13 Mar Business Implications of Coronavirus For Your Practice
It’s impossible to avoid the news surrounding the COVID-19 outbreak. Whether or not you’re in a currently affected area, there may be business implications for your practice as the situation spreads.
We found some advice from Ike Devji, JD about how to anticipate the potential risks should your practice be impacted by a quarantine or worse.
We’ve summarized some of his points for you here:
Loss of staff Consider cross-training your team on front-office tasks and plan ahead for alternate staffing should employees end up quarantined. Even if your team isn’t directly affected by an exposure to coronavirus, they may have child-care issues if schools are closed. Think ahead about what to do if staff has to stay home with their children.
Clinicians and leadership being out of commission Do you have a plan of succession in place should a practice owner end up quarantined or ill? Do you have a funded buy-sell agreement in place?
Loss of revenue If your specialty and practice offer many elective or non-urgent treatments, you may experience an increase in cancellations and rescheduled appointments as patients opt to stay out of the office. Do you have a financial plan in place to cover overhead expenses even with an interruption in cash flow?
Negative publicity If your practice does have an exposure, have a PR crisis management plan in place. Given the current levels of public concern (and let’s be real- hysteria) surrounding coronavirus, there may be long-lasting after effects of an exposure at your office. Have a communications strategy in place now to reassure patients.
You can find the rest of his advice HERE.
Your practice may not necessarily be affected by COVID-19, but prior preparation will carry your business, partners, and staff through any kind of crisis that may arise.