Colorado Physical Therapy Network Introduces
Colorado’s Premiere Management Service Organization for Physical Therapists
As you all might be more aware these days, the healthcare market is rapidly evolving, and much change is currently taking place. We have all seen consolidations occurring in other industries – and now it is affecting the healthcare industry. We have all witnessed hospital mergers, care systems transforming into integrated systems, clinic integrations with multiple specialties, and the rise of accountable care organizations (ACOs). It is important to avoid being in a position where YOUR practice is left behind because it is not becoming part of the larger types of delivery care systems.
We are certain that you do not want to relinquish control over your practice; however, opportunities exist to now create a large organization that has the ability to deliver SIZE in terms of service and maintain that control through the establishment of a Management Service Organization (MSO).
By establishing an MSO, your practice will be collaborating with other practices in order to work under one main administrative-based organization.
An MSO would offer many advantages to independent physical therapy practices.
These include, but are not at all limited to, the following:
- The MSO would organize the participating practices under one main tax ID number (TIN). However, you would retain your current Tax ID number.
- The economic-based costs of the combined practices could be reduced
- Billing technology and electronic-based medical records are outsourced to reduce expense and time consumption.
- Administrative costs are reduced, and practices may focus on the activities that optimize patient care.
- Size gets the attention of payors and affords negotiating strength.
- The MSO can bring real outcomes data to the negotiating table, offering value-driven care to the value-driven payor relationships – bringing the opportunity for improved reimbursement
An MSO can bring tangible value to payors. Payors are more likely to be willing to pay MSO practices at higher than current rates. An MSO, with multiple practices and therapists – brings broader patient access, which is important to payors. Single TIN contracting and payment processing simplify processes and greatly reduce payor costs, making MSO providers more valuable to the payor.
By providing outcomes, care management, and a willingness to engage isn risk-sharing arrangements, the MSO assures consistent, predictable functional and cost outcomes across many clinics. This consistency increases the likelihood that value-based, risk-sharing arrangements will be successful for both payors and providers
For your patients – an MSO measures outcomes and effectively manages patient care and will quantitatively improve their functional outcomes and deliver care at a more reasonable cost.
In conclusion – an MSO allows you, the clinic owner, the opportunity to retain your brand and your clinic identity – but with the benefits that a larger organization can bring.
Want to Know More about What an MSO is?
Listen as Jim Hoyme, CEO of Therapy Partners, an MSO in the greater Minneapolis area, is interviewed by Steve Anderson, PT, DPT on the Profiles of Leadership podcast. In the interview he talks about his journey throughout his physical therapy career, the history of his practice, Therapy Partners, and his vision of the role of MSO’s in the industry.
Learn through Jim and Steve’s insight into Private Practice Physical Therapy including the struggles, the innovations, and the promising future.
We Believe that this is the Correct Direction We Must take to Achieve Greater Financial Success and Long-term Sustainability.
We currently have what we are calling our “Founders Group” of 14 clinics that have committed to this path and are working towards achieving the formation of a functional MSO.
However, we would certainly like to see this group become an even larger, team-based unit and would welcome your interest.
We are on our way to becoming that team – committed to the tenets of Triple Aim, quality care, and one that can make a broader impact in our communities.
Call us to learn how CPTN PRIME can work for you!