Record Management & Retention

A business acquaintance was having a problem with storage. That led us to a discussion of record management and retention.

A business acquaintance was having a problem with storage. That led us to a discussion of record management and retention.

Physician practices are required to store a variety of different documents, each for a set number of years. For example, tax and accounting records should be kept for 7 years. Also, you should keep explanation of benefits (EOB’s) for 7 years. Other files, such as birth and death registrations need to be kept permanently, while inactive charts are required to be held for 10 years from the last date of service.

“Retaining all of these records is challenging, especially in times with tightening budgets, but state and federal laws require it,” states Jeff Cumbee, president of Platinum Systems in Lisle, IL. (www.platinum-universe.com). “Having immediate access to these documents is critical since you must be able to produce the documents in a timely fashion,” adds Cumbee, “Therefore, digital document management is an effective way to go. Most states and federal government allow for Laserfiche electronic document management systems (EDMS).”

Document management systems have the ability to help businesses reduce paper-related costs, reduce billing costs, and increase revenue. It can eliminate offsite storage costs, increase the speed of finding documents (from hours or days to seconds) and help reduce the impact of disasters (fires, hurricanes, tornados, errant sprinklers, etc.).

As you look forward in your practice, this is a good time to address your technology and your systems. Ask yourself the question, “Would a record management and retention help your practice?” Email me at donna@officemanagementsolution.com.