Eliminating the Risk of an MSO to Gain Significant Financial and Competitive Advantages
Are you interested in proven strategies for reducing the risks associated with an MSO or Management Service Organization in Southern California? Are you considering the formation of an MSO and need the experienced, proven advice and counsel of the medical business and healthcare attorneys at the Watkins Firm?
The formation and implementation of an MSO or management Service Organization to manage and facilitate the practice of medicine or the delivery of healthcare related products and services is quite legally and financially complex.
There are substantial risks for associated medical professionals who wish to participate in the ownership and operations of an MSO. How can the Watkins Firm help you to reduce or mitigate your exposure to risk while protecting and enhancing the profitability of this arrangement?
An MSO can be quite intricately involved in the day-to-day operations of a medical practice or healthcare organization. The MSO may provide not only the facilities housing the practice or medical business, but manage many of the day-to-day operational aspects of the organization as well. This can encompass managing contracts with supporting non-professionally licensed workers and service providers, electronic data systems which manage the business itself as well as electronic medical records and the filing of all associated local, state and federal taxes.
Managing the Risks of a Management Service Organization or MSO
What are some of the proven legal strategies for eliminating or reducing the risks associated with an MSO or Management Service Organization? What happens if there is an issue with the MSO or the MSO defaults on financial obligations? What liabilities exist for licensed medical practitioners who are part of an MSO or Management Service Organization? How will the roles of the licensed professional be properly structured and separated from the MSO itself to protect non only the personal financial interests of the physician or licensed professional but their all-important medical license itself?
What specific role and responsibilities will the licensed professional have within the MSO? How will the licensed professional maintain supervisory control of or authority over important aspects such as billings, prescriptions and the protection of private medical records to ensure HIPAA compliance? How does an MSO work in the context of anti-kickback statutes and Stark Law?
A physician or licensed medical professional should seek the advice and counsel of the proven medical practice and healthcare attorneys at the Watkins Firm. We provide extensive insight into the legal options available to medical professionals and their associations with MSOs. All aspects of legal, financial and professional risk should be identified and carefully considered to reduce or eliminate potential sources of risk.
An MSO is an excellent business strategy to not only reduce the costs and improve potential profitability for medical practices and healthcare entities, but to improve the delivery of medical services while increasing the quality of the patient experience. Participating in an MSO offers substantial financial incentives as well as potential competitive advantages in the delivery of healthcare related services. It is also important to fully understand every aspect of the transaction and implement strategies for reducing the risks associated with an MSO or Management Service Organization in Southern California.
Learn more about the risks of an MSO or the process of forming a Management Service Organization or MSO for healthcare businesses and medical practices here in San Diego and across the State of California. We invite you to review our podcast Episode 30 – Management Service Organization or MSOs as well as the strong recommendations of our clients and the legal industry and contact the Watkins Firm or call 858-535-1511 for a substantive complimentary consultation today.