Are interested in learning more about creating a Management Service Organization or MSO for your medical practice or healthcare business? How can this decision help to improve your ability to compete while increasing the quality of care you deliver to your patients? How important is your patient’s satisfaction with your service as a provider?
What is a Management Service Organization or MSO?
A Management Service Organization or MSO is an ethical, legal and efficient way to make your healthcare organization or medical practice as competitive as possible while preserving your control and income. Your MSO should also provide valuable protections to you as a physician or licensed medical professional in the State of California. There are important risks associated with this proven strategy which must be addressed and, if possible, mitigated.
In essence, an MSO allows you to partner with experts who are skilled at providing the business services to support your practice or healthcare business, while you focus on the delivery of exceptional healthcare. A Management Service Organization allows you to leverage valuable assets to reduce overhead expenses and even improve Medicare reimbursement.
Creating a Management Service Organization or MSO in California
Creating a Management Service Organization or MSO allows your practice or healthcare business to own the facilities where the practice or business is located while providing an additional layer of legal protections. Important issues such as data processing and all associated hardware and software, data analytics, billing and even collections can be provided as a service by the MSO. You are still responsible and accountable for prescriptions, billing issues and compliance with all HIPAA and Stark Law regulations.
A Management Service Organization modernizes the old model of “networks” of providers offering new opportunities for increasing income and retained profits while protecting your own financial interests and the integrity of your professional license.
This is a legally and financially complex transaction which requires extensive experience and legal skill. That is why it is important to work with the proven healthcare and medical business attorneys at the Watkins Firm. We have served professional practices and the healthcare industry in San Diego and throughout California for more than four decades. Learn more about how an MSO can help take your own interests and your practice or medical business to the next level.
An MSO must still have majority ownership who are licensed California physicians. However, investors and sources of venture capital can invest in healthcare as a minority position. This provides the resources necessary to position your practice for efficiency and success. It also allows you to offload many of the more mundane business aspects of a medical practice or healthcare company and focus on the core of your company – exceptional healthcare services and products.
We invite you to review our recent podcast Episode 30 – Management Service Organization or MSOs as well as the strong recommendations of our clients and contact the Watkins Firm or call 858-535-1511 for a complimentary consultation today.
