The landscape for medical group practices continues to change. Mergers, acquisitions, and new partnerships bring not only new challenges, but incredible opportunities for physician practices. You know them as Practice Management Organizations (PMOs), Independent Practice Associations (IPAs), Managed Service Organizations (MSOs), Accountable Care Organizations(ACOs), and Group Purchasing Organizations (GPOs), just to name a few. These “multi-group” organizations are appearing everywhere in the physician space. Many are using their new multi-group platform to protect themselves, control costs, leverage purchasing power, and seek other financial and operational benefits.
As a practice administrator in a multi-group organization, you may want to ask yourself a couple of questions: Is your group positioned to capitalize on emerging opportunities in the group long-term disability (LTD) arena? How can you get a handle on the benefit programs and options when there are so many moving parts, plans, and players? Your first step is to reach out to MGIS and the best place to begin is with your insurance broker.
Opportunity knocks. MGIS has a track record of successfully providing physicians and staff members with innovative group LTD benefits programs in a challenging market. The following five ideas can assist multi-group physician practices in their efforts to implement a group LTD program:
- Leverage your relationship with MGIS. Let your broker know you work with MGIS, an insurance program manager that understands your needs and has developed insurance products specifically for multi-group organizations just like yours. You can realize “big group” advantages of preferred pricing and coverage terms while enjoying custom options for the individual groups.
- Skip the one-size-fits-all solution. While many other carriers offer only a one-size-fits-all solution, MGIS will work with you and your broker to develop a unique program that works for your parent practice management company yet fit the needs of each individual practice. Policies and benefits will be designed and customized based on the needs of each practice, while leveraging the size of the overall group of practices.
- Forge ahead, but maintain independence. Is your group forging close physician alliances while leaving the physicians as independent practices? Hospital systems that maintain independent physician arrangements can be the perfect place for group LTD benefit opportunities. These benefit plans can provide significant and added value to your multi-group practice.
- Know the components of a successful group LTD program. It’s possible to build a unique group benefit plan for a group of independent medical practices, even though all the different groups are managed by a parent practice management company. This plan must be customized for each individual practice (for both physicians and employees) and include group long-term disability coverage, optional group life, group life/AD&D, and short-term disability coverage. Account management must be personalized enough to recognize each practice separately and also as part of a larger business entity. Finally, the practice management company must be focused on controlling costs while leveraging the size of overall entity to offer 1) better discounts, 2) specialized policy language specifically designed for the incomes and specialties of covered physicians, and 3) competitive pricing.
- Reach out to MGIS. We offer innovative, specialized products and services that meet the ever-changing environment faced by physicians and their practices. Our focused sales team will work hand in hand with you and your broker, help you evaluate your multi-group opportunity, explore coverage options, and then support you throughout the sales process. MGIS is the only physician group LTD program manager with a consistent approach for emerging multi-group opportunities.
To learn more about maximizing multi-group opportunities, please contact your MGIS regional sales vice president at 800-969-6447.