Is your current patient volume less than 40% of what used to be? Has your gross income been reduced by 30% or more? Are you wondering how are you going to be able to pay your monthly bills? If the answer to any of these questions is yes, your Practice immune system is compromised and may soon need to be placed in the Intensive Care Unit (ICU).
People may find this callous based on the COVID 19 crisis but the reality of it all is that I see healthcare businesses as our patients and before this crisis many of these had their immune system compromised and COVID 19 will simply be the end of these Practices.
Yet, there is always a balance and opportunities. For example, the Federal Government is rolling out quite a few programs that will provide some relief to those that take advantage of the same. Also, the “Stay at Home” directives will definitively result in a shift in our trends which will open the world to new opportunities to those willing to reinvent themselves and explore new opportunities.
Of course, there is always a risk but at this moment I will prefer to stay out of the ICU and plan on not only surviving but growing in the World that is yet to come. With that in mind, I will recommend looking into some options such as:
- Telemedicine. The rules have been relaxed during the COVID 19 crisis which means a perfect time to test how telemedicine could be introduced into your business.
- Online stores. Everyone, including me, are now using online stores as the basic tool to obtain the things we need. Based on this trend alone I will consider looking at products that we could offer that would benefit my patients.
- Virtual expansion. Rather than opening multiple offices and adding additional staff, I would investigate markets I will want to penetrate through the use of virtual technology. I will also consider work at home opportunities for my employees as this could reduce my overhead significantly.
Bottom line, do not give up. Even if you are in the ICU or heading that way, this is not the time to give up. Research, ask the experts and come up with a treatment plan that will fit your needs and those of your patients.