Small business bankruptcies are skyrocketing, interest rates are hitting highs not seen for 20 years and will likely go much higher, “glowing” jobs reports pick up second (and even third) jobs held by people unable to make ends meet, and credit card and car loan delinquencies are rising.
Healthcare as an industry might be recession-resistant, but it is not recession-proof. That’s certainly been the case in connection with past U.S. recessions. Consumers cut back on discretionary medical spending just as they cut back on other discretionary expenses. Think food before facelift and home heating before hernia repairs.
Past recessions also impacted the source of payment, with business failures, and business cutbacks, mooting existing employer-funded coverage.
How might your practice be impacted by a drop in patient volume and from a shift from more to less comprehensive healthcare coverage?
Now what’s your strategy?
