Coronavirus (COVID-19) continues to greatly impact the global economy. Not only have traders seen the effects of the virus, but now the overall U.S. economy is seeing them too. On Monday, all three major stock indexes fell at least 12%, and The Federal Reserve cut interest rates. As cases rise, more businesses are shutting their doors to help mitigate the spread of COVID-19.
The healthcare industry is one of the economic sectors affected by the outbreak. This pandemic may put considerable stress on hospitals, medical practices, and health care workers. It is difficult to accurately predict how the system will hold up under the potential influx of patients. Things like revenue, supplies, staffing, billing, and resources will likely be affected. How it reacts will likely impact future changes to the U.S. healthcare system.
Changes and Risks For Healthcare Workers
Given that they care for infected individuals, medical workers are at a higher risk of acquiring COVID-19 than those in other fields. As hospital and doctor visits for the virus rise, it could pose a greater risk for healthcare workers. The Centers for Disease Control and Prevention recommends following their own procedure and guidelines to help prevent those in the healthcare industry and their patients from getting sick. The Occupational Safety and Health Administration has also published a detailed article about working during the outbreak of this virus.
One subset of the medical sector that is benefiting from COVID-19 is telehealth. Telehealth is a category of healthcare services that provides doctor visits remotely. In recent weeks, telehealth companies and their affiliated medical practices have experienced an increase in business and attention. In anticipation of this, Congress passed a bill which waived telehealth service restrictions to seniors on Medicare. This could be an effective way to limit exposure and mitigate the spread of the virus while still receiving medical care.
Impact On Dental Practices
The COVID-19 outbreak also affects dentists and their staff. On Monday, the American Dental Association (ADA) recommended that dentists postpone elective procedures for at least three weeks. This was outlined in an effort to mitigate the spread of the virus. The ADA specified that dental offices should focus on treating patients with urgent and emergency cases so that those with these levels of dental issues will not be placing additional stress on already overworked hospitals. Additionally, the CDC has issued recommendations to dental offices for preventing the spread of the virus.
COVID-19 Funding Bill
The President signed an $8.3 billion emergency spending bill on Friday aimed at treating and preventing the spread of COVID-19. Over $3 billion of the bill fund went to the U.S. Department of Health and Human Services (HHS) to use flexibly. $950 million went to fund state and local health sectors for things like staffing and other critical needs. Additionally, $300 million went toward vaccine and treatment research, development, and production. Lastly, $1.25 billion went to international activities.
Dental practices, medical practices, and businesses will likely see several changes during the COVID-19 outbreak. While these changes may present new challenges, companies can implement changes of their own to help navigate the changing landscape. It is vital to remain informed and utilize resources provided by the government and other organizations so that businesses can better adapt to the COVID-19 environment.
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