Medical group practices of all sizes and specialties have taken a financial hit from the COVID-19 pandemic, according to new survey results from the Medical Group Management Association.
The Medical Group Management Association surveyed 724 medical practices April 7-8. About 75 percent of respondents were part of independent medical groups with fewer than 50 full-time equivalent physicians.
Three takeaways:
1. COVID-19 has had a negative financial effect on 97 percent of practices, whether indirectly or directly.
2. Practices reported an average decrease in revenue of 55 percent. Patient volumes have dropped 60 percent on average since the crisis began.
3. As of April 8, 22 percent of respondents had laid off employees and 48 percent had furloughed workers. Those numbers are projected to reach 36 percent and 60 percent, respectively, within a month.
Click here for more takeaways from the survey results.
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