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2020 and its impact on healthcare economy

We entered the new decade with a lot of dreams and hope. To be precise, we started the new year with a very promising essence that is somewhat similar to watching 20-20 cricket. And, here we are, facing the new normal. Hope we will get through these uncertain times as early as possible.

Saying that, looking ahead, the economic impact of this outbreak is something that needs to be discussed. An update from Deloitte says, in the fourth quarter, real GDP will be up from the third quarter at a moderate pace. However, we expect a downturn in economic activity in the first quarter of 2021. After that, there are two major factors that will determine the path of the economy – the path of the virus and the policy response.

When it comes to the healthcare industry, it has tried it’s best to meet the challenges that exist due to the fluctuating times. However, due to the sudden changes, there will be far-reaching impacts for the healthcare industry in the coming years. So, let’s look at how the pandemic is shaping the healthcare industry:

SMS–The main focus for this year is SMS (social distancing, mask, and sanitization). So, the healthcare industry is spending a lot of money daily to stock them even amidst the supply disruption. All the healthcare industries are trying hard to find quality equipment at affordable prices.

Virtual healthcare– Despite all the challenges, the healthcare system is digitalizing the data storage of patients. By doing this, the healthcare industry is at the risk of making sure that there wouldn’t be any data breach. Also, more patients would opt for telehealth in the coming days even though it wouldn’t equalize for a one-to-one, face-to-face interaction. For this, the hospital industry needs to take care of the cost and complications that are involved with the new technologies. Moreover, invoicing and payment processing should be made easier for patients. For this hospitals need to ensure that there are the latest payment technologies and thus strict guidelines should be followed to protect patient data by staying compliant with latest industry standards.

Skilled professionals–A shortage of skilled workers in the healthcare industry might create a long term impact. If you run a large hospital or a small clinic, to provide quality treatment to patients, you will need skilled healthcare workers. For this, you will have to reframe their financial incentives and most hospitals will struggle for the same. Moreover, this shortage might induce a decreased quality of care, longer wait times leading to lower the patience satisfaction levels, etc.

Additional support–Hospitals need to set up additional places for patients suffering from COVID-19 and this burdened their expectations. It was not just building a separate space for the patients, but also included providing testing tents, beds, other equipment, etc. specifically for them. Moreover, some hospitals provide additional support to their workers if they are prone to the virus. They will be given treatment, travel, accommodation, food, etc. and hospitals are bearing their expenses. Nowadays, most of the hospitals are in the process of changing finger attendance systems into face recognition. By doing this, particularly during these uncertain times, hospitals make sure that their employees clock in and out absolutely hands-free, which is the need of the hour.

A few drastic steps like lay-off and salary cuts are already being taken by some of the hospitals. More negative consequences of this financial crisis are expected shortly. These could be, to an extent, avoided by minimizing costly errors and improving patient experience.

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