The financial impact being experienced due to COVID-19 has been devastating.
No industry has been left untouched.
The most surprising of them, the healthcare industry.
How is this possible?
The current pandemic is creating a need for MORE healthcare providers, yet 97% of medical practices are reporting a financial decline. (Data reported from a survey completed in April by the Medical Group Management Association – MGMA).
The simple reality is people are delaying medical procedures and avoiding doctor’s offices to reduce their chances of exposure.
An independent practice in Arizona shared “Not only has 70% of our revenue disappeared, but our physicians are still working every day, exposing themselves to risks, taking care of patients, and taking care of their employees by continuing to pay them while they have taken over a 50% pay cut.”
With revenue continuing to decline and so much uncertainty, practices of all sizes are facing enormous challenges and resorting to furloughs to stay afloat.
Many practices are now forced to consider if it is time to let go Medical Providers.
The immediate benefit of this is obvious.
A large salary removed decreases expenses and creates an overall improved financial status in the short term.
However, this quick fix will be short lived.
The costs of rehiring a physician internally are HIGH and having an unfilled vacancy even more so.
Unattended patients can lead to daily revenue loss of up to 10k and when the virus panic subsides, who will be there to treat patients?
We recommend holding on to your physicians as long as possible. If your medical practice has found itself in this difficult position, let us know!
Our physician recruitment program is designed to place providers quickly, to reduce costs and maximize profits for your medical practice.
Choosing iDEAL is a worthwhile investment in your practice, that will reduce time wasted when hiring through an internal system.
Help your practice grow to meet its potential NOW, not later.