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Ankit Mehta
Department of Internal Medicine, University of Minnesota Medical School, USA
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Research
Economic Consequences of COVID-19 Pandemic on US Health Care Industry
Author(s): Oana Dickinson* and Ankit Mehta
Background: Coronavirus disease 2019 (COVID-19) created an economic crisis alongside a health care crisis. Academic, private and community health care systems are continuing to experience significant lost in revenues. Objective: Health care industry has never experienced an economic shock that was exacerbated by the need to restrict supply of certain services. From February to April 2020, health care has shed 1.5 million jobs, losing in two months all gains of the past five years. Data Sources: According to Medical Group Management Association, 97% of medical group practices experienced negative financial impact directly or indirectly related to COVID-19 pandemic. Practices reported 55% decrease in revenue and 60% decrease in patient volume since start of COVID-19 pandemic. Kaufman Hall's data from 800 U.S. hospitals showed that as volume and revenue declined, along with rising ex.. View more»