For both the healthcare and financial industries, online document archiving is one of the most critical functions for the companies because current federal regulations stipulate that documents must be archived for a minimum of 10 years to remain compliant.
There are some well-documented problems with the methods most often employed by companies looking to remain compliant within the set industry parameters. The management of paper or tape backup of document archives is messy and a drain on internal resources. Storing millions of documents in PDF formats are also costly due to the number of servers dedicated to storing archived documents. Online retrieval of larger megabite documents can also take minutes and sometimes longer to download. In a world that demands instant access, online retrieval of documents taking longer than a few seconds, is unacceptable.
The problem is so widespread, in fact, that PricewaterhouseCoopers conducted a famous study about this subject. The results give us some insight into just how complicated, and costly, the management of internal documentation can be.
The study found that:
- There were over 4 trillion paper documents in the U.S. and the number was growing at a rate of 22% per year
- Nearly 8% of all business documents get lost and 3% are misfiled
- Business professionals spend 5-15% of their time reading information but up to 50% of their time looking for it
- Companies spend $20 in labor costs to file a document, $120 in labor costs to find a misfiled document and a shocking $220 in labor should they need to reproduce a lost document.
These are just some of the issues the study documented. They highlight the frustrating nature of archiving for these industries, but more importantly, they highlight the dangerous potential of being found noncompliant when documents are lost or take too long to retrieve.
O’Neil Digital Solutions created ONEclick Document Archival and Retrieval System to streamline processes, provide real-time access to all document types, prevent lost or misfiled documentation, and help customers remain compliant.
ONEclick is a HIPAA and SEC compliant system developed by O’Neil for electronic archiving and retrieval of the exact document that was delivered to the recipient.
Customer Service Centers also have access to ONEclick archiving System to better serve callers who have questions on their document. Call times are drastically reduced and a higher level of customer service is provided because Call Center agents are able to immediately respond to inquiring by retrieving documents in real time.
The ONEclick system allows users to search and access all archived documents such as Letters, ID Cards, EOB’s, Statements, EOCs, and Enrollment Kit’s quickly and effectively. These documents can be viewed online by your team and then re-mailed, emailed, or faxed to the customer.
In addition, ONEclick is a self-service portal that allows your customers to have direct access to their personalized documents for viewing and downloading and can be customized with your company branding or can interface with your current client portal. It provides immediate online access to specific archived compliance documents and marketing communication pieces as well, allowing your customers to rest easy that they’re documents are available to them day or night.
The system can also ensure efficient transition from print to digital because every document mailed by your company is electronically archived for 10 years. This keeps your internal operations streamlined, efficient and compliant well beyond the government regulated 7 years.
Compliance with federal regulations on document archival and retrieval is so much easier with ONEclick. Save resources and get peace of mind. Let O’Neil help.