Ten practice lessons learned during the COVID-19 pandemic
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Practitioners have learned many lessons about running a successful practice during the COVID-19 pandemic, and as time progresses, new lessons will continue to be learned, according to presenters at the virtual OSN New York meeting.
“Unfortunately, the COVID-19 pandemic of 2020 has left many practices adrift, bobbing up and down at the mercy of the pandemic’s many waves of change. Some practices have been hit by larger waves, leaving them on the verge of drowning, while others have been largely unaffected,” John B. Pinto said. “It’s not over yet. We’re just at the end of the beginning, and more lessons are sure to follow.”
The first practice lesson learned is that capital access is king, Corinne Z. Wohl, MHSA, COE, said. The most stressed ophthalmologists are those whose financial reserves were lean going into the pandemic, with young practitioners at a greater disadvantage compared with those with more experience and larger practice savings.
The second lesson is the importance of minding profit margins, with practices with higher margins having more flexibility in adapting to crises. The COVID-19 pandemic has also taught that anything more than what is needed is wasted; it is easier to see that the luxuries ophthalmic practices have previously been afforded are more of a choice than a necessity, Wohl said. COVID-19 has also served as an “excruciating” stress test for all practices, highlighting the need for project management skills. Practices with preexisting bad habits will have a harder time getting back on their feet.
The fifth and sixth practice lessons Pinto and Wohl outlined involved thinking of resilience first and always having a plan B. By cross-training employees, preplanning for disaster and stocking up on critical supplies, practitioners can be proactive problem solvers by thinking steps ahead. With rural practices having previously been at an advantage in terms of COVID-19’s impact, the pandemic has highlighted the idea of rethinking the allure of being in a big city where competition, stress and expenses are higher.
The eighth and ninth practice lessons include rethinking work-life balance and reconsidering what freedom and luxury mean; forced time off has sparked the desire for lightened practice loads in many, but this time has also allowed ramping up practice hours with newly designed business plans. Similarly, practitioners have been able to evaluate how they want to live moving forward from the loss of profits during the shutdown.
“And, finally, cheer up,” Wohl said. “Most practices are now coming back to life at a much faster pace than we all expected. As it turns out, seeing clearly ranks high after air, water, food, clothing and shelter. ... Ophthalmology will thrive.”
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Pinto JB, et al. Practice lessons learned from COVID-19. Presented at: OSN New York and OSN New York Retina; Oct. 17-18, 2020 (virtual meeting).
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