How much of a financial toll did COVID-19 take on radiology?

The COVID-19 pandemic led to significant drops in revenue and income for radiology departments, according to an analysis published March 26 in Seminars in Ultrasound, CT, and MRI. A team led by Ahmed Farag, MD, from the University of Massachusetts Chan Medical School-Baystate Medical Center reported that their institution experienced a considerable loss in imaging volume and a large loss in revenue in 2020, the first year of the pandemic in North America, compared with the previous year. “Radiology has been one of the hardest hit departments in healthcare, with resounding effects that have outlasted the pandemic itself, some of which have reshaped the field and perhaps permanently,” the Farag team wrote. The overall medical field experienced unprecedented challenges during the COVID-19 pandemic as facilities hastily reallocated resources toward fighting the onslaught of the disease. Radiology experienced a significant burden of damage, with departments reporting disruptions in day-to-day imaging workflows and operations. Farag and colleagues wrote that the pandemic highlighted the vulnerability of radiology departments to global health crises. They noted that the pandemic’s impact underscores the need for resilient financial planning and operational flexibility. The team reported that its institution experienced a maximum drop in revenue of 66% in April 2020 to about $2 million. During the same month in 2019, the reported revenue hovered around $6 million. By Jun...
Source: AuntMinnie.com Headlines - Category: Radiology Authors: Tags: Practice Management Source Type: news