Therapy Partners MSO: Efficiencies – Value – Leadership
By Jim Hoyme
Don Darling, one of the principle owners of PTOSI, a member of Therapy Partners’ MSO, and I were recently asked by Dr. Tom Marr, former medical director at HealthPartners health plan, to speak to his class at the University of Minnesota’s Masters’ in Health Care Administration. Dr. Marr wanted us to talk about the value of physical therapy, our MSO practice model, and the value-based reimbursement model Therapy Partners (TPI) and HealthPartners (HP) have engaged in over the last 5 years.
Tom was HealthPartners’ visionary leader who orchestrated the TPI-HP reimbursement model using FOTO to measure outcomes and creating financial rewards for TPI. He has been a strong advocate for talented physical therapists, and he sees the real, measurable value that outcomes-based physical therapy brings to the market; he knows we can deliver the Triple Aim – measurable quality, an exceptional patient experience, and lower TOTAL cost of care. The TPI-HP value-based model has been a ‘win-win-win’ for patients, health plan, and TPI providers for 5 years.
During our talk about TPI’s MSO model, Tom interjected and stated that he had worked with a number of physician MSOs and IPAs. He expressed that health plans see a short term benefit in an MSO’s consolidation efficiencies, however, efficiencies alone are short lived. Health plans ONLY see LONG TERM VALUE in the MSO if its providers deliver measurable value, are willing to share risk, have strong leadership, and are a team built around trust. If not, the health plan will break up the MSO or IPA. Divide & Conquer.
TPI was successful in our early years with our focus on scalability and efficiencies. It worked and allowed us to gain better contracts and reduce costs. 6 years ago we expanded our focus to include value – FOTO outcomes and risk sharing. This allowed us to obtain a risk sharing contract and gain a value-based reputation in the market. And in the last 3 years we have put an additional emphasis on developing leaders and teams. This has allowed us to adapt to a changing market and innovate.
The MSO is a tremendous business model for independent practices, but don’t do it just to improve your bottom line (although that is obviously important too). You must deliver value and develop your leaders for long-term success.
In next month’s newsletter we will begin to highlight our member practices. Why they started, their challenges, their successes, their unique value proposition, their relationship with Therapy Partners.
Make sure you check them out. The practice owners have their own unique and special story to tell.
We will also show you TPI’s NEW PTManager Application that practice owners and managers can use to help them effectively manage their practice. This is an awesome tool!
Interested in the value being part of an MSO brings your practice?
Give me a call or shoot me a text.
651-341-3330 or Jhoyme@therapypartners.com