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What Steps ENT Private Practices Are Taking to Financially Survive the Coronavirus Pandemic

by Renée Bacher •

Gavin Setzen, MDI think until there’s adequate diagnostic testing, serology demonstrating immunity, herd immunity, and a reliable, readily available vaccination, there will still be hesitation amongst patients and otolaryngologists alike when diagnosing and treating conditions where viral load transmission and potential for a realization of particles exists. —Gavin Setzen, MD

Beyond government assistance, Will Harrill, MD, also of Carolina Ear Nose & Throat Sinus & Allergy Center, said his practice has been able to keep up with the ever-changing landscape of the pandemic with support from organizations including the AAO-HNS, the North Carolina Society of Otolaryngology and Head and Neck Surgery, and the practice’s own malpractice carrier. The initial speed of the pandemic’s impact on otolaryngology as a specialty, he said, was so rapid that grassroots communication, including teleconferences and email chains both statewide and across the U.S., were very helpful in terms of filling best practice voids that would ordinarily have a formal review process before being disseminated.

He added that financial hardship may be most pronounced in the private practice world, given the equity ownership risk and responsibility that add an extra layer of anxiety onto the desire for answers to questions that have never been asked before.

“Many of us remember being in Denver at the annual AAO-HNS meeting on 9/11 and scrambling into cars with colleagues we had never met or not seen for years as we all carpooled home over the following 24 hours,” he said. “COVID-19 has been sort of the same, with many of us taking a virtual journey together through this.” 

Renée Bacher is a freelance medical writer based in Louisiana.

Key Points

  • PPP loans can help keep otolaryngology practices afloat, but do have staff and business management obligations.
  • Other options for financial support include interruption insurance, advance Medicare payments, HHS grant money, and debt forbearance.

AMA Financial Guidelines

The American Medical Association recently released a list of resources for physicians in private practice during the COVID-19 pandemic. Their financial guidelines include the following:

  • Implement a process for rapid decision making and planning that includes establishing a clear chain of command.
  • Understand your business insurance coverage for COVID-19-related liabilities and ask for complete copies of policies to track losses and expenses for claims.
  • Evaluate ongoing financial obligations and revise your financial plans to ensure your practice’s liquidity.
  • Update your financial contingency plan to include the possibility of delaying discretionary payments and asking creditors for forbearance as needed.
  • Assess your practice’s supply needs, taking stock of what you have now and how much of your cash flow should be devoted toward trying to stock up for the months ahead.
  • Consolidate your administrative accounts payable and accounts receivable resources, including coding tools, to maintain documentation and receive payments while operating remotely.
  • Carefully manage your practice’s workflow for essential and non-essential services to reduce not only safety risks, but also liability risks.
  • Plan ahead for furloughs and terminations, consulting legal counsel to understand your obligations while also helping to identify external opportunities for furloughed or terminated staff.
  • Stay abreast of the regulatory hurdles your state and federal governments are waiving for certain types of services like telehealth. These may affect your practice’s obligations, and some waivers will expire.

Help for Small Business

These resources can help you find financial and legal answers to help your practice stay afloat.