Management Services Organizations (MSOs) play a crucial role in helping medical practices improve their revenue. Here
are several strategies that MSOs can implement to enhance the financial performance of medical practices:
- Revenue Cycle Management (RCM) Optimization:
Ensure accurate and timely billing and coding for all services rendered
Minimize claim denials by conducting regular claim scrubbing and validation
Implement effective denial management processes to appeal denied claims promptly - Fee Schedule Analysis:
Conduct regular fee schedule analysis to ensure that healthcare providers are charging competitive and
appropriate fees
Negotiate favorable fee schedules with insurance providers - Credentialing and Contract Negotiation:
Assist in credentialing healthcare providers with insurance networks to expand the practice’s patient base
Negotiate favorable contracts with insurance companies to improve reimbursement rates - Patient Engagement and Retention:
Implement patient engagement strategies to improve patient retention and satisfaction
Develop patient loyalty programs or referral initiatives to attract new patients - Telehealth Services Expansion:
Explore and implement telehealth services to reach a broader patient population
Ensure billing and reimbursement processes for telehealth are efficient and compliant - Cost Control and Efficiency:
Evaluate practice operations to identify areas for cost reduction and efficiency improvement
Streamline administrative processes, such as appointment scheduling and billing, to save time and resources - Financial Reporting and Analysis:
Provide practices with detailed financial reports and analytics to identify revenue trends and areas for improvement.
Help practices set financial goals and track progress toward those goals - Coding and Documentation Review:
Offer coding and documentation audits to ensure that healthcare providers are accurately capturing services provided
Provide coding education and training to improve coding accuracy - Accounts Receivable Management:
Monitor and manage accounts receivable to ensure timely collections
Implement effective follow-up processes for outstanding balances - Marketing and Outreach:
Develop and execute marketing strategies to attract new patients and promote the practice’s services
Manage online reputation and reviews to enhance the practice’s online presence - Financial Planning and Budgeting:
Assist healthcare providers in developing financial plans and budgets to manage expenses and investments effectively.
Offer guidance on resource allocation and financial decision-making - Compliance and Audit Readiness:
Ensure that the practice is compliant with healthcare regulations and billing practices
Prepare practices for audits and provide support during audits - Patient Access Improvement:
Enhance patient access by improving appointment scheduling processes and reducing wait times
Implement online appointment booking and telehealth options for convenience - Cross-Selling and Upselling Services:
Identify opportunities to cross-sell or upsell additional services to existing patients.
Educate healthcare providers on offering complementary services. - Negotiating Payer Contracts:
Negotiate payer contracts to secure better reimbursement rates and terms
Analyze contracts to identify opportunities for negotiation - Financial Incentive Programs:
Explore participation in value-based care or other incentive programs to earn additional revenue based.
on quality metrics and performance - Financial Education and Training:
Provide healthcare providers and staff with training on financial best practices, including revenue
optimization strategies
Better Practice Management can tailor these strategies to meet the specific needs and circumstances of each medical
practice, helping them enhance revenue, financial stability, and overall success. Our mission is to support you being
financial strong and also being able to have less administration burdens to get that strong financial foundation you are dreaming about.