Short-term relief via CARES may help doctors and hospitals mitigate financial struggles brought on by COVID-19.
Applicants should make sure that they have quality legal and CPA counsel who are well-versed in this financial Band-Aid. The devil is certainly in the granular details since the dollars tied to CARES are a loan, but portions of the loan may be forgiven owing to certain criteria. The loan can be used not only to assist in staffing cost mitigation but also to help with rent and other costs.
Clinicians are struggling with both the revenue and the expense sides of their P&Ls. For the most part, CARES does not address the revenue component. The Paycheck Protection Program , via CARES, is offering $350 billion in “forgivable loans” that can be applied for via the Small Business Administration and deployed to cover payroll, rent, and utility obligations, to name a few items. Additionally, CARES provides tax benefits and other financial tools .
On the revenue side of the P&L, deploying telehealth services can positively impact revenue as on-site patient visits dwindle . Optimizing scheduling and deploying a strong telehealth outreach program can temporarily keep care moving forward while possibly opening up longer-term delivery modalities for clinics. Also, commercial insurers have taken strides to work with physicians on the reimbursement side of the ledger.
Since I’m one to deploy simple, numerically round examples to make a point, Figure 1 below considers a medical clinic before COVID-19 , during the pandemic, and after obtaining a CARES loan via the SBA.Before the onslaught of COVID-19, the clinic generated $100 of revenue from commercial insurers and Medicare/Medicaid per month. Their total expenses were $80, leaving $20 in profit each month. Then, COVID-19 ran rampant, crushing revenues.
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