Health Data Archiving Reduces Costs: Find Out Why
August 31st, 2020
Research suggests health data archiving can provide financial gains. Find out what health data archiving is and why it’s a smart cost-control measure.
Health data archiving provides many benefits to organizations. It provides a means to retain patient records to meet regulatory requirements. With easy to use archiving tools, you have the access you need without keeping legacy systems up. This move to archive can also deliver positive financial gains, proving it’s also a smart cost-control measure.
KLAS Research Reveals Financial Gains of Archiving
KLAS’ 2019 Legacy Data Archiving Market Review reveals many things about the process. It looked specifically at data archiving platforms and their impact on organizations. One of the most important findings is that 85% of organizations that retire legacy systems and move to archiving report positive financial results.
This finding reaffirms what we’ve been telling healthcare providers, hospitals, and pharmacies for years. Data archiving frees up budget money. Here’s now.
Eliminating Legacy Systems Reduces Costs
Legacy systems have lots of problems from an operational perspective. They are clunky, and it’s hard to find what you need. They may also expose you to more risk if security is no longer updated. Those are all good reasons to decommission, but one that makes an immediate impact is the money you’ll save.
Archiving solutions are much more cost-effective. It’s typically a one-time fee to archive with possible hosting fees, depending on the volume. Keeping your legacy system up is a monthly charge that never goes away until you say goodbye.
Additionally, if you are hosting the data on-site, you are responsible for hardware maintenance and upgrades. These costs are massive and easy to shed. Archiving is a cloud-based solution—no hardware necessary.
Imagine how much savings you’ll gain by decommissioning legacy systems.
Archiving Platforms Improve Productivity
Lost productivity of your staff hurts your bottom line. If they have to spend excessive time hunting down old records for an audit or patient request, they aren’t able to complete their routine tasks. This isn’t a good use of your team’s time. It can add up over the months, affecting productivity across the board.
Migrating Old Data Increases Conversion Fees
Many health organizations migrate to new HIS (health information systems). The more data you take with you, the more data conversion fees you’ll incur. Moving a lot of old data also makes the migration more complex and longer.
Delays like these cost you real money. Instead of converting all your data, archive what you don’t need on a daily basis. Doing so ensures a more seamless experience, as well.
Avoid Compliance Fines with Secure Archiving
As noted earlier, legacy systems can increase the risk of noncompliance. HIPAA fines for data breaches or mishandling PHI (protected health information) aren’t small. They can be as large as $50,000 per violation.
The best way to avoid these is by using a compliant system to archive. The system should comply with HIPAA and HITRUST guidelines, especially surrounding data encryption.
Throughout your organization, different users need to access old patient records. How much time does your time waste because access isn’t available? When you can’t locate what you need, workflows suffer, and so could patient care. There are real costs associated with these challenges.
Archiving enables streamlined access. You can even set permissions for users, providing the specific access they need. It’s much easier than users having to physically go to a legacy system and find someone with login credentials.
Health Data Archiving Is a Smart Solution that Saves You Money
Archiving can be a smart move to reduce costs. Our solution, ViewMaster, is affordable, secure, and easy to use. Check out how this web-based platform works today by watching our video.