Physicians in private practice have long struggled to cope with the intense time and energy demands of their clinical work and the equally demanding requirements of running a profitable business.
NASHVILLE, Tenn., April 18, 2018 /PRNewswire/ -- Physicians in private practice have long struggled to cope with the intense time and energy demands of their clinical work and the equally demanding requirements of running a profitable business. But now three major trends are reshaping how many doctors manage that difficult balancing act, and are prompting them to adopt a solution that relieves much of the pressure, enabling greater clinical and business success.
That solution is fully integrated outsourcing of business functions through MSOs, such as one operated by LBMC, a premiere Tennessee-based professional services firm. Outsourcers have long been available to physician practices for specific functions. But, increasingly, the favored solution is a fully integrated MSO, which not only performs traditional outsourced functions such as accounting, revenue cycle, HR/PEO, technology management and practice management consulting, but can also provide an EMR system, negotiate with payors, and provide access to a clinical data system that will meet the requirements of value-based care.
“One advantage of a one-stop shop is that all the MSO’s systems ‘talk to each other,’” said Andrew McDonald, Practice Leader of LBMC Physician Business Solutions, LLC and LBMC Healthcare Consulting. “This eliminates the inefficiencies and hiccups that occur in trying to tie together the variety of systems that are deployed when tasks are outsourced to multiple vendors.”
“LBMC possesses the ability to extend fractional CFO/Controller expertise in addition to a cloud-based accounting system that works in concert with the revenue cycle function. This level of expertise and financial reporting enhances the overall transparency of the practice’s financial performance” said Tammy Wolcott, CEO of LBMC W Squared.
The increasing popularity of fully integrated MSOs is being driven by three trends:
- Reimbursement: Hospitals are facing reduced reimbursement for the services of employed physicians, prompting them to reconsider the value of the full-employment model. That means employed physicians are increasingly facing the daunting task of setting up a private practice when their employment contract is not renewed. Rather than reinvent the wheel, they turn to an integrated MSO for help on the business side.
- Technology: Existing practices, as well as new ones, are facing a technology challenge that makes even the installation of an electronic medical records system pale in comparison - launching a clinical data system that will meet the requirements of value-based care, which require physician practices to provide detailed information about treatments and outcomes to be reimbursed.
- Increasing popularity of outsourcing: Throughout all industries, not just healthcare, businesses have increasingly adopted outsourcing as a model that can produce better results, while reducing internal costs.
“As we move to value-based care, and ever-greater complexities in running a medical practice, MSOs offer physicians the opportunity to spend more time doing what they do best - taking care of patients - while allowing them to feel confident that their business is in good hands,” McDonald said.
About LBMC
LBMC is the largest professional service solutions provider based in Tennessee, serving more than 10,000 clients with diverse needs across a spectrum of industries. LBMC has been named a top 50 firm in the country, and we are industry leaders in financial, human resources, technology, information security, and wealth advisory services backed by more than 600 employees.
