COVID-19 Has Made Changes To Private Healthcare
The novel coronavirus of 2019 made some huge changes to the world. No one had any immunity to this virus, and it tore through communities in China, Europe and North America. The healthcare world was hit particularly hard by the COVID-19 crisis. This situation has made some big changes in the way that the medical industry works. Right now, private healthcare companies are still strategizing over ways to cope with the effects of the virus.
One big concern for medical facilities is the legal aspects of the COVID-19 crisis. These have been looming for some time. Places like nursing homes, which were hardest hit by this virus are worried about liability. They are attempting to work with local officials to limit their financial accountability. There are fears in that industry that lawsuits could be devastating.
Other legal considerations for the medical field are around government aid programs. The Payroll Protection Program and Economic Injury Disaster Loan program have many qualifications that borrowers must meet. They’re carefully regulated programs and being out of compliance can have negative tax and legal implications for many businesses. This is something that facility administrators need to be very careful about. Mostly, they are doing well dealing with this issue and balancing the risks and responsibilities involved.
The coronavirus has also had serious impacts on valuation and purchase prices for healthcare services. Increases in the amount of supplies needed for workers have affected many company’s bottom lines. They are buying many more masks, gloves and gowns than they previously did. The prices on those crucial supples also increased significantly during the crisis, especially at the beginning. There was a lot of difficulty getting masks and other supplies from China early on. Delivery times were up to one month in the future. While the government was able to requisition supplies for public facilities, private ones had to absorb these costs.
Private medical facilities in the US have weathered the COVID storm well, at least so far. By keeping their eyes on administrative concerns, these companies will be able to stay on top of the changing landscape. Some facilities and companies will not make it, and sales of them will be another complication to be on the lookout for.