What are the benefits of an MSO for a San Diego medical practice or healthcare business? The Management Service Organization has become one of the most effective strategies to increase profitability and patient satisfaction while reducing overhead and non-medical distractions.
What is a Management Service Organization?
What is a Management Service Organization or MSO? The MSO is an entity which supports your medical practice or healthcare business by relieving all of the administrative, non-medical aspects of running a business so that you and your team can focus on delivering exceptional healthcare and a great patient experience.
The MSO is a separate corporate entity who provides supporting services to the practice or associated healthcare business such as real estate and facilities, data processing technology (hardware and software), reception and scheduling, financial functions such as billing, collections, accounting and tax compliance and even the marketing of your practice or healthcare business.
The Primary Benefits of an MSO for a San Diego Medical Practice
The primary benefits of an MSO for a San Diego medical practice are reduced overhead, as well as the elimination of management of business functions including the management of non-medical personnel and facilities. The Management Service Organization provides a legal vehicle to attract and implement external investment capital in order to improve the business operations and reduce overhead-related expenditures of the “business” side of your practice or healthcare company.
This often provides access to services which increase the profitability of delivering healthcare and the foundation upon which to expand and grow your practice. Think of it as partnering with a proven medical business expert to manage non-medical aspects of your world, freeing you up to focus simply upon your patients and their treatment.
San Diego Medical Practice and Healthcare Business Attorneys
There are risks associated with a Management Service Organization which must be carefully structured to avoid conflicts and/or violations of the spirit and intent of federal and state laws and ordinances as well as the “corporate practice of medicine.”
The San Diego medical practice and healthcare business attorneys at the Watkins Firm contribute more than 40 years of experience serving San Diego and Southern California medical professionals and healthcare businesses and practices. We have structured many Management Service Organizations and can help you to evaluate, properly structure, implement and ultimately realize the benefits of an MSO for a San Diego medical practice or healthcare business entity.
Are you looking to improve the quality of patient experience and satisfaction in your medical practice or business? Would you like to eliminate many of the “business” headaches associated with your work so that you can focus on delivering exceptional healthcare? Do you want to grow and expand your practice or business while increasing the profitability of your operations? If so, you need to discuss how the Watkins Firm can help you and your firm to implement a successful Management Service Organization as part of your corporate strategy.
We invite you to review our Podcast Episode 30 – Management Service Organizations 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.
