Here's The Latest in Health Care:
• The coronavirus pandemic has shown the health care industry that it needs to decide whether it’s playing basketball or soccer, says journalist and author Malcolm Gladwell. The two sports exemplify the differences in thinking when one tackles problems using a “strong link” approach versus a “weak link” approach; either the team is as strong as its strongest, most high-profile players, or by contrast, the team is only as strong as its weakest players. For healthcare organizations, that means making investments in the weakest links. Read More
• The COVID-19 crisis has been a financial fiasco for physician practices, including decreased patient volume and canceled elective surgeries. While 97 percent of physician practices experienced a negative financial impact from the coronavirus, there are four key strategies practices can pursue to weather the financial storm. These include holding on to cash, not paying off debt right away, using government assistance, and applying for private loans. Read More
• While some health care merger and acquisition plans have fallen apart because of COVID-19, some providers are rethinking potential partnerships to survive the economic fallout of the pandemic. The crisis is putting pressure on health care mergers and acquisitions regardless of if the deals were planned prior to the pandemic or not. The pandemic is also prompting hospitals to shift their priorities to clinical and operational effectiveness to maintain stability. Read More
• Hospital and physician spending has been hit hard by the COVID-19 pandemic – so hard, in fact, that in April it reached its lowest point in more than a decade. A recent analysis shows a nearly 25 percent decline in spending, hitting a low of $2.88 trillion in April. With gradual reopening of the U.S. economy, experts anticipate a modest reversal of these spending declines due to more than half of patients reporting feeling at least somewhat safe about returning to the hospital for elective procedures. Read More
Each Friday, Signor Goat reports the latest from the week in health care. Check back next Friday for your dose of our little medical corner of health care news. Brought to you by pMD, innovators in charge capture, secure messaging, clinical communication, and care navigation software.