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3 ways for private practices to manage cash flow during COVID-19

The reduction in non-essential procedures due to the novel coronavirus pandemic has threatened the vitality of private practices and physician groups throughout the nation. These organizations must deal with many hurdles during these uncertain times, including an attempt to manage a dwindling cash flow without negatively impacting their business operations. 

Three options that can help dampen the financial fallout include:

  • Sign up for the CMS Advance Payment Program. The United States Centers for Medicare and Medicaid Services (CMS) has expanded its Accelerated and Advanced Payment Program. Changes will allow providers to tap into future Medicare payments to fund immediate needs. This can provide a much-needed cash flow.
  • Use remote workers wisely. Hospitals and private practices can consolidate administrative resources and make the most of a remote workforce during this pandemic to help reduce business expenses. When doing so, it is a good idea to have a plan in place to monitor staff and promptly respond to fluctuations in remote worker output. Clear goals and expectations can help reduce the risk of a dip in production.
  • Consider loans. The American Medical Association (AMA) recently encouraged physicians in private practices to take advantage of measures within the new government stimulus bill. One example: the ability to take out a loan with the Small Business Administration (SBA) to help cover payroll and overhead costs.

Those attempting to keep the business side of their practice afloat during these difficult times could benefit from the counsel of an attorney experienced in health care law matters. An attorney can provide a fresh look at the situation and discuss these as well as other options that may work for your practice.

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