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    4. NP Connects - Conversation highlights for May 14, 2020

      Videos

    NP Connects - Conversation highlights for May 14, 2020

    May 15, 2020

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    By Christopher Keefe and Philip Taub

    NP Connects is a weekly webinar conversation by Nixon Peabody that brings together leaders from a variety of backgrounds to share real-time perspectives on the COVID-19 pandemic. On May 14, 2020, moderators Christopher Keefe and Philip Taub were joined by guest speakers Dr. Greg Baxter, David Berry, Peter Egan, and Morgan Nighan.

    NP Connects brings together leaders from a variety of backgrounds to share real-time perspectives on the coronavirus (COVID-19) pandemic. In our most recent conversation, we were joined by guest speakers Dr. Greg Baxter, president of Elliot Health Systems; David Berry, founder & CEO at Integral, general partner at Flagship Pioneering; Peter Egan, leader of Nixon Peabody’s national health care practice; and Morgan Nighan, Partner at Nixon Peabody.

    Latest on PPP

    • We are in the second round of the Paycheck Protection Program (PPP) and only $188 billion of the $310 billion appropriated has been allocated, perhaps due to confusion and fears raised by the additional guidance around who qualified to take the money.
    • The safe harbor deadline has been extended until May 18, affording borrowers additional time to assess and return a PPP loan without penalty.
    • Borrowers receiving a loan under $2MM are now presumed to be good faith borrowers and will not be subject to detailed review.
    • If a PPP loan is returned by May 18, the company might then be eligible for an Employee Retention Credit refund.

    Current state of health care in COVID-19

    • Hospital business models turned negative in March when they turned their focus on emergency relief and had to stop profitable elective procedures.
    • Many saw revenues drop 55% or more while expenses remained constant or increased as PPE equipment was overpriced.
    • Recognizing that community hospitals operate on thin margins, the need now to recapitalize the health care system is immense.
    • Industry players will need to partner, acquire, or merge with others, otherwise some hospitals won’t survive. The likely closing of critical access facilities is troubling for our society.

    Accelerating trends

    • Rapid telemedicine adoption by providers and patients is a bright spot.
    • Some providers had been evaluating implementation strategies for over a year and then had ten days to decide and deploy solutions. One health system went from 0 to 1,300 online visits in ten days.
    • This rapid adoption will remain as patients are more comfortable seeing health providers from the comfort and safety of their homes.
    • Consequently, some management teams are looking to shed significant office space in anticipation it will no longer be needed.

    Drug development and vaccines

    • Drug development is changing rapidly in the COVID-19 era and will have lasting, positive effects.
    • Whereas it previously took 17 years for an innovation to change a cycle, the world is responding, adapting, and adopting change like never before.
    • Increased communication among practitioners is causing drug treatment adoptions at an unprecedented rate.
    • Data analysis is creating new solutions and allowing the world to identify problems even before they are diagnosed.
    • The urgency to create a vaccine has improved response times from the FDA to drug manufacturers. While many clinical trials have shut down, the current, improved communication and engagement is expected to carry forward.

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    The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.

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