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Cardiology Organizations Bracing For Major Revenue Drop Because of COVID-19

Article

Information comes from a survey MedAxiom, an American College of Cardiology company, conveyed.

MedAxiom, an American College of Cardiology company, surveyed its members from March 24-28 to assess the effect of the COVID-19 outbreak on cardiovascular organizations. Representatives of 89 organizations responded. The majority (77.5%) have 11 or more cardiologists.

Here are some of the results:

• Between 50% and 75% of the respondents expected to see their organization’s second-quarter revenues drop by almost in half (47.3%). Between 25% and 50% of the respondents expected to see second-quarter revenues fall by a little over a third (37.8%).

• Between 25% and 50% of the respondents had put 29.9% of their staff on paid leave and 10.7% on unpaid leave.

• Over 20% of respondents have closed or are planning to close 50% or more of their clinics.

• Most programs are seeing a  reschedule rate of between 50% to 75% in cardiovascular procedures. Between 25% and 50% have rescheduled close to half (42.5%) of their imaging studies.

• Nearly 70% of cardiovascular programs are utilizing advanced practice providers for telehealth services.
 

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