The coronavirus pandemic has shone a stark light on our healthcare system’s pressure points. In fact, it has created pressure points that no one even knew existed. It has forced an industry historically slow to adopt change to reimagine how and where to deliver care in a matter of months.
This transformation, and the speed at which it has occurred, has had a profound impact on independent medical groups across the country, many of whom were already struggling to keep pace with economic drivers, growing regulatory risks and the increasing administrative burden of running a medical practice. The added unforeseen risk brought on by a global pandemic – including declining volumes and loss of revenue, but also challenges like securing adequate PPE and more – presents a strong case for physicians to explore becoming part of something bigger than themselves by partnering with an established MSO.
To thrive in today’s complex environment, physicians need a true practice management partner with the business operations expertise, technological tools, and actionable analytics and reporting capabilities to remain strong for the future.
But how do you tell the right partner for your practice and what sets one MSO apart from the other? Here are four key characteristics to look for in a practice management partner:
- A model built on physician leadership. Physicians need a partner who has walked in their shoes and understands firsthand the complexities and nuances of running a practice. A commitment to physician leadership starts at the top and is woven throughout the DNA of an organization. A true physician-led model is evident in initial conversations and is reflected throughout the technology, tools, expertise and resources available to you and your practice staff.
- Turnkey solutions that are flexible enough to fit your unique culture and needs. No two practices are the same, and any potential solution should understand the importance of local market variables and be able to apply concepts that address market-specific needs. A true partner will take the time to learn your unique needs and culture, invest in you and work alongside you to create the right solutions for your practice without impacting your clinic’s normal workflows.
- Consistent results across various markets and delivery systems. The results should speak for themselves in key areas such as coding, HEDIS scores, medical cost management, and more. A high-performing MSO can easily illustrate a history of driving physician and practice excellence in unique geographic markets.
- A history of investing in innovation. Today’s healthcare demands providers to reimagine ways to provide stronger and more coordinated care for patients, improve the patient and provider experience, and explore entirely new models of care delivery. Achieving these goals requires resources – in capital, in labor, in technology. With a partner committed to anticipating where the industry is going next, practices can tap into innovations that immediately help them better serve patients.
With the right partner, physicians can reinforce the strengths of their practice for the long term, capture more opportunities and contribute in a bigger way to the change and transformation underway in healthcare today. Whether you’re actively searching for an MSO to join or considering the possibility of aligning with a practice management partner, leverage these key characteristics to evaluate the right partner to move your practice forward.