The Practice Protection Committee of the American College of Surgeons’ (ACS) has released a report: Economic Survival Strategies in a Covid World. The document paints a stark financial reality for physicians. On Wednesday, June 3rd at 8PM, ACS hosted a live webinar to discuss the report.
Despite having reopened their practices (for those who closed them temporarily) physicians and dentists who are open for elective medical care have not seen patient volumes–or revenue– rebound as robustly as hoped. A recent study shows that outpatients visits, while up May over April, are still at only about 60%.
Physicians are fortunate. Unlike many small businesses that will not survive the economic impact of the COVID-19 pandemic, patients will continue to have the need for healthcare services. Elective medical/surgical cases will certainly resume; the big question is WHEN.
The Practice Protection Committee recommends survival strategies NOW that include:
1. Remaining calm.
2. Reassessing priorities.
3. Seeking the advice of professionals – people to help with finances and with maximizing revenues while adapting to COVID-19
While the situation is concerning, being proactive can keep it from becoming dire. The webinar was recorded – the link is here.
Whether or not you were able to attend the live webinar or watch the recording, the article from the PPC is well worth the read: Economic_Strategies_in_the_COVID_World(1)