We have been away for several months because we took advantage of an opportunity to get deeply involved with a group practice that had some needs for which our services were a good fit.
Far more interesting are the reasons that the opportunity came about. This practice had been affiliated with a practice management company (also known as a MSO or DMSO). At some point in the middle of last year, the management company encountered some financial issues and stopped paying a number of bills. What started as a delay to pay for what I will term “luxury” type services – services that could be eliminated in difficult times – evolved into failure to pay the most basic of invoices on things like supplies and rent (rent!).
If you are a practice looking for an organization to handle the business management of your practice, you obviously need to look first at the financial arrangement and time commitment laid out in the contract, but here are some areas of concern/potential red flags:
