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Perspectives on the New Normal: Post COVID-19

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Perspectives on the New Normal: Post COVID-19 Perspectives on the New Normal: Post COVID-19 An Anthology of Research Papers written by Graduate Students in the MBA and MAPA Programs At Saint Mary’s University, Minneapolis, MN Summer 2020 Dr. R. Don Keysser, editor Associate Professor, Saint Mary’s University © Saint Mary’s University 1 Introduction The research papers collected in this Anthology were written by graduate students in the Masters of Business Administration (MBA) and Masters of Public Administration (MAPA) programs at Saint Mary’s University, in Minneapolis, MN, for the Summer semester of 2020. These students are professionally employed, and at an early-middle level stage in their careers. As such, they have enough experience and industry knowledge to offer meaningful insights into their professions and employers. In general, students in these courses are required, among other tasks, to write a semester-long (eight weeks) research paper. The topic is usually up to them, as long as it reflects the application of the topics discussed in our course to their company and industry. For the Summer 2020 semester, they were assigned a more specific topic, this time regarding their perception of the impact of the COVID-19 pandemic on their companies, and more importantly, on their professions. Below is an excerpt from the syllabus presented to them: It has been noted by many observers that the coronavirus pandemic is an international existential crisis that will become the defining moment of your generation. The coronavirus pandemic will profoundly affect and change almost everything about your lives, and not just in the short-term, but likely for the very long term: our social structures and customs; levels of government intervention in the economy; the nature of our capitalist system; the power of the federal and state governments versus individuals; the international economic system; global trade and supply chains; business management practices; the health care management and delivery system - the list is endless. Unlike other major crises (the Great Depression, World War 2, 9/11, the 2008 financial crisis), this one literally affects every corner of the world, and all people, with no specific end-point in sight. It has been suggested that in the future, we will refer to the world as BC (before coronavirus) and AC (after coronavirus). I am going to challenge you to use this perspective in developing the topic for your research paper. Specifically, think © Saint Mary’s University 2 about the impact of the coronavirus pandemic, and the differences between BC and AC, as it relates to (a) your current job; (b) the company and industry in which you work; and (c) tying those into the Corporate Finance topics we discuss in this course. For example, if you work in health care or health technology, think about the AC impact on your own position (other than being forced to work from home for a while); the impact of AC on the health care delivery system and health technology research and development and funding (including the role of the government in those decisions); and then how these relate to such Corporate Finance topics as capital budgeting and NPV; financial analysis; investment banking and M&A; international trade; supply chain; and/or investment analysis. Expressing this differently: what will likely be the New Normal in your professional world? This Anthology is being made available at no charge to the professional community, to add to the growing literature on the impact of this pandemic to our lives and professions. Recipients are welcome and encouraged to forward this on to any of their colleagues. Note: The students were informed that the best 20 papers (out of a total of 36) would be collected into an Anthology, and made available within Saint Mary’s and to the general professional community. The students were also informed that (a) they could opt-out of this Anthology; (b) their names would be redacted to maintain privacy and confidentiality, unless they specifically requested to have their names mentioned; and (c) references to their employers would be redacted, or the name changed, if requested, again to respect data privacy. For further information on Saint Mary’s graduate programs, please go to www.SMUMN.edu, or contact Dr. Michelle Wieser, Dean of the Graduate School, at [email protected]. For further information about this Anthology, you may contact me at: [email protected] © Saint Mary’s University 3 Table of Contents Health Care: 1. Financial Mitigation Strategies Employed by the Healthcare Industry in Response to the COVID-19 Pandemic p. 6 2. Impact of COVID-19 on Telehealth p. 20 3. Healthcare systems Rapid Increase of Telehealth in the face of COVID-19: Veterans Health Administration’s Telehealth Services p. 33 4. The Future of Telemedicine in the Healthcare Industry after Covid-19 p. 47 5. Non-Profit HealthCare Finance Post Covid-19 in the New Normal p. 57 Education: 6. United States University Enrollment Numbers During the COVID-19 Pandemic Recession p. 67 7. College After COVID-19: Financial Future of a Small College p. 81 8. Effects of COVID19 on Post-Secondary Education p. 98 9. Minnesota’s Education Opportunity Gap: Distance Learning During the COVID-19 Pandemic p. 109 Law Enforcement 10. Impact of COVID-19 on Law Enforcement p. 132 11. Analysis of the Effects of the Covid-19 Pandemic and Subsequent Civil Disturbances on the Law Enforcement Field p. 150 Accounting 12. Impact of Covid-19 on Employment in the Accounting Industry p. 161 Real Estate 13. COVID-19: The Impact on Commercial Real Estate p. 171 Insurance: 14. Coronavirus and the Insurance Industry p. 182 © Saint Mary’s University 4 Supply Chain 15. Covid-19’s Impact on the Global Supply Chain p. 195 16. Fulfillment Impacts in Supply Chain: A COVID-19 Research Paper on Consumer Choice p. 208 Mergers & Acquisitions: 17. Covid-19 Impact on the M&A Market and How it will Change Moving Forward p. 223 International Taxation: 18. International Taxation and Tax Environments p. 233 Tourism: 19. Coronavirus and the Loss of Tourism Tax Revenue p. 245 Restaurants: 20. The Restaurant Industry and COVID-19 p. 261 © Saint Mary’s University 5 Financial Mitigation Strategies Employed by the Healthcare Industry in Response to the COVID-19 Pandemic by Rebecca Gusmer [The author is a physical therapist at a regional hospital] © Saint Mary’s University 6 Introduction The COVID-19 pandemic brought a shock to the world as the health crisis quickly turned into an economic crisis. The virus first surfaced in December 2019 in Wuhan, China and rapidly spread worldwide (Mann, 2020, p. 45). The COVID-19 virus is a highly contagious pathogen caused by a novel strain of the coronavirus from the SARS species (Ozili & Arun, 2020, p. 2). The virus spreads through respiratory droplets when an infected person coughs, sneezes, speaks and/or contaminates a surface which makes uninfected individuals highly susceptible if they are near the infected respiratory droplets (Kumar, 2020). Furthermore, some individuals can be asymptomatic and unknowingly spread the virus. The virus affects the respiratory system and can be fatal, especially for individuals with respiratory and other comorbidities. There is not currently a vaccine or any treatments for the virus making the only methods to contain the virus being trying to control the spread and providing symptomatic relief to those affected (Farooq & Ali, 2020, p. 1). As a result of the quick spread and lack of treatment, hospital systems have been overwhelmed due to the exponential number of infected individuals needing specialized care compounded with certain health care supplies becoming scarce. As a result, the initial public health response was to help flatten the epidemiologic curve to avoid bottlenecks in the healthcare system (Mann, 2020, p. 11). The public health response included measures such as public quarantine, social distancing, and the shutdown of businesses, financial markets, offices, and events were enforced (Ozili & Arun, 2020, p. 20). As part of these measures all elective healthcare services were cancelled including surgeries. For instance, the United States Surgeon General made an announcement on March 14, 2020 urging the halting of all elective surgeries and procedures (Vaccaro et al., 2020, Abstract). While the public health response helped contain the spread, the initiatives caused a financial crisis for various industries, especially in healthcare. The healthcare industry incurred crippling financial losses due to the elimination of elective surgeries, procedures, and appointments. Furthermore, the hospitals had to function on thin operating margins to provide care to patients infected with COVID-19 in an environment with disrupted supply chains due to scarce medical resources (Khot, 2020, p. 2). Therefore, the purpose of this paper is to identify and analyze the short term and long term implications of cancelling elective healthcare services due to the COVID-19 pandemic on the healthcare industry. Key recommendations for mitigating financial losses and promoting viability within the healthcare industry in a new normal will be discussed. © Saint Mary’s University 7 Research and Analysis COVID-19 Pandemic When the virus first surfaced in December 2019 in Wuhan, China, there were 44 cases- patients who were diagnosed with pneumonia of unknown etiology (World Health Organization, 2020). In January 2020 Chinese authorities identified the new type of coronavirus and shared the genetic sequence of the novel coronavirus for other countries to use to develop diagnostic tests (World Health Organization, 2020). The virus quickly spread over the next few months infecting people at staggering rates with 3,090,445 confirmed cases worldwide by April 30, 2020 (See Appendix A for global epidemiological graphs). A projection by Dr. Syra Mada of the NYC Health and Hospitals predicts 40-70% of the world’s population could be infected (Mann, 2020, p.
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