How Physician Practices Survive COVID-19 by Leveraging Financial Forecasting

Physician practices are feeling the pain immensely, too. As with many small businesses, the pandemic has had devastating financial consequences on provider practices. Stay-at-home orders have resulted in postponed non-emergency surgeries, plummeting office visits, and staffing shortages due to illness, lack childcare, furloughs, and layoffs.

Providers who hope to survive and stay profitable need to know the financial impact the crisis is having on business today as well as long-term implications. After planning for declining revenues and understanding fixed costs, the next challenge is setting a timeline for getting back in action as states start to reopen businesses. This requires real-time analytics — not retrospective reports and pivot tables in Excel.

Financial forecasting leverages data found in practice management software. It helps providers predict future financial impacts based on their current and past trends, delivering up-to-the-moment, daily insight into the following key areas of business.