Ask medical professionals what motivated them to enter the world of medicine and most will probably talk about their deep desire to help others, their fascination with scientific breakthroughs perhaps, or often the fulfillment they find from the human connections that are created between professionals and patients.
What nobody ever hails as a reason for choosing the physician’s life is a love of coding and billing, of working with collection services, accounting, payroll and numerous other business management tasks.
Throw in the fact that often many of these necessary non-medical jobs are outsourced to several different contractors at a variety of locations and it’s blatantly clear that the complexities of running a medical practice as a successful business take time and energy away from bringing medical aid and care to people who most need it.
And that’s where (the rise in utilization of an) MSO or Management Services Organization comes into the picture. It’s essentially a one-stop shop for all those business needs of a growing medical practice, from human resources and accounting to payroll to business technology and purchasing equipment and services.
MSO’s, like LBMC’s Single Source, can offer scalable services such as Accounting, Human Resource Outsourcing/ PEO (Professional Employer Organization), Technology Solutions, and Revenue Cycle Services.
Efficient healthcare revenue cycle management is key to the success of any practice. Essentially, this encompasses the management of all the financial processes (administrative and clinical) that practices use to manage the administrative and clinical functions from claims processing, payment, and revenue generation to the collection of patient service revenue. If this system isn’t working correctly, practices close their doors. It’s as simple as that.
Nationally respected healthcare veteran Andrew McDonald heads up LBMC’s Physician Business Solutions. McDonald recently explained at an Executive Roundtable discussion alongside LBMC colleagues Tammy Wolcott and Ron Perry how LBMC manages revenue cycle management within an integrated management services organization. The recording of the discussion is available as an LBMC podcast.