How will COVID-19 crisis impact veterinary practice revenue? If you listen to news pundits, you will hear many different explanations about how it will impact the economy. For example, Goldman Sachs predicted that GDP will shrink by 35%. The Wall Street Journal wrote about a “swoosh” shaped recovery where the bottoming out process takes longer, but once the rebound starts it would be steady and gradual. But the fact is, no one really knows. Even economists find it difficult to accurately predict a recession or know exactly how consumer spending habits will change. So with the unknowns of the coronavirus impact far outweighing what we do know, it is difficult to predict what will occur. But, it pays to remain vigilant. Here are a number of simple ways veterinary practices can save money if the impact on your business is negative.
COVID-19 has thrust the importance of lab testing into the public eye. From the number of tests conducted and the number of confirmed cases identified, to flattening the curve, testing is a topic discussed at both daily press conferences and the dinner table. But, although the news cameras focus on people driving through field testing facilities where healthcare workers obtain tissue viable samples, successfully completing a test requires additional actions. And if a problem occurs at any subsequent step after extracting the tissue sample, including collection, transportation and processing, the test will likely require repeating. It’s one reason why COVID-19 specimen labels are essential to a timely and accurate testing process.
In the foreseeable future, our lives will include managing COVID-19 infection risk. Until herd immunity, a vaccine or an effective treatment occur, it will require organizations to make adjustments that accommodate virus avoidance best practices. Further, as the curve flattens and healthcare organizations transition to treat more non COVID-19 acute and chronic patients, new safeguards are necessary to ensure patient confidence, limit exposures and execute effective care. Here are issues that will confront healthcare organizations reopening for non COVID-19 related care.