Physician groups are worried about surviving the pandemic financially and many are running on just a few week's cash as they ramp back up for the second half of 2020, according to a report from McKinsey & Co.
The firm released the "Physician employment: The path forward in the COVID-19 era" report, which examines responses from physicians about their private practice six weeks into the pandemic. The report found private practice physicians are worried about their future, but aim to stay autonomous if possible.
Key findings from the report:
1. More than half — 53 percent — of independent physicians were worried about their practices surviving the pandemic.
2. Nearly half of practices have less than four weeks cash on hand; 68 percent of those practices are seeking partners for financial support.
3. Thirty percent of physicians in small independent groups, and 54 percent of physicians in large independent groups, said the pandemic showed them the benefits of large practices outweighed the benefits of the small practice setting.
4. Forty percent of the respondents said the pandemic made them more likely to pursue employment in the future.
5. Forty percent of independent physicians said they are more likely to refer procedures and surgeries to non-hospital locations as a result of the pandemic.