Due to the Coronavirus pandemic, many medical professionals and their businesses have been prevented from working and have been forced to shut their doors. This has been especially problematic for plastic surgeons, cosmetic surgeons, medspas and others that primarily perform elective or non-emergent procedures.
A few suggestions we have for our clients in the cosmetic surgery and other industries that are experiencing dramatic reductions in revenue due to COVID-19 include:
- Inform Clients and Service Providers of the precautions your business will be taking when it is time to re-open. Announce a tentative reopening date (subject to lifting of restrictions). This includes updates on how you will be changing policies regarding sanitation and safety for both staff and patients – including changes to waiting rooms and appointment scheduling to allow for social distancing.
- COMMUNICATE available options for ongoing services such as product sales, and explain options for tele-consults in preparation for full re-opening.
- Suspend Your Malpractice Policy if possible (not available in all states or for all companies). Some insurers are also refunding a percentage of yearly premiums to policyholders that have had to stop business altogether.
- Consider Alternate Insurance Carriers willing to consider the reduced revenue and provide appropriate pricing options
- Reducing Workers Compensation Payroll and cancel auto-pay for workers compensation to pay the bill on reported payroll instead (especially if you laid off staff)
- Add Non-Owned Auto to Business Office Policy if employees will be using personal vehicles as part of their job duties on your behalf
- Request Relief of Monthly Payment for leased medical equipment that may be sitting unused until restrictions are lifted
Check Presidio’s list of coronavirus resources for medical professionals, which can be found here.
Don’t hesitate to reach out with any questions regarding next steps or any assistance you might need.