Financial impact of COVID-19 on radiology practice in India

The COVID-19 pandemic will have serious financial effects on the healthcare sector business. There will be significant short-term and long-term effects of this on Radiology services throughout the country. Various social distancing measures undertaken by the government will bring larger economic hurdles with them. An attempt to achieve COVID-19 preparedness by hospitals has led to a significant decline in patient footfall and in turn imaging volumes. Despite relief measures provided by the government like providing a moratorium on EMIs of all outstanding loans for a specified period and allocating funds toward reinforcing healthcare infrastructure, the effects of this pandemic will leave the radiology business in a crippled state, in the foreseeable future. Radiology practices have seen a significant impact on business to the extent of almost 60%-70% reduction in imaging volumes and this will be the case for the next few months to come. Administrators and radiologists should proactively take measures to device strategies and plans to tide over this crisis. Eventually, this pandemic will end, and life will have a "New Normal." Medical aid that is being deferred today will be sought out later. Alternate means of reporting like teleradiology and artificial intelligence should be strongly pursued and providing education regarding these to their staff and the younger generation of radiologists should be of prime concern.