COVID-19 suppresses compensation, but boosts telemedicine
Subsequent compensation surveys can be expected to reflect the heavy toll that COVID-19 pandemic has taken on nearly all professions in health care – as well as global economies as a whole.
Specialist practices in general report as much as a 55% decrease in revenue, on average, and a 60% decrease in patient volume since the beginning of the crisis, according to the report.
As many as 43,000 U.S. health care workers were reportedly laid off in March 2020 alone, as hospitals and physician groups announced layoffs, furloughs, and pay cuts in response to the fallout from the pandemic. And a reported 9% of independent medical practices have had to close, at least temporarily.
Meanwhile, the use of remote technologies for patient engagement has increased by 225%.
Specialties that rely heavily on elective procedures that were for the most part delayed during the pandemic have been particularly hard-hit, notably in those practicing orthopedics, plastic surgery, dermatology, cardiology, and ophthalmology.
“The health impact of COVID-19 has been grave, and the financial fallout is widespread,” according to the Medscape report.
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