Updated April 2, 2021
As the COVID-19 pandemic continues, physician practices are likely to confront unprecedented operational and business challenges.
Specifically, despite the essential nature of medical care, many physician practices have experienced a decline in revenue because of postponed or canceled office visits and elective procedures.
For practice owners, difficult decisions regarding cost management are likely to be required as the emergency continues. The largest cost of physician practices is often labor cost, which includes costs related to employee wages, benefits, payroll and related taxes.
This guide outlines key options for physician practices to consider in order to control these costs including redeployment, outside activities, compensation changes, workforce reduction, benefit modifications, legal compliance and stimulus relief considerations.
Download the physician practice employee costs guide
Download the complete physician practice employee costs guide (PDF) to learn more key options for physician practices to consider for labor costs.
What the employee costs guide covers
- Outside activities
- Compensation changes
- Workforce reduction
- Benefit modifications
- Legal compliance
- Stimulus relief considerations
Disclaimer: The information and guidance provided in this document is believed to be current and accurate at the time of posting. This information is not intended to be and should not be construed to be or relied upon as, legal, financial, medical or consulting advice. Consider consulting with an attorney and/or other advisor to obtain guidance relating to your specific situation. References and links to third parties do not constitute an endorsement, sponsorship or warranty by the AMA, and the AMA hereby disclaims all express and implied warranties of any kind.