The financial effects of COVID-19 are significantly affecting many practices' ability to successfully rebuild. The curtailing of many medical services led to a decline in revenue and limited cash flow, impacting the ability to retain a full staff and resulting in furloughs, layoffs, and reassignments.
Although the U.S. Bureau of Labor Statistics reports the addition of 46,000 health care jobs in November 2020—with gains occurring in offices of physicians (+21,000), home health care services (+13,000), and offices of other health practitioners (+8,000)—overall health care employment is 527,000 lower than in February.1
More specific struggles for health care practitioners were revealed in a survey conducted in November 2020 by the Larry A. Green Center, a research organization, in collaboration with the Primary Care Collaborative (PCC) and 3rd Conversation. The financial impact on staffing includes permanent staff loss, salary cuts, and a decrease in fee-for-service volume.2
With health care workers also facing a high risk of infection, your practice may face staffing gaps as you attempt to rebuild your practice's operations. As communities begin to reopen throughout the country and you address your staffing needs, you will need to consider:
We have partnered with TalentCare, experts in health care recruiting, to assist you as you build and evolve your team—whether it's for in-office or remote care.
We have teamed with the Advisory Board to provide you with strategies to lead your staff through crisis.