Impact of Pandemic on Healthcare Finances

Section: 2.0 — Financial Consideration

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Major Trends due to the Impact of Pandemic on Financial Consideration

Direct Pay

Direct pay is basically patients paying physicians with their payment card rather than going through the insurance. Direct pay rose significantly during and post-pandemic because physicians have realized that it’s cheaper and hassle-free to not go through the paperwork of insurance claims as they had to hire back-office people to maintain them. So, physicians and major pharma companies deployed direct pay offer like $50 per visit.

Concierge Medicine

Concierge medicine has seen a boom in this pandemic, especially in psychiatry and primary care. But the major difference is that one can also bill insurance companies.

Impact of Pandemic on Physicians

Physicians did lose a lot during this pandemic in terms of job, volume, reduction in patients, etc. This loss has translated into burnout and moral injury as well.

Did Covid 19 Cause Income Decline?

Impact of Covid on Healthcare System and Providers

Hospitals Lost Big!

The AHA estimates a total four-month financial impact of $202.6 billion in losses for America’s hospitals and health systems, or an average of $50.7 billion per month.

This estimate was derived by combining the estimates of various components of reduced revenue and increased costs.