Maintaining Your Autonomy with Joining or Forming an MSO

With the formation of a Management Services Organization (MSO), efficiently processing and posting remittances for multiple practice management (PM) systems, clearinghouses and bank lockboxes can be challenge. This is especially true if all the groups are reporting to a single Tax ID and ERAs are co-mingled for different business units. As more practice groups continue to be added to the organization, streamlining their assimilation to the MSO with minimal cash flow disruption is key to making the transition a success for all stakeholders.

For some practice group owners, being able to keep their current HIT systems and banking relationships is a primary concern. With ReMedics services in place, we can split co-mingled ERAs for each division and direct the payment posting to the correct PM system. Our data validation services will also ensure that correct information is applied to the patient account by helping to scrub and cleanse all of the captured data prior to posting. With the use of Robotic Process Automation (RPA) and other data management technology, our BPO services can also include the processing of PLB adjustments, co-pays, deductibles, co-insurance, transfers, write-offs, take-backs, remark codes, and denials. 

Reconciliation, Funds Distribution and Reporting

Utilizing an extensive series of data validation rules, check matching capabilities, automated PLB adjustments and exception processing, batch files are matched to the funds received by the bank. With the information updated and corresponding transactions reconciled back to the deposits and original 835 claim files, payments can then be accurately posted by staff. In doing so, we are also able distribute funds for each division. Analytical Scorecards and automated reports provide management with detailed financial information, including revenue by business unit, location, provider, and payor. 

M&A Concerns Addressed by ReMedics

For Physician Practice Groups looking to merge or to create an MSO, there are numerous challenges that can delay or end the process. Maintaining current Practice Management (PM) systems with a new division and efficiently managing the combined revenue cycle processes are just a few examples. ReMedics addresses many of these concerns with our RCM services and technology, including: 

• Ability to maintain practice group autonomy
• Extensive experience with Practice Group mergers & acquisitions
• Billing under a single Tax ID/EIN
• Processing for multiple PM systems, data silos & clearinghouses
• Processing for multiple banking & lockbox relationships
• Consistent cash flow, with funds distribution and transfer processes
• Minimized delays in billing & revenue streams 
• Accurate reporting by practice group, location, insurance payers, etc.
• Efficiently managing and preventing denials
• Flexibility with revenue cycle staffing
• Assistance with systematic, planned migrations
• Dynamic worklists and technology that maximizes A/R team efficiency

Getting Started with ReMedics

One of the first steps in working with ReMedics is to identify those RCM processes where we can deliver the best value and ROI to your organization. With our co-shared service model and proprietary software technology, ReMedics can provide for a variety of payment processing, correspondence management, data validation and bank reconciliation services that will optimize your Physician Practice Group or MSO’s financial performance. We can also help with a systematic, planned migration in the future to a common platform. Contact ReMedics today to get started.