How Risk-Sharing Terms Shift Risk to the MSO A key component common to MSO–“Friendly PC” arrangements is formalized risk sharing in the management services agreement (the “MSA”). Risk-sharing terms can include a priority-of-payments waterfall, risk of deferred or unpaid fees during periods of insufficient funds, deficit-funding arrangements, guaranteed PC margins, lease-holding risk for the medical office space, etc. These terms serve to shift a substantial portion of the ent