how insurance companies increase profits using efilecabinet document management
TRANSCRIPT
Welcome
How Insurance Companies are using eFileCabinet to Increase Profi ts
James Blaylock, CPA, CITPPaul ConterioCorporate Presenter Trainer
eFileCabinet
July 30, 201411:00 AM MST
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Based in Lehi, Utah Over 123,000 users
Since 2001
1. Why going paperless actually saves you money
2. Ways eFileCabinet helps you stay compliant
3. How to find files quickly
4. And more
Agenda
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How Insurance Companies are using eFileCabinet to Increase Profits
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The Only Constant today is change!
Many customers (and probably some of you) send contracts, forms, critical documents with personal information via fax or email
Why going paperless actually saves you money
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1892 TechnologyTechnology Forces Change
2014
Why going paperless actually saves you money
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Technology Forces Change
Why going paperless actually saves you money
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Technology Forces Change
Why going paperless actually saves you money
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INNOVATION ADOPTION LIFECYCLE
TIME OF ADOPTION OF INNOVATIONS
Technology Forces Change
Technology ProvidesOpportunities
Technology Creates Change
Diffusion of Innovations by Everett Rogers
Why going paperless actually saves you money
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Low Costs of Electronic Storage.
Price per GB of Hard Drive Storage:
1981 — $300,000
1987 — $50,000
1990 — $10,000
1994 — $1000
1997 — $100
2000 — $10
2004 — $1
2010 — $0.10
Growth of Electronic Document Management
Why going paperless actually saves you money
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Low Costs of Electronic Storage.
Price per GB of Hard Drive Storage:
1981 — $300,000
1987 — $50,000
1990 — $10,000
1994 — $1000
1997 — $100
2000 — $10
2004 — $1
2010 — $0.10
Growth of Electronic Document Management
Why going paperless actually saves you money
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Growth of Electronic Document Management
Low Costs of Electronic Storage.
Government Encouragement
Need for Privacy, Backup, and Security
High Speed Scanners
Why going paperless actually saves you money
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Did you know the Paper inyour Office Significantly
Affects your Bottom Line?
The Recognized Cost of Paper
The Unrecognized Cost of Paper
Why going paperless actually saves you money
What is your annual investment in filing costs – paper, toner, postage, filing cabinets, off-site storage, etc?
It costs an average of $25,000 to fill a 4-drawer filing cabinet and more than $2,100 per year to maintain it.
The recognized Cost of Paper
Why going paperless actually saves you money
The recognized Cost of Paper
Why going paperless actually saves you money
The Unrecognized Cost of Paper
How often do you visit the filing cabinet or storage area to access business-critical information or documents?
The average office worker spends 400 hours per year searching for paper documents.
$2,900FEDERAL MINIMUM WAGE
$7.25 Per hour Beginning
July 24, 2009
Why going paperless actually saves you money
The Unrecognized Cost of Paper
Customer Satisfaction
Why going paperless actually saves you money
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Ways eFileCabinet helps you stay compliant
Managing information to: Reduce RISK
From compliance and regulatory requirements From, and for, customer records For communication between locations, mobile
phones and tablets, etc. Decrease Expenses
Decrease labor required to manage files and information
Increase Profitability Faster, accurate access to information increases
revenue, reduces costs and increases quality perception.
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“Some organizations incorrectly assume that these rules onlyapply to doctors, health insurance companies and hospitaladministrators. However, any individual or organization thatcollects, stores, holds, processes or even has access to anindividual's personal health information (PHI) is responsible forprotecting that information even if they're not considered a"covered entity" under HIPAA. Violations of the HIPAA rules canlead to very severe financial penalties, and in some cases evencriminal charges and incarceration. Remember that applicationyou give to all your employees when they sign up for healthinsurance? That qualifies as access to PHI, and even though you may not be a "covered entity, "it makes your organization responsible for protecting that information.”
Source: eFileCabinet HIPAA Whitepaper
Do HIPAA Laws Pertain to your Organization?
Ways eFileCabinet helps you stay compliant
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Mary Martin is Vice President of Human
Resources & Accounting
Mary because of her role in the company has access to
both employee medical and financial records
The Benefit folders contain employee personal health
information (PHI)
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Bob Cratchit is Director of Accounting and reports to
Mary Martin
Bob does not have access to the benefits folders containing employee
personal health information
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BobDirector
MaryVice President
Ways eFileCabinet helps you stay compliant
Ways eFileCabinet helps you stay compliant
Ways eFileCabinet helps you stay compliant
“If there are two applications in an accounting or tax practice that should be joined at the hip, it is the document management system and the client portal. The nature of the deep relationship between the two is undeniable.”
Client Portals: Gateway to the FutureSpecial Feature
From the April/May 2010 Issue
Ways eFileCabinet helps you stay compliant
What is the cloud and is it safe?1. Encryption of data before it goes to the cloud.2. Encryption of data in transit.3. Encryption of data at rest.
Ways eFileCabinet helps you stay compliant
Ways eFileCabinet helps you stay compliant
Your CustomerWays eFileCabinet helps you stay compliant
Fast And Reliable Online File Sharing Service
Access and share important files 24/7 from any web connectionFile encryption ensures privacy and confidentialityEasier and safer than FTPAvoid the file size and security limitations of email attachments
SecureDrawer Ways eFileCabinet helps you stay compliant
Fast And Reliable Online File Sharing Service
Avoid the file size and security limitations of email attachments
Avoid the file size and security limitations of email attachments
Email Attachment
SecureDrawer
SecureDrawer Ways eFileCabinet helps you stay compliant
Fast And Reliable Online File Sharing Service Avoid the file size and security limitations of email attachments
SecureDrawer Ways eFileCabinet helps you stay compliant
Fast And Reliable Online File Sharing Service Avoid the file size and security limitations of email attachments
Reduce costs and risks of physical document distribution
SecureDrawer Ways eFileCabinet helps you stay compliant
Fast And Reliable Online File Sharing Service
Reduce costs and risks of physical document distributionReduce costs and risks of physical document distribution
SecureDrawer Ways eFileCabinet helps you stay compliant
InsuranceTax Clients Businesses
Cabinets
Folders
Documents
Drawers
AccountingTax Clients IndividualsPersonalProperty
Adams, TomBarton, CraigBringhurst, Scott
Human ResourcesInvestment Files
Cook, MattCratchit, BobJensen, SteveMartin, MarySantoro, JosephTaylor, Paula
Home InsuranceDocumentsBilling Statement
Auto InsuranceLife Insurance
Subfolders
Medical ExaminationLife PoliciesAnnuities
How to find files quickly and easily
Documents
Taylor, PaulaCabinets
Folders
Drawers
Subfolders
Insurance
AnnuitiesLife Insurance
SearchPaula Taylor
Documents
How to find files quickly and easily
SS CardPermanent
Taylor, Paula
Human Resources
Cabinets
Folders
Documents
Drawers
Subfolders
Documents
Paula Taylor
How to find files quickly and easily
Folders
Documents
Drawers
You Can Search by Name!You Can Search by Profile!
You Can Search by Indexing & OCR!
How to find files quickly and easily
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Unique URL, Branding and Logging in through your website.
https://application.securedrawer.com
https://webinars.securedrawer.com
https://pconterio.securedrawer.com
https://jonesfinancialservices.securedrawer.com
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Questions
