Top 5 Challenges in 2021 for Medical Practice during COVID Era

ENGLEWOOD, Colo. - Feb. 3, 2021 - PRLog -- The worldwide outbreak of the COVID-19 pandemic has crushing effects on medical practices. Some small private practices recorded a steep decline in revenues, and they are struggling to pay their overhead. Many healthcare providers started introducing telemedicine, but it helped to pick up only a small portion of the slack.

According to a survey conducted by the Medical Group Management Association on 724 medical practices after a few weeks into the outbreak of the pandemic, 97% had a negative financial effect. Another online survey conducted by the Texas Medical Association in early May 2020 found that 62% of practicing physicians in the state had reduced their salaries and 68% of them had to lessen their work hours. The scenario is similar to the medical practices anywhere in the world. Although slowly the situation is improving with more elective procedures being performed, yet consumers remain alert and sceptive.

What are the Key Challenges Medical Practices will face in 2021?

1. High Cancellations due to Changing COVID Restrictions

In 2020, medical centers and clinics recorded high cancellations due to obvious safety reasons. Now, even after the vaccination drive against the coronavirus has started ramping up, the cancellation rate is still high due to changing COVID restrictions globally. With the new strains of the virus being detected, several new travel restrictions are being imposed in many countries. In such a scenario, the medical practices are still dealing with high cancellations.

2. Cash Flow / Revenue impact due to Decrease in In-Patient Care

Footfalls in the private hospitals and clinics significantly fell following the outbreak of the pandemic. Preventive healthcare and elective surgeries, which account for the massive share of revenue, were largely postponed. Such a decrease in in-patient care is heavily affecting the cash flow of medical practices that are offering elective procedures.

3. Lack of Marketing Budgets to acquire New Customers

Due to high cancellations and less revenue because of reduced in-patient care, marketing budgets to acquire new customers are also suffering. Some of the significant challenges apart from budget cuts to acquire new customers are switching from in-person events to virtual events and lack of engagement from their target audience. Many healthcare providers are not focused right now on rethinking how people are trying to interact. As consumer interactions are now more inclined towards virtual interactions, it is important to understand the changing behavior.

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