Healthcare is in shock and hemorrhaging cash.
You need to stop the bleeding and restore vital signs. Rethink your staff, space and systems by following these steps.
Right-size your staff and optimize their job roles. Titles and job descriptions are no longer relevant. Those that have licenses and credentials to give care should do just that. Everyone else should fill the gaps and support the front line troops.
Here are ways Bellin Health has identified challenges to its team-based care model while meeting the growing care needs during the COVID-19 pandemic.
The COVID pandemic is exposing the gaping cracks and inequities in our sick-care system of systems. One is the digital divide, describing those who have broadband access, computers and training, and those who do not. Virtual v brick and mortar companies are the latest seams in the gaps.
The severe job losses reported this week provide a split-screen snapshot of a labor force increasingly divided between the can and can-nots—based in part on the ability to work online.
Those who can work remotely—typically in more high-skilled, higher-income jobs such as information and financial activities—saw little change in payrolls last month.
Rethink your workflow and eliminate as many bottlenecks as possible. Consider outsourcing, using freelancers or off the shelf B2B products to eliminate the friction thus allowing higher-paid employees to do things that generate cash flow.
Take advantage of grants, loans and subsidies offered as part of the massive economic recovery packages at the federal, state and local levels. If possible, renegotiate your lease or share or sublease your space.
The $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act has numerous provisions that bring much-needed support to physicians and their practices. This includes $100 billion for health care providers, including physician practices, to cover the costs of treating COVID-19 patients, for revenue losses resulting from the pandemic and forgivable loans of up to $10 million to cover payroll and overhead costs. A full summary of what it means for you can be found here, with additional discussion in this video update.
Sign up to be a teledoc. Become an advisor or consultant to the rapidly growing number of startups. Teach somewhere. Write something. Become a compensated connector. Start something, but don't make these mistakes.
Here are more tips:
If you do these things now, you might be able to save the patient and none of these steps require PPE or a ventilator.
Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs on Twitter@ArlenMD and Facebook.
Arlen Meyers, MD, MBA is a professor emeritus of otolaryngology, dentistry, and engineering at the University of Colorado School of Medicine and the Colorado School of Public Health and President and CEO of the Society of Physician Entrepreneurs at www.sopenet.org. He has created several medical device and digital health companies. His primary research centers around biomedical and health innovation and entrepreneurship and life science technology commercialization. He consults for and speaks to companies, governments, colleges and universities around the world who need his expertise and contacts in the areas of bio entrepreneurship, bioscience, healthcare, healthcare IT, medical tourism -- nationally and internationally, new product development, product design, and financing new ventures. He is a former Harvard-Macy fellow and In 2010, he completed a Fulbright at Kings Business, the commercialization office of technology transfer at Kings College in London. He recently published "Building the Case for Biotechnology." "Optical Detection of Cancer", and " The Life Science Innovation Roadmap". He is also an associate editor of the Journal of Commercial Biotechnology and Technology Transfer and Entrepreneurship and Editor-in-Chief of Medscape. In addition, He is a faculty member at the University of Colorado Denver Graduate School where he teaches Biomedical Entrepreneurship and is an iCorps participant, trainer and industry mentor. He is the Chief Medical Officer at www.bridgehealth.com and www.cliexa.com and Chairman of the Board at GlobalMindED at www.globalminded.org, a non-profit at risk student success network. He is honored to be named by Modern Healthcare as one of the 50 Most Influential Physician Executives of 2011 and nominated in 2012 and Best Doctors 2013.