![]() ![]() In the health care sector, the Bureau of Labor Statistics reports that this held true for 51.86% of establishments. Some business owners continued to pay their employees even though they weren’t working during the pandemic. Many employees were furloughed and collected unemployment insurance just to get by. Nobody knew how long the pandemic would last, and therefore business owners didn’t know how long they could keep their staff on payroll. Practices were forced to make difficult decisions at this stage. For example, the American Academy of Ophthalmology put out a statement on March 19th, 2020 recommending that all members immediately cease routine in-office visits and surgeries. ![]() In other cases, choices were made with guidance from professional societies, which made recommendations to suspend services. In some cases, these decisions were made in response to state and local government guidelines. Some clinics that were deemed to provide non-essential services shut their doors completely, while others limited their services to emergencies only. It forced clinics to think fast and make drastic changes based on limited and constantly changing information. The COVID-19 pandemic was not something most health care practitioners had planned for. Then came something many of us did not anticipate: the Coronavirus-19 (COVID-19) pandemic. ![]() And despite declining reimbursement rates, physician salaries were up. The fastest growth was seen in-hospital care and physician and clinic services, as well as retail prescription drug spending. This was similar to the 4.7% rate of growth seen in the year prior. Specifically, it increased by 4.6% to reach $3.8 trillion. In 2019, healthcare spending grew for the fourth consecutive year. ![]()
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