NEPTUNE BEACH, Fla.--(BUSINESS WIRE)--The COVID-19 virus has rocked the healthcare industry, shifting the way care is delivered for years to come. The impact on practices and hospitals was immediate and cardiovascular service lines have had to rapidly adapt to a new environment.
COVID-19 is proving to have a far bigger impact than originally anticipated. Every single cardiovascular program across the nation is experiencing major shifts in delivery models, patient volumes, staffing and revenue. Recognizing that business as usual was no longer an option, the cardiovascular industry reinvented itself in a matter of weeks and is now delivering vital care to millions of patients across the U.S. through telemedicine solutions.
MedAxiom, an American College of Cardiology Company, surveyed its members from March 24-28 to determine the impact of COVID-19 on cardiovascular organizations. A new MedAxiom report details the findings, including:
- Over 20% of MedAxiom member programs have closed or are planning to close 50% or more of their clinics.
- Most programs are seeing a 50 to >75% reschedule rate in CV procedures to a later time.
- All programs expect to see a significant revenue decline with the greatest impact in Q2 at this point. Programs with fewer physicians are expecting a larger drop in revenue as well as for the drop to occur earlier in Q1.
- Nearly 70% of cardiovascular programs are utilizing advanced practice providers for telehealth/virtual services.
- Almost 60% of programs have changed physician staffing coverage with the majority creating a rotating hospital and/or clinic coverage model.
Despite these staggering statistics, the cardiovascular specialty has united to transform cardiovascular care, together. A second new MedAxiom publication, “Reinventing Cardiovascular Care in Two Weeks: An Industry Adapts to a Pandemic,” notes that community is at the core of the industry’s ability to adapt and innovate, with administrators and clinicians coming together like never before to learn from each other, support each other, and advocate for resources and support.
“The cardiovascular community has a long history of clinical innovation and has seen impressive declines in mortality from cardiovascular diseases, but has been slow to shift to new care delivery models,” said Jerry Blackwell, MD, MBA, FACC, MedAxiom president. “Faced with the COVID-19 pandemic, we have seen our members band together and leverage technology to ensure continuity of care for millions of patients in the U.S. This is truly an example of the power community has to transform cardiovascular care, together. I’m hopeful that these innovations are here to stay long after the pandemic passes.”
MedAxiom has compiled and developed resources for navigating the novel COVID-19 virus and the complex challenges practices and hospitals are facing. The page is updated frequently. Visit MedAxiom.com/COVID19.
MedAxiom, an American College of Cardiology Company, is the cardiovascular community’s largest membership and resources network and the leading cardiovascular-specific consulting team in the U.S. MedAxiom is transforming cardiovascular care by combining the knowledge and power of more than 400 cardiovascular organization members and thousands of providers, administrators and clinicians. Through the delivery of proprietary tools, smart data and proven strategies, MedAxiom helps cardiovascular organizations achieve the Quadruple Aim of better outcomes, lower costs, improved patient experience and improved clinician experience. For more, visit MedAxiom.com.
