Practices report average revenue drop of 55% due to COVID-19 — 5 insights

Angie Stewart - Print  |

The financial fallout from COVID-19 is "widespread," according to Medscape's "Physician Compensation Report 2020."

"Specialties that relied upon elective procedures have lost much or most of their business," the report said. "Those include, but are not limited to, orthopedics, plastic surgery, dermatology, cardiology and ophthalmology."

Medscape surveyed 17,461 U.S. physicians across 30-plus specialties from Oct. 4, 2019, to Feb. 10.

Five takeaways:

1. On average, practices have lost 55 percent of revenue since the COVID-19 crisis emerged.

2. Patient volumes have dropped an average of 60 percent.

3. In March, about 43,000 healthcare workers were laid off.

4. Practice closures, including temporary ones, were reported by 9 percent of independent medical groups.

5. Providers' remote patient engagement was up 225 percent.

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