As a healthcare provider, you probably got into medicine because you wanted to help people. But sometimes administrative work and non-clinical tasks take up just as much time as patient encounters if not more. So how do you ensure your administrative tasks are completed without sacrificing time with your patients? One possible solution is to join a managed services organization (MSO).
What is an MSO in Healthcare?
A managed services organization, or MSO, is an organization that handles administrative and management duties—such as employee benefits, human resources, and payroll— for medical practices. They can also assist with operational issues, secure discounts for EHRs and medical equipment, and provide staff education and training.
Hospitals, physicians’ offices, and other healthcare organizations use MSOs to free up time that would be spent on non-clinical tasks, allowing providers to prioritize patient care instead.
What are the Benefits of Joining an MSO?
It’s important to make sure you understand how your practice can benefit from joining the MSO, as well as the terms of the agreement. If you are entering into a long-term commitment with the MSO, you should consider what the goals of your practice are for that period and how working with the MSO might affect those goals.
One of the primary benefits of joining an MSO is that it allows physicians to focus on what matters the most—caring for patients. Choosing the right MSO means you don’t have to worry about paperwork piling up or managing office space and equipment. This can help increase productivity and efficiency.
Other reasons to consider joining an MSO include:
Cost Savings
MSOs can get better rates for equipment and services than practices can negotiate on their own because they have greater bargaining power when dealing with vendors and suppliers. For example, a physician’s practice may only need a small number of supplies or equipment, which might make it difficult to get a discounted rate. MSOs work with multiple practices and place larger orders, meaning suppliers would be more willing to provide a discount or offer a deal. This, in turn, reduces the cost per unit or service for the practice.
MSOs can also help practices keep staff costs down. Practices can outsource certain tasks, such as medical coding, to the MSO, rather than having to hire someone full-time. The practice can save the cost of a salary.
Risk Management
Another benefit of utilizing an MSO is that they have specialized expertise in areas like risk management. This is especially critical as medical practices have a host of regulatory and compliance requirements they must adhere to. An MSO can identify potential risks and other issues that might fly under the radar in a busy practice. The MSO can also help implement standardized protocols and best practices that reduce the risk of clinical errors, ensuring that each patient receives quality care.
MSOs can also negotiate and provide liability insurance, protecting the practice from the potential financial impact of malpractice claims. With its bargaining power, the MSO can secure insurance coverage at a reduced rate.
Access to Advanced Technology
Healthcare technology is constantly evolving and improving, and it can be difficult for practices to keep up with the latest and greatest innovations. MSOs, on the other hand, often invest in the latest healthcare technology, such as EHRs, practice management software, and telehealth platforms. They can also help ensure that EHRs are interoperable with other healthcare systems, improving care coordination and communication across different practices. Some technology might be cost-prohibitive for smaller practices to try and buy on their own, but the shared resources of an MSO make it possible to get the latest technology at an affordable price.
Not only can an MSO help practices access new technology, but they can also help train employees on the software as well. This can include initial training and ongoing education so employees can keep their skills sharp.
Data Security and Privacy
Healthcare data is, unfortunately, a common and lucrative target for cybercriminals. While data breaches can have a significant financial impact, they can also be a matter of life and death for patients. Cybercriminals may insert incorrect information into a patient’s record, which can have serious implications for their health if they are given the wrong medical treatment.
An MSO can help protect the practice with data security and privacy. As previously mentioned, MSOs often have access to advanced technology that practices may not be able to access on their own—and that includes cybersecurity. Most practices don’t have the budget for a large in-house IT team, making it difficult to prevent or mitigate cyberattacks. An MSO can complete a comprehensive security assessment of the practice’s network and devices to address risks and implement protocols to stop attacks.
Is an MSO Right for Your Practice?
It is important to make sure the MSO aligns with your practice’s needs and goals, and that you are getting services that help fill in any gaps in your practice. Once you find the right fit, you can focus your attention on providing your patients with the best care possible.
Contact us today to learn about your practice joining PACT MSO.
