With hospital revenue down due to reduced non-Covid-19 care and canceled elective procedures, US healthcare providers predict their paychecks will shrink. According to Bain & Company’s latest survey, 40% of providers expect their compensation for the next three months (May to July) will be lower than it was in the same period last year. Pay cuts are expected for all specialties and locations. Frontline providers and primary care physicians expect to take a hit due to reduced time seeing patients, while 40% of specialists cite canceled elective procedures as the cause.
As the global pandemic deepens and the human cost of Covid-19 rises, the novel coronavirus outbreak is sending shocks through the world economy. But across industries, companies can take action now to protect their employees and customers and minimize the economic damage.