Medical Businesses Face Massive Challenges In A Post COVID-19 World

It’s fair to say that the coronavirus crisis has put the entire world economy through the wringer. However, some industries are being impacted more than others. Here are the challenges for the medical world right now.


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Social Distancing

It’s clear based on scientific research and government stances that social distancing is the key way to beat the virus and prevent the spread. It’s also apparent that social distancing will need to remain in some form until a vaccine is readily available. This prevents challenges for any business or organization where people are in close proximity for long periods. That’s particularly true for medical businesses. From waiting rooms to examinations it seems almost impossible to effectively maintain social distances. However, there are steps to take here and many medical businesses are using technology to widen the gap. Examinations, for instance, are being completed through video calls. It remains to be seen whether this can provide the same accurate info as before. You can learn more about social distancing on cebm.net.

High Demand And Long Waits

Visits to the emergency room and the hospital fell sharply through the lockdown. This was likely due to people fearing that they would catch the disease in the waiting room or potentially when speaking to a doctor. Due to this, there are now massive numbers of people who need everything from check-ups to full treatments. It has led to massively long wait times for patients who need treatment. That’s why it will be important to maintain a high level of efficiency when running a medical business. Again tech can help here but now is the worst possible time to have team members that are not performing effectively. These individuals will need to be replaced without delay.

Low Levels Of Supplies

Throughout the COVID-19 crisis reports emerged that hospitals and medical businesses were lacking everything from PPE to ventilators. There were fears that hospitals were going to run out due to the expected massive level of demand. While this fear did not become a full reality, there was certainly pressure and many medical businesses that we’re seeing lower levels of demand donated their PPE equipment. Businesses like this will now need to work to build back up their supplies and ensure that they can provide the right solutions to their patients. Companies like revsuppliance.com will be essential services here to ensure that medical businesses are equipped with everything they need.

A New Lockdown

Finally, it is possible that we will be plunged into a second lockdown without much warning. Governments have already warned that this could occur at the drop of a hat if cases begin to surge once more. Medical businesses will need to be prepared for this and make sure that they have the right measures in place to deal with that possibility. This does mean that the business model needs to be flexible enough to adapt.

We hope this helps you understand some of the key challenges that the medical business industry is going to face over the next few months and even the next few years.


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No, You Shouldn’t Sell Your Home During The Coronavirus Pandemic

With house prices falling due to the pandemic, it’s tempting to take advantage of the housing market. Selling now could be a smart way to recoup the value of your home while saving money. After all, the drop in house prices should let you snap one up pretty cheaply in theory. However enticing it sounds, it’s not a good idea. The truth is that there are too many variables to factor in because the COVID-19 crisis is so unpredictable. You’re better off investing in your current property and reassessing the market in the future.

Here are the reasons why.

Credit’s Harder To Secure

Yes, the housing market is nowhere near as valuable as before Christmas. Still, banks and lenders have reacted by making it harder to secure funding. Currently, Chase is saying that people who want a mortgage will need a credit score of 700 or more, which is very high. Plus, you’ll need a 20% deposit, too. On the face of it, these conditions are too stringent for the average homeowner and exclude you from obtaining a second loan. The last thing you want is to accept funding from a payday loan company or a loan shark to make a few bucks.

Fewer People Are Looking To Buy/Sell

Money is tight at the money, so it’s not as if the demand for property is high. If anything, it’s the opposite. Even if you could find a buyer, you’d need to search for a new home, or else you’d be homeless. Usually, this is the easiest part of the process, yet the Coronavirus has made it somewhat tricky. The percentage of houses for sale across the country are in the minus column, with only Detroit and Chicago showing room for growth. So, the odds of selling and buying a home right now are very low.

Supply Lines Are Disrupted

China is a hub for cheap materials. Of course, the virus has hit the nation harder than most places as it originated in China. As a result, exports are limited, and builders’ supply lines are reduced. This could delay constructions that add value to your property. Thankfully, North American windows and doors are still affordable and accessible. This means you can spruce up the interior of your home to add value and bide your time. When the market goes back to normal, you’ll be in an excellent position to sell for a profit.

Jobs Aren’t Guaranteed

The worst-case scenario is that you lose your job. While everybody assumes it won’t happen to them, the figures paint a different picture. The rate of unemployment is at a staggering 15%. To put this into perspective, it was as low as 3.6% in January. You could be fortunate enough to keep your job, but it isn’t a sure thing. Therefore, making a massive commitment is a stretch that could hit you hard.

The short, medium and long-term are unpredictable, which is why you shouldn’t sell your home.