This is an increasingly common structure used by private equity or venture capital that can invest in the MSO but are legally unable to have direct ownership in the PC, which is wholly owned by one or more licensed clinicians. Companies with a multistate presence may have multiple PC entities in their organizational structure.
Typically, the professional fees are billed and collected by the PC that employs the providers and pays management fees to the MSO in exchange for administrative, management, and technology services. The economics of the intercompany agreement will often result in the corporation having no net income, or an overall net loss for a growing company.
If the management services agreement is silent on pricing, that could create issues under a state taxing authority exam. How the MSO fee structure is determined can vary greatly, but there should be support and consideration of fair market value and a regular cadence for payment.