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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.

Junaid Kalia MDJunaid Kalia MD

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Impact of Pandemic on Healthcare Finances

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Jan 5, 2022
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Of Note; this is part of the course:
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Section: 2.0 - Financial Consideration
🔗 For enrollment and details, please visit:

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

1.
In Pandemic, More Are Paying for Direct Access to Their Doctors
Wealth Matters Concierge care has grown fast as patients no longer want to sit in a waiting room with strangers. But it comes at a high price. Kimberly Caspare, a physical therapist, has been caring for patients through one-on-one virtual sessions while working with the N.B.A. at Disney World. Credit...
In Pandemic, More Are Paying for Direct Access to Their Doctors
https://www.nytimes.com/2020/08/21/your-money/concierge-personal-medical-care-coronavirus.html
In Pandemic, More Are Paying for Direct Access to Their Doctors
2.
Concierge Medicine Has Boomed During Covid. Here's How to Tell if It's Right for You.
As many medical centers postponed elective procedures and routine examinations during the early days of the pandemic, there was one group of patients who mostly kept seeing their doctors as usual: those who are members of concierge practices. Concierge medicine-where patients pay what amounts to a retainer fee for direct access to a doctor or doctors-has boomed during the pandemic.
Concierge Medicine Has Boomed During Covid. Here's How to Tell if It's Right for You.
https://www.barrons.com/articles/concierge-medicine-has-boomed-during-covid-heres-how-to-tell-if-its-right-for-you-51610802001
Concierge Medicine Has Boomed During Covid. Here's How to Tell if It's Right for You.
3.
Concierge Medicine, the Epitome of Demand for Personalized Healthcare
The concept of Concierge Medicine, retainer medicine (also referred to as Direct Primary care), characterizes a liaison between a patient and a physician in which the patient disburses an annual fee or retainer. Within the membership of the retailer...
Concierge Medicine, the Epitome of Demand for Personalized Healthcare
https://medium.com/beingwell/concierge-medicine-the-epitome-of-demand-for-personalized-healthcare-b98cb3054be
Concierge Medicine, the Epitome of Demand for Personalized Healthcare
4.
What Is Concierge Medicine?
What is concierge medicine? As physicians look for ways to cut through the noise and focus on their patients, this trend is gaining steam. If you've found yourself frustrated with having too many patients to see and not enough time to see them, you may have considered transitioning to a concierge medicine practice.
What Is Concierge Medicine?
https://www.wolterskluwer.com/en/expert-insights/what-is-concierge-medicine
What Is Concierge Medicine?
5.
The Growth and Future of Concierge Medicine - Docwire News
While the number of concierge doctors remains small, it is growing at a steady pace. For Medical recruiters, this is an opportunity to get in on the ground floor of a practice that's making a comeback. According to Concierge Medicine Today, a national trade publication, it is estimated that there are currently 12,000 physicians practicing concierge...
The Growth and Future of Concierge Medicine - Docwire News
https://www.docwirenews.com/docwire-pick/the-growth-and-future-of-concierge-medicine/
The Growth and Future of Concierge Medicine - Docwire News
6.
Medscape Physician Compensation Report 2020
More than 17,000 physicians told us about their salary, incentive bonus, and denied claims, and how they feel about their career in medicine.
Medscape Physician Compensation Report 2020
https://www.medscape.com/slideshow/2020-compensation-overview-6012684#2
Medscape Physician Compensation Report 2020
7.
New AHA Report Finds Losses Deepen for Hospitals and Health Systems Due to COVID-19 | AHA
A new AHA report finds that the immense financial strain facing hospitals and health systems due to COVID-19 will continue through at least the end of 2020, with patient volume expected to remain well below baseline levels. The report estimates total losses for the nation's hospitals and health systems of at least $323.1 billion in 2020.
New AHA Report Finds Losses Deepen for Hospitals and Health Systems Due to COVID-19 | AHA
https://www.aha.org/issue-brief/2020-06-30-new-aha-report-finds-losses-deepen-hospitals-and-health-systems-due-covid-19
New AHA Report Finds Losses Deepen for Hospitals and Health Systems Due to COVID-19 | AHA
8.
Hospitals and Health Systems Face Unprecedented Pressure due to Covid.pdf
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Junaid Kalia MD

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Junaid Kalia MD

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