The healthcare industry is one of the largest industries that contribute significantly to the global economy. According to a report by ibisworld, this industry has contributed $5.53 trillion to the global economy and ranks second based on the estimated revenue in 2024. Despite its significance, the sector has faced substantial challenges, especially in the aftermath of the pandemic. This industry has learned how to streamline administrative operations, enhance various services and staffing surplus for an unexpected mishap, and this evolution has been a result of the growing need for Employer of Record services.
Employer of Record (EOR) services have emerged as a crucial solution to these issues, offering significant benefits across various areas.
What were the challenges and how did EOR services help in overcoming them?
Employer of Record services, also referred to as EOR, has been a contributor to a lot of the industry's growth over the past years. In terms of the healthcare sector, EOR services cater to the peculiar challenges in the industry tailoring services accordingly. These challenges include:
Administrative Compliance
The compliance requirements in the healthcare industry are different. For instance, apart from other legislation, HIPAA or Health Insurance Portability and Accountability Act needs to be followed rigorously. This involves high security and protection of patient information. Violation of these regulations can cause data breach risk and compliance issues.
Partnership with an EOR service provider helps in streamlining the administrative processes, provides regulatory compliance, data security and most importantly mitigate risks.
Staffing Shortage
The healthcare industry, comparatively in developing countries, is facing a shortage of skilled medical professionals. This scarcity has led to increased costs and heightened competition for talent.
EOR services addresses this challenge by helping with the hiring process based on their extensive network and the industry requirements: remote or facility-based working. They assist with recruitment, onboarding, and managing payroll, making it easier for healthcare organizations to find and retain the right talent, whether for remote or on-site positions.
Retention
Employee retention has been a concern in every sector, especially healthcare. The probable reason for the burnout is driven by factors such as job stress, demanding work conditions, and inadequate compensation.
EOR services help tackle retention issues by providing tailored HR solutions. They help design competitive pay structures, offer flexible shift options, and develop supportive HR policies that can enhance job satisfaction and reduce employee turnover. By addressing these factors, EOR services enable healthcare organizations to build a more stable and motivated workforce.
Recruiting Challenges
Finding the best suited healthcare professionals can be a daunting task, with challenges ranging from limited candidate pools to high costs and geographical constraints. EOR services streamline this process by offering comprehensive support. They utilize their industry networks to identify qualified candidates, manage the recruitment process, and handle onboarding. This support allows healthcare organizations to focus on their core mission while EOR services handle the complexities of the hiring process.
Conclusion
The healthcare industry has been a contributing sector not only to the global economy, but also to humanity. Considering the challenges this industry across the globe has been facing lately because of the sudden rise of pandemic, solutions like EOR have stepped in. EOR services have been helping and guiding numerous businesses for good growth. The healthcare sector is one of them. While looking at the solutions to overcome these challenges, companies like TopSource Worldwide can help. By partnering with a specialized provider like TopSource, healthcare organizations can navigate these complexities effectively, allowing them to concentrate on delivering quality care and achieving growth.
If you are seeking top-notch services in the industry, then consider connecting with us today!
