Shifting your medical records and patient documentation processes to a digital storage solution can have a profound effect on your healthcare information management (HIM) system. An often overlooked, big-ticket item, paper files are costing healthcare organizations hundreds of thousands of dollars each year.
In fact, storing and managing paper records costs as much as $1.6 million annually, while the time spent retrieving paper charts can add up to $564,000 per year.*
Because healthcare companies must comply with HIPAA privacy laws, medical professionals can’t haphazardly dispose of records and must follow strict processes around storing, coding, and retrieving patient files.
Medical coders cost companies more than $400,000 annually, spending time retrieving and processing paper files in upwards of 600,000 patient records per year. Once you automate that process with electronic document storage, you can save your healthcare organization hundreds of thousands of dollars annually.
Although it may seem obvious for healthcare practices to adopt some sort of Electronic Medical Record (EMR) system, many are still reliant on scanning and storing paper records that support the data in the EMR. In addition to physical storage, the time it takes to search and wait for information, review and edit errors, or pay HIPAA violation fines can deliver a hefty price tag.
KeyMark’s end-to-end document management solutions merge your paper and electronic files into one easy-to-manage folder, reducing the physical paper storage process. Electronic Content Management (ECM) systems ensure your files are retrievable, organized, private, and drastically reduce the physical space to store your documents.
To learn the staggering statistics behind the average cost of paper in patient records, coding, chart analysis and release of information, check out this “Hidden Costs of Paper” infographic.