Coronavirus Crisis Tips

(Note: This page is updated frequently. This version updated on 4/1/20.)

If you have to close your practice and stay at home, you can prevent some of the financial damage to you, your staff and your practice with actions like these.

1. Create a Crisis Plan by using three columns. List each concern in the left column, data you need in the middle column and the actions to take in the third column. Use it to work on your Crisis Plan with your consultant. Once you have enough information, you will know your best actions. Finding solutions to small problems is much easier than taking on the entire crisis all at once.

2. Follow the instructions from the CDC cdc.gov and your state or county officials. Membership organizations, like the American Medical Association or American Dental Association, provide advice but are not government agencies.

3. Have your employees file for their Unemployment Insurance (UI) benefits with the state. In addition to the state’s UI benefits, each employee receives an additional $600 per week in federal UI benefits when your state is declared a disaster area. For many employees, they might actually get more income per week with UI than they were earning before this crisis! To confirm your state has received this declaration, go to fema.gov/disasters. To get the extra UI benefit, the employee must state while applying for the state UI benefit, that he or she is unemployed as a result of a disaster or emergency. The best way to file for UI benefits is online. For example for California, go to: edd.ca.gov/Benefit_Programs_Online.htm

4. Unemployment Insurance benefits for self-employed people is also available. Thanks to the CARES Act (Coronavirus Aid, Relief and Economic Security Act), all self-employed workers, contractors, government employees, individuals seeking part-time work, and workers who quit their job or can’t reach their place of work as a result of COVID-19 are among those eligible for unemployment benefits. Federal funds will be distributed to state unemployment agencies, and all benefits will be administered through your state. If you have not yet done so, submit your application to your state’s unemployment assistance program now. For more details, careeronestop.org/LocalHelp/UnemploymentBenefits/find-unemployment-benefits.aspx
and independentcontractorcompliance.com/2020/03/26/federal-cares-act-to-provide-unemployment-assistance-to-independent-contractors-paid-leave-now-also-available-to-ics/.

5. Continue your telephone answering, appointment setting and collection functions remotely.

6. Continue to provide essential services, such as emergency treatment and urgent treatment as allowed by your local government agencies.

7. Because of public COVID-19 fear, some supply vendors are low on face masks. So the CDC’s website has a guideline for you called “Recommended Guidance for Extended Use and Limited Reuse of N95 Filtering Facepiece Respirators in Healthcare Settings.”

8. The new CARES (Coronavirus Aid, Relief and Economic Security) Act has $350 billion available through the Small Business Administration (SBA) to help you with losses, payroll and overhead. The details and tips of how to make this work for you will be added to this page after we receive them. A good place to start is here: sba.gov/page/disaster-loan-applications. Three possible solutions:

  • COVID-19 Economic Injury Disaster Loan. Per the SBA’s website, you can get $10,000 within three days and do not need to pay it back. You need to prove a financial loss after 1/31/20 compared to the previous 12 months, Apply here: covid19relief.sba.gov/#/
  • Paycheck Protection Program. You apply through your bank. For example, the Bank of America will help you with payroll, rent, utilities, healthcare costs and more. This is a loan that may not need to be repaid if the conditions are met. For details: sba.gov/funding-programs/loans/paycheck-protection-program.
  • SBA Debt Relief for the “7(a)” loans. If you have or want to get a regular SBA loan, the SBA will cover the payments and interest for, at least through September. To get the loan, you go to an SBA Lending Partner. You fill out SBA Form 1919 and SBA Form 2020. Links. sba.gov/funding-programs/loans and sba.gov/partners/lenders/7a-loan-program/types-7a-loans

9. Another federal program through the new Families First law starts 4/2/20, With this program, you pay employees sick-leave pay if they or someone they take care of, has coronavirus symptoms or if they have children whose schools are closed. You will receive tax credits (full reimbursement) for this expense. The IRS is handling this benefit. For details go to irs.gov/newsroom/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-and-midsize-businesses-faqs. TurboTax has posted an explanation that is easy to understand: turbotax.intuit.com/tax-news/families-first-coronavirus-response-act-everything-taxpayers-need-to-know-about-the-new-relief-bill-46430.

10. Conduct regular conference calls to update your staff, coordinate emergency patient care and provide advice.

11. Give resources to your staff to increase their future value to you (i.e., online training, phone coaching).

12. Submit requests to lenders to put your payments on hold (total deferments) or for interest-only payments for your bank loans, suppliers, labs, credit cards, office lease, equipment leases, etc. Forbearance on student loans (no payment or interest) for 60 days will be easy.

13. The deadline for your 2019 tax return has been moved from April 15 to July 15. Penalties and interest for income taxes due April 15, but not paid until July 15, are waived as well. Go to irs.gov/coronavirus for the latest information.

14. Stay productive, but do not stress out. Work on your Crisis Plan, expand your knowledge and add new job skills. Continue to work with your consultant and accelerate your coaching sessions. It’s also good to have some fun.

15. Be a solver. Offer to help medical clinics and hospitals. As a healthcare professional, your experience and knowledge is priceless!

16. Watch for opportunities. For example, older practice owners may want to sell their practices at very low prices. Office buildings and equipment might also reach new lows that may never be repeated. See article below.

17. Stay optimistic! Focus on the END of the crisis. Imagine how you want your practice to be after things are back to normal and you will make better decisions.

18. Get the facts and ignore the headlines. Check the actual infection rates and death rates for someone like you. For example, even if you get infected, but are under 70 and healthy, you will probably not die. Examples:

cdc.gov/nchs/nvss/vsrr/COVID19
cdc.gov/mmwr/volumes/69/wr/mm6912e2.htm
cato.org/blog/misleading-arithmetic-covid-19-death-rates
slate.com/technology/2020/03/coronavirus-mortality-rate-lower-than-we-think.html
cnn.com/2020/03/20/health/covid-19-recovery-rates-intl/index.html
who.int/docs/default-source/coronaviruse/who-china-joint-mission-on-covid-19-final-report.pdf

“In the Midst of Every Crisis Lies Great Opportunity.” — Albert Einstein

As you know, our current situation is not only a health issue, but it’s also a financial, media, political and social upheaval. You have probably lost some or most of your income stream AND your freedom to come and go as you like. Fortunately, a crisis is not all bad news.

What does the word crisis mean? Definition #2: “a condition of instability or danger.” If you feel confused or afraid, you are experiencing this definition.

However, crisis definition #1 is this: “A turning point.” In fact, the word comes from the Ancient Greek word “krisis” which means judgement, decision or choice. At this time, you have choices.

Crisis

In all disasters, A-Performers and A-Teams do not wait, worry and suffer. They do not panic or give up. They find ways to come out on top. They make it go right.

For example, IBM and General Electric were born during The Long Depression in 1873. FedEx started during the Oil Crisis of 1973. Tesla, Blackberry, Uber, Snapchat and Twitter emerged from the Great Recession of 2008-2010 to become billion-dollar companies.

You can assume this pandemic will result in medical breakthroughs from tests to vaccines. It will also lead to many new and incredible innovations. It may even be the beginning of a much better life for you.

Opportunity

This crisis may be a big turning point for you. You might discover better ways to help others. You might invent a new service or product that will make you rich. You can also create a new and better YOU.

You can make a major improvement to your life; to become more efficient, smarter and more powerful. You can jump to a higher level of achievement and enjoy an amazing level of success.

You don’t need to sit at home and worry. You don’t need to wait to get back to work. You don’t need to continue your old behavior and routines. You can create breakthroughs for yourself, starting now!

Three Steps to Find and Act On Opportunities

1. What are your opportunities? Start a list and add new ones as you think of them.

You can ask yourself, “What do I really want for my future?” “If my success was guaranteed, what would I do?” “If I had more courage, more knowledge, more self-respect, more optimism, more enthusiasm and more personal power, what would I do?”

Do not limit yourself. Ask, “Is this the best I can do?” “Don’t I have bigger opportunities than this?

2. List the barriers to your biggest opportunities.

Ask yourself, “Why can’t I do it?” “What is stopping me?” “Why am I hesitating?”

3. Challenge each barrier.

Ask “What can I do to get past this?” “Is this really a barrier?” “What if I just skipped it and went for it anyway?” Challenge any personal barriers as well. “Why don’t I have more courage?” “What do I need to learn?” “What am I so afraid of?”

Use your free time to create a new future for yourself and those you love. Work on these steps every day. Find your opportunities and go for it!