Alongside the obvious burdens of the COVID-19 pandemic, hospitals and other medical service providers are struggling from the revenue they have lost from canceled services. With social distancing requirements, patients are deferring appointments and postponing elective procedures. Further, with less driving and other social activity, many fewer patients are requiring emergency care. All of this points to a historic collapse in revenue for the nation’s vast network of medical service providers.
The falloff may last for some time. Historically, economic downturns have led to lower use of medical care, as consumers who are out of work or have lost their insurance pull back on non-emergency services. Consequently, hospitals and physician groups may not see an immediate rebound in revenue when social distancing requirements are relaxed,