With healthcare such a pertinent topic it is no surprise that the print industry is getting in on the action. In particular, when it comes to rising costs. According to numbers from Health Affairs, administrative costs for hospitals and healthcare clinics account for more than 25 percent of total expenditures.
And, a significant portion of that stems from paperwork, such as billing, records, insurance, coding and more. Since medical facilities are required to maintain records for a least ten years, all of that documentation adds up. With so much unknown about the future of coverage in the United States, the industry must look for ways to simplify record-keeping and reduce expenses to stay ahead of impending changes.
Adopting a document management system and digitalizing patient records holds enormous potential for the industry due to its many advantages over paper-based solutions.
Curbing Costs
The biggest benefit of document management is cost savings. Facilities who adopt a digital record-keeping system see dramatic expense reductions. Reduced reliance on print equipment, materials, and supplies is a major cost saving as is reduced storage needs. With data stored on a secure server, healthcare institutions no longer require file rooms for paper documents. This free space can be devoted to patient care.
Security and Compliance
The healthcare industry has some of the strictest compliance measure and regulations in place. Document management makes adhering to these simpler and easier. Paper records can be lost, damaged, or misplaced, leading to privacy violations. In contrast, electronic files have backup and recovery systems in place as well as strict access controls. These controls offer chain-of-custody oversight for additional security and protection. DM can make complying with HIPAA and PIPECA less challenging and time-consuming.
Less Time, Less Errors
Transferring paper-based records can be tedious and time-consuming, often taking hours or days. Conversely, retrieving files from a document management system typically take just seconds. Plus, records can be accessed simultaneously by different departments within a healthcare organization. And, some platforms offer segmentation, versioning history, and real-time collaboration to further enhance record-keeping.
In addition to cost reductions and enhanced security, all of these advantages add up to enhanced patient experiences. If you are ready to see this benefits in your organization, contact us today.