COVID-19 has affected cardiology, with practices experiencing significant revenue drops, according to a MedAxiom survey.
MedAxiom surveyed 89 cardiovascular care organizations in late March.
Here's what you should know:
1. In the first quarter of 2020, more than 25 percent of practices believe their revenue will drop between 50 and 75 percent, while more than 36 percent of practices believe their revenue will drop around 25 to 50 percent.
2. Furloughs have become commonplace during the pandemic, and cardiovascular practices are not immune. More than 10 percent of practices believe they'll place 25 to 50 percent of their staff on unpaid leave, while nearly 30 percent plan to put 25 to 50 percent of their staff on paid leave.
3. More than 15 percent of surveyed practices have closed 50 to 75 percent of their clinics, while more than 17 percent of practices have closed 25 to 50 percent of their clinics.
4. Despite the current closures, MedAxiom advised practices to prepare for a "significant wave of volume" over the next few months once elective surgeries return.