COVID-19 impact on the medical industry

This study is part of KatzAbosch’s ongoing commitment to conduct and share timely information to advance government contracting companies and the professionals who manage them. The COVID-19 pandemic has, as we all know, hit the industry with some unprecedented labor and financial obstacles. To get a sense of how medical and healthcare practices are responding we reached out to our clients and contacts and invited them to participate in our peer survey.

The goal was to provide general benchmarking data to local companies around the impact COVID-19 to help reinforce operational best practices and highlight planning opportunities to allow your company to thrive in the next 3 to 12 months.

COVID-19 Medical Industry Outlook

COVID-19 Impact on Medical Industry

Practices due to COVID-19 have aggressively undertaken some workflow changes that may impact (hopefully improve) day-to-day practice for physicians. Everyone in the practice, administration and clinical alike, is impacted by the implementation of COVID-19 safety criteria– and everyone’s effort is needed in order to achieve the standards needed for the continuation of a safe environment for patients and staff.

Overall practices are being proactive to re-open but are concerned about keeping up if there is a resurgence in the fall. The graph to the right represents the trifecta elements that emerged from the gathered survey data which will impact cash flow and planning over the next 6-12 months.

  • Cash Flow
    • To prepare for a decrease in cash flow, we recommend taken advantage of the EIDL and Paycheck Protection Program (PPP) and HHS Stimulus money.
  • Planning
    • Fall resurgence possibility – Revisit contingency and safety planning
    • Organizing provider schedules as hybrid (office vs virtual visits) model continues
    • Telehealth efficiencies and documentation review
    • Ramp-up plan for flu vaccine administration for all patients (Flu Clinics, Drive Bys, Extended Hrs.)

Download the full Medical Community COVID-19 Impact Report to learn more about the impact on cash flow and planning over the next 6-12 months.

Click Here to Download COVID-19 Impact Report

If you have questions or would like additional help, please contact us.

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