties have gotten to know each other, there’s minimal risk trying us out.
This model allows your practice to get to know our organization with minimal risks. Your practice still reaps the benefits of saved time and money in managing operations.
It’s a low-risk, high-reward system. The multiphase process also lets us get to know your practice. This gives us the opportunity to understand how we can best maximize efficiency.
In getting the best of both kinds of MSOs, MSO Eye Partner Associates are set up to succeed in the eye care industry. Want to learn more about if we would be a good fit for your practice? Contact MSO Eye Partners now!