Effects of COVID on Physicians Credentialed and Employed by Hospitals and Physician Groups Affiliated with Hospitals: An Inside Perspective on the roll-out of Vaccines, responses to the vaccination by providers, and the effects on physician contracts during COVID.
After a tumultuous 2020, the healthcare landscape, after being disrupted and affected in all different ways, will hopefully in 2021 be a year full of M&A deals, consolidation and overall stability for the healthcare community as COVID-19 vaccines continue to roll out. During 2020, there was a suspension of surgical services, a down-turn in patient volumes, an increase in physician demand, new roles being created or current duties being modified, and overall various changes occurring to respond to the coronavirus. Some of the changes brought about short-term and/or long-term operational and economic consequences to hospitals, practices, surgical centers, physicians and employees, no matter the specialty or organizational ownership of the entity. Hospitals, medical practices, physicians and other providers had to adjust to the challenges faced, which encompassed challenges in connection with the initial roll-out of the vaccines, as well as affects to physician contracts, compensation, and leasing arrangements.
During this webcast, our panel of speakers will discuss an array of topics such an “in the trenches” perspective from a health system perspective on the vaccine rollout; the logistical challenges faced by the hospital with administration and tracking of mass vaccination, and the response from the medical staff and employees regarding vaccination.
The accountants on our panel will also discuss the effects they saw on physician compensation models which are specifically tied to the incoming revenue from patient encounters (such as the work RVU- based productivity model) and how some providers compensation is ultimately impacted after quarterly or annual true-ups to occur towards the end of 2021, and how this will depend on how much of the pent-up demand for care can be captured as New Jersey rolls out more vaccines, healthcare facilities return to normal schedules or impose new shutdown orders due to a potential resurgence of infections. Physician, hospital, and healthcare leaders may consider reviewing contract terms for any renegotiations to take place in 2021 as it related to the financial realities of COVID-19-related patient volume and decreases and the temporary amendments that may need to happen to ensure long-term financial viability.
SABA-NJ members who are not also NJSBA members must to contact [email protected] to register by phone. Be sure to reference Meeting ID# BWHHL040821 with your request.