Physicians are feeling the whiplash effect COVID-19 has had on their traditionally recession-proof industry. No matter the circumstance, people get sick and need medical care, right? None of us were ready for a crisis that would require us to close our doors. In mere weeks, orders to cancel elective visits and procedures as well as to social distance and stay-at-home have reduced patient volumes to almost zero in some offices. Independent practice physicians are particularly vulnerable if they lack the business infrastructure needed to interpret rapidly changing rules from the Centers for Medicare and Medicaid, update IT systems to transition to remote work and operational support to navigate marketing and communications.
Smart decision-making can mitigate some of these circumstances. Here are 5 things you need to be doing right now.