Advanced ARIA (Virtual) | December 2022-The Impact of COVID on the Practice of Gastroenterology

The Impact of COVID on the Practice of Gastroenterology

Pdf Summary

The impact of the COVID-19 pandemic on the practice of gastroenterology has been significant. Before the pandemic, there was already a large burden of GI disease and high demand for GI services. However, there was also a decline in reimbursement and increasing costs, leading practices to explore ancillary revenue opportunities. There was also a trend towards consolidation of hospitals and payers, as well as the employment of primary care providers and the exploration of practice mergers/consolidation.<br /><br />The pandemic had a massive global impact on endoscopy volumes and training. Many practices experienced negative financial impacts, with procedures decreasing to 5-10% of pre-COVID volumes. Personal protective equipment (PPE) shortages were also a temporary issue. There was a shift to non-hands-on types of education, such as webinars and social media.<br /><br />GI practices are vulnerable to sudden decreases in cash flow, as they rely on efficient, high-throughput endoscopy services to generate constant cash flow. The pandemic has necessitated quick expense reductions and revenue repair strategies, such as layoffs, furloughs, and telehealth.<br /><br />The economic impact of the pandemic is still uncertain, with shifts in health insurance and potential cost containment measures. Smaller profit margins may force professional management and consolidation within the field.<br /><br />When interacting with GI groups, industry professionals should be aware of the larger groups and fewer decision-makers, as well as the increasing role of practice/hospital administrators. However, physicians still play a significant role in decision-making. Industry professionals should be well-prepared, knowledgeable, and find "door-openers" for their products. Tightened purse strings may lead to questions about the value of more expensive products.<br /><br />Overall, the practice of gastroenterology has faced numerous challenges during the pandemic, but resilience, preparedness, and adaptability are crucial for navigating these uncertain times.

Keywords

COVID-19 pandemic

gastroenterology

GI disease

reimbursement

ancillary revenue opportunities

consolidation

endoscopy volumes

telehealth

health insurance

resilience