July 7, 2021 This study is part of KatzAbosch’s ongoing commitment to conduct and share timely information to assist medical practices and the professionals who manage them. The COVID-19 pandemic continues to influence the medical industry. To get a sense of how medical practices are continuing a year after its emergence we reached out to our clients and contacts and invited them to participate in our peer survey. The goal was to provide general benchmarking data to local practices regarding the impact COVID-19 has had on their practice compared to last year. Then to reinforce operational best practices and highlight planning opportunities to allow your practice to succeed in the coming months. COVID-19 Medical Industry Outlook The pandemic has motivated many practices to rethink core principles and traditional work flows. It also created new clarity on the importance of managing cash flow. From the survey data gathered the graph to the right represents the shift in priorities practices are forecasting over the next 12 months. Practices have navigated surges and shortages, all while working to ensure the best care for their patients and protecting their employees. Now, even with COVID-19 still somewhat of a threat they are focused on moving forward. Many are optimistic for recovery and are turn to pre-pandemic performance levels in the year ahead. As a result, the remainder of 2021 will be about continuing safety measures but making the most of labor relationships regarding hiring and employee retention to accelerate the path to better care for patients and continued financial recovery. Download the full Medical Community COVID-19 Impact Report to learn more about the impact on cash flow and planning over the next 6-12 months. If you have questions or would like additional help, please contact us. Learn more about how we can support your: Medical Practice Accounting Needs Daily procedures around patient experience, revenue cycle performance, and more.
