The American College of Surgeons' (ACS) Practice Protection Committee continues to provide leadership. Thought you would be interested in the Economic Survival Strategies in the COVID World report released yesterday. Click here to reach the report.
This document paints a stark financial reality for physicians.
Why release this report? Even though physicians and dentists have opened their doors to elective medical care, their patient volumes--and revenue--have not rebounded as robustly as hoped. A recent study shows that outpatients visits, while up from April, are still at about 60%.
Physicians are fortunate. Unlike many small business that will not survive the economic fallout from the COVID-19 pandemic, patients will continue to have the need for healthcare services.
There is no question that elective medical/surgical cases will resume; the big question is WHEN.
The Practice Protection Committee recommends survival strategies NOW that include:
1. Remaining calm.
2. Reassessing priorities.
3. Seeking the advice of financial services professionals.
Would you like a recommendation for a physician-friendly financial advisor? Please feel welcome to reach out for a referral. For the past decade I have built a community of financial advisors committed to serving the financial needs of physicians who serve the community. They have invested to understand the unique financial needs of physicians. Click here to reach out.