Blockchain Healthcare Ecosystem Can Help Lower Costs and Enhance Value Care

Blockchain: The Next Big Catalyst in Healthcare

This year’s tech buzzword, Blockchain is poised to become the next big catalyst in healthcare innovation. According to the BIS Research analysis, the global blockchain in the healthcare market is forecasted to reach $5.61 billion by 2025 with double-digit growth throughout 2018-2025. The use of blockchain for healthcare data exchange will contribute the largest market share throughout the forecast period.

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I Cannot Afford the Additional Labor Support I Need

As your business grows, so will your needs for additional labor support. The problem is that the traditional model of bringing on more employees as your needs increase can be extremely costly. The biggest cost associated with bringing on additional employees is obviously salary or hourly pay. However, calculating how much additional employees will cost in terms of salary is only one part of the equation. To get a true understanding of what additional labor support will cost you-and why you cannot afford it-you also need to calculate the cost of benefits, overhead, and time commitment that come with new employees. Once you identify all the ways that in-house employees increase your costs you can look into your options for reducing those costs.

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Top Options for Minimizing Labor Costs as Your Business Grows

It is exciting to see growth in your business. Growth can help you measure how your current efforts are working and aid you in determining what needs to change. In addition, it can be extremely motivating to see your business grow as a result of your hard work. Unfortunately, there are also some frustrating elements to growth that plague many business owners. One of the most frustrating elements that come along with business growth is increasing costs. And the one area of increasing costs where business owners feel the most acute level of pain is labor. As your business grows, you will have to spend more money on labor, there is no way around it. But, there are some steps you can take to minimize the labor costs you encounter as your business grows.

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My Business is Growing but So Are My Labor Costs

In just about any business, growth is a central goal. Growth means that you can reach more people with your message, service, or product. And, in an ideal world, business growth also means more profit. Unfortunately, the trajectory of your growth and your profit do not always increase at the same rate. You may find that the costs associated with growing are chipping away at your profit margins. One of the biggest threats to your bottom line is the ever-increasing cost of labor. If your labor costs seem to be growing more quickly than your business then it is time to look at why they continue to increase. Once you have a clear picture of what you are spending for each new employee you can then look at options for reducing those costs.

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Home Healthcare Functions You Can Outsource

What is Home Healthcare?

Most people interchange home care with home healthcare. Though both of them have a home setting, their primary difference is that the former utilizes non-clinical services provided by home care aides, while the latter focuses on clinical care provided by a registered nurse, physical therapist, and other skilled medical professionals. Home healthcare delivers a wide range of solutions, such as skilled nursing, occupational therapy, personal care, and hospice services.

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How to Reduce the Cost of Labor in Your Business

As the cost of qualified labor continues to increase, many business owners feel overwhelmed and stuck. The U.S. Bureau of Labor Statistics found that labor costs in the private sector related to wages and salaries increased by 2.8% over the last 12-month period. In addition, the cost of benefits for that same 12-month period increased by 2.3%. These percentages may seem small to the average person, but as a business owner, you are acutely aware of the impact these increases can have on your business when margins are already slim. These numbers can make it seem like there is no way to get the level of help you need without significantly sacrificing profitability and/or growth. Fortunately, you have options for reducing the cost of labor so you can continue to grow and maximize profitability. Some ways of combating this issue include assigning new growth related tasks to current employees, hiring temporary labor to fill the gaps, and getting the help of an outsourcing company.  

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What are My Options for Around-the-Clock Customer Service?

The internet has drastically changed the expectations customers have from businesses. The 24-hour availability of websites and mobile apps has led people to expect a company representative to also be available around-the-clock. Now that companies can easily reach anyone from all around the world, around-the-clock care is important so that people in various time zones can get the help they need. For small to medium businesses, the expense and logistics of making a department of employees available at all times make it seem like an impossible task. The good news is that you do have more than one option for providing around-the-clock customer service.

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Where Can I Quickly Find Additional Labor Support?

There are times when your labor needs grow faster than your ability to bring on additional employees. Bringing on new employees takes time, effort, and money. The average cost-per-hire in the U.S. is estimated to be over $4,000.00 dollars and can take more than a month to complete. You start the process by putting the word out that you are looking for a new employee and then interview the top applicants. Once you have the person who is the best fit, you then have to train them and maintain all the costs related to having an employee. Keeping an employee on is a major financial commitment that can continue to increase year after year. Compensation costs, employer costs for health benefits and other types of benefits can continue to increase as you keep on a full-time employee.

If the growth of your business continues at the same pace, you may find yourself perpetually in the process of searching, interviewing, hiring, and training new people. This can become a problem when you do not have the finances or time available to keep up with the pace. If you need additional labor support quickly, then this traditional model of bringing on new hires may not work for your situation. You have to find another way to get the labor support you need within your timeline. There are some options available for businesses that need additional labor support quickly. We are going to look at two of those options below: temporary labor and outsourcing.

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The #1 Way to Reduce Labor Overhead Costs

The #1 way to reduce labor overhead costs is to pay less for high quality work. Simple, right?

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Can Automation Help Me Reduce Labor  Costs?

The high cost of labor in a business can have a negative impact on growth. Many business owners struggle to find the right balance between getting the help they need to keep growing and keeping the company profitable. If you are familiar with this struggle then you may be looking for options to help reduce labor overhead costs. One option for reducing labor overhead costs that has drastically increased in popularity and sophistication over the last few years is automation. If you are unfamiliar with the ways automation can help your business, keep reading to learn what automation is, how to implement automation, and the ways in which it can reduce labor overhead costs.

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