COVID-19 and Its Impact on Healthcare Financing

04/08/2020 14:30:00

Last month, we shared a blog post that addressed the pandemic’s impact on the technology industry, and how it shook up the way tech equipment, software and services are acquired.

In this post, we will take a look at its impact on the healthcare industry, and the differences in how it has impacted sectors from dental equipment to ventilators.

The past few months have presented myriad new challenges for businesses and organizations. For some hospitals, one of the earliest challenges during the pandemic was how to accommodate the influx of patients. They were faced with shortages of beds and ventilators, ambulances were in such high demand that non-ambulance vehicles were outfitted with equipment to provide patient transports, and there was hardly enough personal protective equipment (PPE) to go around.

Meanwhile for other hospitals and healthcare facilities, COVID-19 cases did not materialize, thankfully. However, elective and non-emergency procedures were halted. Routine dental, eye and wellness exams were postponed. And this shutdown of routine care negatively impacted revenues and staffing.

Healthcare companies rushed to produce COVID-19 test kits and pharmaceutical companies pivoted to quickly begin working on possible vaccines.

Financing can actually save organizations from paying for costly repairs on aging equipment and allow them to pay for new equipment over time – all while preserving capital.