Chip & Paulie Webinar 3 (April 2, 2020)
The webinar focused on the impact of COVID-19 on pediatric practices, emphasizing the immense drop in patient visits and impending financial challenges. Key topics included understanding and applying for federal relief programs such as the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loans (EIDL), as well as effective strategies for managing cash flow during the crisis. Additionally, legal expert Karen Stackpole highlighted crucial updates on the Families First Coronavirus Response Act (FCRA) and provided guidance on compliance, while stressing the importance of maintaining good communication with employees and leveraging pediatric councils for payer issues.
Guests: Dr. Suzanne Berman & Karen Stackpole
Summary
1. **Telemedicine Implementation**: Participants were encouraged to set up and improve telemedicine workflows, including billing, scheduling, and turning phone calls into telemedicine visits to maintain revenue.
2. **Cash Flow Planning**: Emphasis was placed on detailed cash flow projections and the necessity to understand revenue needs and weekly appointment targets to maintain office operations.
3. **Data Analysis**: PCC’s Chip Hart presented data showcasing the decline in patient visits and revenues starting mid-March, noting the significant shift towards telemedicine visits as approximately 20-30% of total volumes.
4. **SBA Loan Programs**: Discussion on obtaining Paycheck Protection Program (PGP) loans and Economic Injury Disaster Loans (EIDL), including the practical complexities and fluid guidelines surrounding them.
5. **Legal Guidance**: Karen Stackpole discussed legal issues related to new labor laws, paid leave under the Families First Coronavirus Response Act (FFCRA), and protecting workplace safety with PPE amidst the pandemic.
6. **Practical Steps for Practice Management**: Advice included maintaining active billing practices, managing HR concerns legally, joining pediatric councils for advocacy, and preparing for increased Medicaid patients due to rising unemployment.
7. **Future Considerations**: Predictions about long-term changes in pediatric practices post-COVID-19, including increased virtual visits, evolving space needs for practices, and the importance of preparing for flu season and managing Medicaid patient influx.
The session emphasized adaptation and proactive measures to ensure sustainability and compliance during and after the COVID-19 crisis.
