The COVID-19 pandemic is affecting medical practices with a negative financial influence making it difficult for healthcare providers to maintain a revenue stream. Due to the pandemic in the United States, patient volumes have decreased a 60% which has reduced revenue forcing small medical set-ups to lay-off staff members. Primary care physicians are experiencing a reduction in patient volumes which has caused a financial slump. Small practice set-ups comprising of one to two clinicians are in a crisis as they don’t have the financial cushion to make up for the loss which is due to a decline in patient volume. Hospitals and clinics canceled non-urgent hospital admissions and surgeries which evaporated the additional revenue stream of medical organizations. Many practices have hit a bottom low with decreased health care services opportunities provided to walk-in patients.
Recovering from the negative financial impact caused by the pandemic
Mid-sized practices with 10 prescribers are showing decent signs of recovery as they have turned to provide healthcare services using virtual platforms such as telemedicine EMR software solutions. Remote care options have provided an opportunity for patients to receive prompt care from the comfort of their homes without having to visit in person and worry to catch the virus.
Practices will continue to lose patients if they don’t quickly turn to telemedicine solutions and remote patient monitoring to offer the best comprehensive care in these trying times. Due to COVID-19 hospitals and medical practices are seeing a major decline in revenue as patients are avoiding visiting the hospital facility due to fear of exposure to people and other surfaces which increases the odds of getting the virus. By keeping patients engaged through remote patient monitoring and virtual sessions revenue will still keep coming in which can help to combat the additional stress caused by the pandemic.
Getting used to the new normal
The way people have decided to wear masks when they leave their homes medical practices and practitioners also need to adjust their workflows according to the new crisis. By adapting early to the telemedicine software solutions providers can still tap on the lost revenue by making it possible to engage with larger patient population groups through virtual sessions. Patients can then be prepared for their telehealth visits so they feel comfortable about receiving care and treatment options from their homes. Contaminations can also be reduced by having a separate floor for COVID-positive patients to avoid healthy persons from entering that space and catching the virus. The Healthcare sector has heavily been burdened clinically and financially and has overwhelmed healthcare providers but the above-mentioned strategies can help curb the financial liability and keep practices operating with minimum disruptions in work-life and keep cash flows balanced. Telemedicine is certainly a savior in these hard times for both providers and patients to build a stronger and better future and ensure patients continue to receive diagnosis and treatment.
