Q1: What is Document Management?
Document management refers to the digitization of documents. It involves the scanning, imaging, storing, archiving and retrieving of documents.
Many organizations, especially in the healthcare, legal and financial industries, are required to retain a plethora of different documents, like court orders, medical records, insurance documents, etc. These are required to be accessible, while also being confidential and safe from tampering.
A professional document services company would offer secure scanning and digital storage on a computer’s hard drive, a third-party server, the cloud, DVD or USB. It should also offer achieving services and instant and free access to digital files 24/7.
Q2: How Much Does Document Storage Cost?
The cost of onsite document storage for a company that stores around 50 boxes of paper per year is estimated at $150,000 per annum, including cost of paper, filing cabinet, space and labor. The cost of digital document storage is a small fraction of this.
The actual cost of digital document storage depends on various parameters, including the number of users who need to access the digital files, the unique needs of different companies and the capability of the system, which could encompass factors like flow of documents, indexing, redaction, retrievals of documents by keywords and process for creating new documents. The cost would also depend on the size (in GB) of the storage required.
Q3: What is a HIPAA Compliant Document Services Provider?
HIPAA (Health Insurance Portability and Accountability Act) specifies standards for the privacy and security of protected health information (PHI) by healthcare providers and organizations and their business associates. HIPAA requires document services providers to create and follow procedures to prevent the unauthorized interception of or access to sensitive information of their clients.
A HIPAA complaint document services company would thoroughly examine every part of the document management cycle to ensure zero vulnerability to the system where the files are stored. Such a provider would also have stringent processes for redundancy and for reducing human error that can lead to a data breach.
Q4: What is a FACTA Compliant Document Services Provider?
FACTA (Fair and Accurate Credit Transactions Act) is a consumer-rights law, the primary purpose of which is to reduce the risk of identity theft and consumer fraud. The Act regulates the handling of consumer account information, such as social security numbers. FACTA requires financial institutions to develop and implement a written Identity Theft Prevention Program designed to “detect, prevent and mitigate identity theft” related to certain accounts.
When considering digital storage, it’s critical for financial institutions and related companies to ensure the document services provider is FACTA compliant.
Q5: What are the Benefits of Cloud Storage for my Documents?
Cloud storage allows your files to be stored online, making them accessible from any location via the internet. It eliminates the need to invest big capital to buy space on third-party servers and manage them. Storing files on the cloud frees up space in a company’s office, significantly reducing document storage costs. Cloud storage also frees up space on a company’s computer, making it available for other business operations.
Cloud storage also allows version tracking for documents, which is mandatory for HIPAA compliance.