SCAI Highlights AMA Survey on Financial Impact of COVID-19 on Physician Practices

November 5, 2020—The Society for Cardiovascular Angiography & Interventions (SCAI) advised that a recent survey by the American Medical Association (AMA) highlights the harmful economic effects caused by the COVID-19 pandemic on physician practices. The survey demonstrates a 32% average decrease in physician income caused by the pandemic, even while showing a strong increase in telehealth patient visits. SCAI included the AMA graphic of the survey results on its website.

The announcement noted that SCAI’s Seconds Still Count awareness campaign continues to encourage anyone experiencing the symptoms of a heart attack or stroke to seek immediate medical treatment. The Seconds Still Count campaign was launched to educate the public on the importance of seeking medical attention.

In May 2020, SCAI announced findings from a survey contracted for the society that showed a growing concern among doctors and hospitals that people are more afraid of contracting COVID-19 by going to the hospital than seeking care for serious medical emergencies like heart attack or stroke. In July, SCAI launched the Seconds Still Count campaign and developed an SCAI COVID-19 Hospital Toolkit to combat these trends.

The AMA announced findings from the financial impact survey in a press release on October 28, in which AMA President Susan R. Bailey, MD, stated, “Physician practices continue to be under significant financial stress due to reductions in patient volume and revenue, in addition to higher expenses for supplies that are scarce for some physicians. More economic relief is needed now from Congress as some medical practices contemplate the brink of viability, particularly smaller practices that are facing a difficult road to recovery.”

According to the AMA, the nationally representative survey of 3,500 physicians, administered from mid-July through August 2020, illustrates precarious trends and realities that physicians face as they continue to respond to the COVID-19 pandemic.

The AMA outlined the following findings:

• 81% of surveyed physicians said revenue was lower than in February.
• Revenue reductions were ≥ 50% for approximately 20% of physicians.
• 81% of physicians were providing fewer in-person patient visits than in February.
• In-person patient visits decreased ≥ 50% for > 33% of physicians.
• Approximately 70% of physicians were providing fewer total visits (in-person and telehealth), despite increased telehealth visits since February.
• Total patient visits decreased ≥ 50% for > 20% of physicians.
• Spending on personal protective equipment (PPE) since February increased ≥ 50% for approximately 40% of medical practice owners.
• 36% of physicians said that acquiring PPE was very or extremely difficult, especially for smaller practices that lack purchasing power to compete with larger health systems.

According to the AMA survey, most medical practice owners reported that the federal financial assistance programs offered early in the pandemic were very or extremely helpful.

The AMA advised it continues to work with Congress for additional COVID-19 relief, including more funding for the Health and Human Services Public Health Emergency Fund and the Paycheck Protection Program for small businesses, as well as extending relief from the Medicare sequester and Medicare payment cuts planned to offset improved payments for office visit services through at least 2021.

The AMA offers tools and resources to private practices to support physicians as the COVID-19 pandemic evolves. Additional details on clinical information, guides, advocacy, and medical ethics are available at the AMA COVID-19 Resource Center.