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How an MSO Can Save Your Private
Medical Practice

The healthcare industry is constantly evolving, but at its core, private medical practices remain the lifeblood of patient care. These small clinics are often run by physicians who are deeply connected to the communities they serve.

 

These practices often have a long history of providing care to generations of families, creating a solid bond between the practice and the community it serves. This level of connection is untouchable by larger healthcare systems. Still, many smaller medical practices struggle to keep up with administrative burdens.

 

According to a recent study, about 41% of rural facilities operate within a negative margin. This means that these practices are not bringing in enough revenue to cover their expenses, which can make it difficult to maintain essential functioning, including:

 

● Administrative Tasks

● Billing and Coding

● Revenue Recapture

● After-Hours Coverage

 

Without help in these critical service areas, small practices may struggle to keep up with the demands of running a business. This can lead to burnout and in the worst cases, ultimately pushes owners to sell the practice to large corporate healthcare. MSO (Management Services Organization) services can reduce these administrative burdens and improve overall operations.

MSOs and Administrative Support

As a doctor, your primary responsibility is to provide high-quality medical care to your patients. But as a business owner, the host of added responsibilities can erode your time and energy. An MSO can provide a team of professionals with specialized knowledge in areas such as medical billing, credentialing, regulatory compliance, and operational efficiency.

 

This team deploys to help you identify areas where help is needed. For example, if you need staffing support, your MSO can provide qualified candidates for the positions, whether that’s front desk staff or medical assistants.

 

When it comes to credentialing and contracting, an MSO can provide invaluable assistance by expertly navigating the complexities of becoming credentialed with insurance providers. Furthermore, outsourcing contract negotiations to an MSO can save you time and frustration.

 

Instead of doing it all yourself, find an MSO you can trust to swiftly negotiate on your behalf so that your practice receives the best rates and terms. Delegating these aspects of administrative support to an MSO saves your practice valuable time

and effort while also ensuring revenue is maximized. That way, you can continue to grow your clinic and focus on patient care.

Unpacking Medical Coding with MSOs

The complex and time-consuming task of billing and coding can eat away at even the most excitable doctor’s heart. The process of submitting claims, following up on denials, and ensuring timely payments is downright frustrating. 

 

According to recent research, the total value of denied claims in the United States amounts to a whopping $262 billion. That’s a serious revenue loss. It’s especially disheartening when a smaller clinic lacks the resources or expertise to handle the whole process effectively. 

 

MSOs have specialized knowledge of the latest billing and coding regulations, including Medicare and Medicaid. They can provide support throughout the medical billing process in areas such as: 

 

● Claims Submission: Ensuring that all claims are accurately submitted with the proper codes and modifiers to prevent denials in the first place. 

● Denial Management: Efficiently tracking and following up on denied claims, identifying and resolving root causes of denials, and appealing denied claims when necessary. 

● Revenue Cycle Management: MSOs can optimize the revenue cycle process by identifying inefficiencies, automating workflows, and improving cash flow.

 

 Keep the work and financial flow in good standing by implementing efficient billing and coding operations with dedicated help from an MSO provider.

 

MSOs Help Capture Lost Revenue

While billing and coding errors represent a large portion of lost revenue in the medical industry, they’re not the sole source. Here are two more: 

 

1. Improperly managed contracts with insurance providers or patient accounts 

2. Inefficient processes can lead to missed opportunities to bill for services rendered 

 

These little slips of leaked revenue can add up over time and be particularly problematic for small medical practices where even a tiny amount of lost income can significantly impact the bottom line. 

 

MSOs can help practices identify areas where revenue leakage is occurring and implement strategies to recapture lost revenue. This process involves multiple aspects, including: 

 

● Improving billing and coding processes 

● Renegotiating contracts with insurance providers 

● Implementing efficient workflows 

● Improving patient account management 

 

By taking a comprehensive approach to revenue management, practices can ensure that they maximize their revenue, stay financially healthy, and reinvest the capital back into the clinic to optimize patient care. 

Provide Better After-Hours Coverage with MSOs

As a healthcare provider, your patients rely on you to be there when they need you most, even outside regular office hours. Providing after-hours care can be difficult for small medical practices that are already stretched thin.

 

An MSO can fill the gaps and provide relief by offering after-hours coverage. This service ensures that your patients receive the care they want without overburdening your resources. With triage services available 24/7, patients and providers can determine the best course of action.

 

If the situation requires a physician’s attention, the MSO can quickly connect the patient with an on-call doctor for consultation or treatment. MSO after-hour care helps patients feel valued, knowing their medical needs are met even outside regular business hours.

 

DLH Management Services Organization takes a unique spin on providing after-hours coverage to physicians. DLH MSO partners with My Virtual Physician (founded by Dr. Howard) to take the reins and provide telemedicine visits directly so that private practice physicians can enjoy more time off without being on-call.

 

The arrangement of after-hours coverage not only benefits the patient by providing access to around-the-clock quality care, but also benefits the practice by reducing the burden on staff and reducing burnout.

Key Takeaways

MSOs offer comprehensive support for small medical practices struggling with the heavy burden of administrative tasks. These additional duties can lead to inefficient operations and create leaked revenue. 

 

Outsourcing these vital services allows practices to reduce their workload, optimize their revenue cycle, and improve doctor and patient satisfaction.

DLH MSO is a leading source for providing private medical practices with tailored solutions. 

 

Our team of experts can help identify areas of need and implement innovative solutions to improve operations and maximize revenue so your facility can focus on providing high-quality medical care.

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Take back control of your time with smart outsourcing designed to help your private practice thrive–and grow in the modern healthcare market.

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