(A recession is a period of economic decline characterized by reduced economic activity, increased unemployment, and reduced consumer spending.)
The global economy is a complex system vulnerable to fluctuations and downturns. Unfortunately, the healthcare industry is not immune to the effects of a recession. Moreover, they can be significant. To prepare for and mitigate the impact, understand what you may encounter.
Reduction in patient volume
During a recession, people may lose their jobs, and even if they manage to keep their workplace, the hours of work may be reduced. It also leads to a reduction in the number of patients seeking medical care. It can result in lower revenue for medical practices.
Despite the economic downturn, people still need treatment for serious health problems and illnesses. However, they avoid seeking medical care for non-life-threatening health conditions and other minor ailments to save money.