COVID-19 and its Impact on the Healthcare Economy

Healthcare has generally been immune to recessions in the past. Demand for medical care has been a constant since people get sick, whether times are good or bad. Also, those with health insurance have their out-of-pocket costs taken care of and are still able to afford to get quality care.

But the COVID-19 recession is different. Since people are being asked to practice physical distancing and minimise outside activities, many people who would otherwise be using healthcare are now choosing to stay home. Also, the goal has been to keep medical offices clear so as to reduce the risk of disease spread. People are postponing care that is not urgent. This includes imaging procedures, surgeries, visits to fill prescriptions, etc.