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To combat a looming recession, healthcare providers will need to take strategic action, including cutting costs, investing in patient experience, embracing digital technologies, and strengthening outsourcing partnerships. In fact, outsourcing medical coding staff alone can save hospitals 25-30% on administrative costs.
When it comes to payroll processing, organizations have three options: do it themselves, outsource to a third party, or some combination of the two. Payroll outsourcing providers can take on various different forms, but most often operate as a form of Business Process Outsourcing (BPO), where a third-party team handles affairs.
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