Hope all list members and their family are safe and well.
With the Coronavirus situation worldwide and in our country, most of the businesses are affected. Believe it or not, like it or not, accept it or not, looks like that unfortunately we are going to experience another recession nationwide and/or worldwide! As a new O&P business owner who started 3 years ago, I am looking to get some prediction in our industry for the next 6-18 months.
My question from those who were business owner during 2007 recession is:
– What would be your suggestion as an owner who experienced one recession before?
– Is there any study shows how many O&P companies bankrupt during those days?
– Someone told me that Health Care providers won’t loose too much; is that true?
– Did you have to lay off some or all your employees to be able to survive?
– Did insurance companies (payors) pay the claims in a timely manner according to the contract? Or you had to wait much more time to get paid? and more denials?!
– What actions we need to take during these days to be able to keep the business open?
Appreciate your time answering my question.
Hope that we can stop this pandemic very soon by staying home AS MUCH AS we can.
Stay Safe.
Darya Shahrokhi, CPO
Pioneer orthotics prosthetics
