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Luckwell Solutions Maintains SOC 2 Certification As a demonstration of our ongoing commitment to security and privacy protection, Luckwell Solutions has once again received SOC 2 certification. SOC 2 is an industry-recognized auditing standard that… Read More »Luckwell Solutions Maintains SOC 2 Certification

In a survey conducted by the National Association for Business Economics, 58% of the 48 economists who participated predicted a recession at some point this year, which is the same percentage as those who predicted it in the previous survey conducted in December. A third of respondents expect the recession to start between April-June, and 20% predict it will begin in July-September. The survey includes economists from businesses, trade associations, and academia.

Following their recommendation which was drafted back in 2022, The Medicare Payment Advisory Commission (MedPAC) unanimously voted to reduce Medicare base payment rate for home health care by 7% for CY 2024.

With changing patient demographics and continuous rise in hospitalization costs, the demand for home healthcare is expected to have rapid growth over the next decade. Healthcare has been moving from hospitals to homes since the 1990s which has created a steady boom in the in-home care industry.

Business Process Outsourcing (BPO) has been a popular solution for companies that wish to grow while staying competitive. In the US alone, 66% of businesses outsource at least one department, with roughly 300,000 jobs being outsourced yearly. Among the most common processes that are outsourced include those in human resources, customer service, accounting, and other administrative tasks. While outsourcing is known to be practiced by large conglomerates, small businesses and even startups are also turning to outsourcing for scaling. The main reason for this is access to cheap labor, as outsourcing can reduce up to 90% of labor costs.

During a downturn in the economy when the demands for products and services touch the lowest level and cost is skyrocketing, outsourcing acts like a savior. Majority of the companies look for cost-effective solutions to run business operations with effectiveness and maximize the performance of an organization during a period of recession.