Impact of Pandemic on Healthcare Finances

In this blog, let’s go through the trends that were pulled up as a result of this pandemic and also its impact on physicians and healthcare systems financially.

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Publish Date
Jan 5, 2022
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Of Note; this is part of the course:
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Section: 2.0 - Financial Consideration
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Direct Pay

Direct pay is basically patients paying physicians with their payment card rather than going through the insurance. Direct pay rose significantly during and post-pandemic because physicians have realized that it’s cheaper and hassle-free to not go through the paperwork of insurance claims as they had to hire back-office people to maintain them. So, physicians and major pharma companies deployed direct pay offer like $50 per visit.
 
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Concierge Medicine

Concierge medicine has seen a boom in this pandemic, especially in psychiatry and primary care. But the major difference is that one can also bill insurance companies.
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Impact of Pandemic on Physicians

Physicians did lose a lot during this pandemic in terms of job, volume, reduction in patients, etc. This loss has translated into burnout and moral injury as well.

Did Covid 19 Cause Income Decline?

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Impact of Covid on Healthcare System and Providers

Hospitals Lost Big!

The AHA estimates a total four-month financial impact of $202.6 billion in losses for America’s hospitals and health systems, or an average of $50.7 billion per month.
This estimate was derived by combining the estimates of various components of reduced revenue and increased costs.
 


References

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