The COVID-19 Impact on The Medical Community October 14, 2020This 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 OutlookPractices 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 FlowTo prepare for a decrease in cash flow, we recommend taken advantage of the EIDL and Paycheck Protection Program (PPP) and HHS Stimulus money.PlanningFall resurgence possibility – Revisit contingency and safety planningOrganizing provider schedules as hybrid (office vs virtual visits) model continuesTelehealth efficiencies and documentation reviewRamp-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.If you have questions or would like additional help, please contact us.Learn more about our:Industry services: Medical Practice Service GroupConsulting services: Medical Practice ManagementAbout KatzAbosch: Founded in 1969, KatzAbosch is one of the largest CPA and business consulting services in the Mid-Atlantic region. As an accounting firm, our mission is to provide the highest quality accounting, tax, financial and management consulting services to our regional clients. We understand the needs and challenges of our clients and we have made it our obligation to create, grow and protect asset value. KatzAbosch is consistently named a Best Accounting Firm to Work For in Accounting Today and has been named a Top 200 Accounting Firms in the Nation by Inside Public Accounting. Our firm is also ranked among the Top 15 Largest Accounting Firms in the Baltimore Area by the Baltimore Business Journal and a Top Workplace four times by The Baltimore Sun.