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I have previously written about how my medical practice was dramatically affected by COVID-19:
- The White Coat Is Not A Shield.
- The Furlough Of Xrayvsn.
- The COVID-19 Battlefield: Are Healthcare Workers Pawns?
I decided to reach out to the healthcare community and ask individuals if they wanted to share their stories on how COVID-19 had impacted their businesses and lives.
I figured it might be beneficial for everyone to see how others are coping with this generational event and if any tips could be gleaned.
The following was provided by Dr. Seitheach Wilson.
What is your age and occupation? Are you married and number of kids if any.
I am 30 years old; I am a Naturopathic Physician in Las Vegas Nevada.
I am not currently married.
Are you part of a hospital/academic health system or are you in private practice?
Interestingly enough I happened to be practicing in SE Asia when the pandemic hit.
I was operating my own clinic.
Just before the pandemic hit I had agreed to merge with a local clinic in the field of Infectious Diseases, so I am private practice.
During this pandemic, what is your estimated loss in patient volume?
I’d say that on my side of things I lost 90% as most people became increasingly afraid.
Patients began to visit clinics less and either stayed home or went directly to the hospital.
What kind of financial impact has COVID-19 had to your a) business and b) household finances?
Our clinic had to eventually shut down as physicians were routed away to deal with quarantine zones and hospitals.
Sometimes the hospitals we would be assigned to were not near our homes.
Because of this, we then had to pay even more to rent a room or apartment closer to our assigned location.
Did you receive any economic stimulus package for your business or household and if so how much?
As I am a physician working abroad, I did not receive local stimulus package.
I qualified for the main one but it was not a great help.
If you did receive an economic stimulus, did it replace your estimated losses from the pandemic and if not, what percentage did it replace?
I’d say no, the amount was too low to be of much use.
How long do you think you can sustain your practice if levels do not rebound?
I am lucky, as the country I live in has for the most part reopened, so business is slowly returning but many have closed down and may not reopen.
My good colleague had to shut his clinic down.
Have you had to furlough/terminate employees or have been furloughed yourself during this time?
Yes, some of the office staff had to cease work due to orders from local authorities.
Going forward, will the effect of COVID-19 alter how your financial plans? (such as created a larger emergency fund, etc).
I think a larger emergency fund would be useful.
In retrospect, is there something you could have done to have lessened the impact of the pandemic on your finances?
I don’t think there was much I could have done.
Local authorities acted so fast and everything was such down so quickly that there was not much time to prepare.
Prior to the pandemic, how long did you plan on continuing to practice?
Has COVID-19 impacted your planned retirement date and if, how much longer do you think?
I’ve not thought about how long I have before retirement.
I still think, at age 30, I am set to work quite a few more years.
Any advice for those experiencing a similar predicament to help them navigate through the financial pitfalls?
I would say to set up a separate account for savings, perhaps take a percentage of profits and set them aside.
This is a wake-up call.
We don’t know when the next big event will come, or how this one will continue to alter the way we operate as a society.
Thank you so much for sharing your story with my readers.
I hope that both your personal and business life return to normalcy soon.
If you wish to share your story (anonymous or not) of how COVID-19 has impacted you, please send your submission to email@example.com (just follow the above question format).
If you are in search of financial help, please consider enlisting the service of any of the sponsors of this blog who I feel are part of the “good guys and gals of finance.”
Even a steadfast DIY’er can sometimes gain benefit from the occasional professional input.
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