Chip & Paulie Webinar 14 (July 16, 2020)
Chip & Paulie Webinar 14 (July 16, 2020)
Chip & Paulie discussed the impact of COVID-19 on pediatric practices, emphasizing the importance of cash flow management, effective patient recall systems, staff safety, and proper use of available financial aids like the Paycheck Protection Program (PPP) and CARES Act.
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Summary:
1. **Vaccine Gaps and Well Visits:** Data shows a substantial drop in vaccine administrations and well visits in early 2020, though well visits have been recovering since week 20.
2. **Financial Preparations:** Practices are encouraged to budget weekly, conserve cash, and defer owner bonuses due to continued economic uncertainties caused by the pandemic.
3. **PPP and CARES Act Compliance:** Practices are reminded to prepare for PPP loan forgiveness and act quickly on the CARES Act before deadlines approach for Medicaid-related funds.
4. **Anticipated Future Challenges:** Practices should prepare for issues related to school reopenings, handling staff affected by COVID, increased telemedicine demands, and tax implications of forgiven PPP loans.
5. **Ongoing Engagement:** Attendees are encouraged to continue with detailed budget planning, staff and operational adjustments, and active community engagement to maintain practice stability and patient care quality.
