As a healthcare professional, it is quite likely that you have observed the fact that every professional and every agency is growing in strength and numbers. The consolidation that is currently occurring is considered to be expansive.
Hospitals, practices, and other types of medical facilities are either acquiring or merging with other hospitals, practices, and other types of medical facilities.
As a physical therapist, it is imperative that you have a sound, productive consolidation plan in place. If you fail to take this measure, you will quickly discover that corporate-based organizations, large practices, and health-care practices will move in on your practice and take away the clients that you are currently servicing.
One of the best consolidation plans for physical therapists is to join a Management Service Organization (MSO).
The Top Advantage of a Management Service Organization
In terms of consolidation, a Management Service Organization allows a minimum of two business entities in the health care field to organize and collaborate under one tax identification number (TIN). These organizations take the time to agree and organize their purpose and their direction.
Professionals are put into place that aid in defining the leadership of the business entities and outlining all of the processes that pertain to decisions for the businesses. In addition to this, the accountability process is streamlined.
This level of detailed governance not only adds value to health plans, but, it permits physical therapy specialists to spend less time on mundane administrative tasks and more time on providing value-driven health care and services to the patients in which they care.
What is the MSO Model for Physical Therapists?
As a physical therapist, the Management Service Organization model is designed to integrate multiple practices into one consolidated team. This team will share a TIN so that every practice involved may then engage in contracts with various types of health plan corporations and other types of health care payors.
The next advantage to becoming involved with a MSO as a physical therapist is that – even though you are part of a consolidated team – you will get to maintain the ownership over your physical therapy practice, the unique identity of your brand, and will still have an individual TIN that you may use when it comes to tax and legal purposes.
This particular model simply provides your practice with a centralized type of administration that successfully handles the cycle management associated with your revenue, the processing of payments, and other types of futile activities that typically take you away from your patients.