Immediate Changes Needed for Physicians to Stay in Business During the Pandemic

Practices cannot survive the COVID-19 cash flow crisis By JEFF LIVINGSTON, MD Will doctors be able to keep their practices open during the worst pandemic in our lifetime? Our country needs every available doctor in the country to fight the challenges of Covid-19. Doctors working in independent practices face an immediate cash flow crisis threatening their ability to continue services. The CARES Act was signed into law on Friday, March 27, 2020. The law offers much-needed help to the acute needs of hospitals and the medical supply chain. This aid will facilitate the production of critical supplies such as ventilators and PPE. The law failed to consider the needs of the doctors who will run the ventilators and wear the masks. Cash flow crisis Private-practice physician groups experienced an unprecedented reduction in in-office visits as they moved to provide a safe and secure environment for patients and staff. In compliance with CDC guidelines, practices suspended preventative care, nonurgent visits, nonemergent surgery, and office procedures. These necessary practice changes help keep patients safe and slow the spread of Covid-19. The unintended consequence is an unreported and unrecognized cash flow crisis threatening the viability of physician practices. The number of self-employed physicians in the US is decreasing. The AMA’s annual Physician Practice Benchmark Survey showed that 47% of all physicians in 2018 were employed. Th...
Source: The Health Care Blog - Category: Consumer Health News Authors: Tags: COVID-19 Economics Physicians The Business of Health Care Jeff Livingston Medical Practice Pandemic private practice Source Type: blogs