This document summarizes how insurance companies are using eFileCabinet to increase profits. It discusses how going paperless saves money through lower storage costs and reduced time spent searching for documents. eFileCabinet helps companies stay compliant with regulations by securely managing sensitive customer information. It also allows for fast searching of files by name, profile, or text indexing. The webinar promotes eFileCabinet's document management and sharing capabilities.
How Insurance Companies Increase Profits Using eFileCabinet Document Management
1. Welcome
How Insurance Companies are using eFileCabinet to Increase Profits
James Blaylock, CPA, CITPPaul Conterio
Corporate Presenter Trainer
eFileCabinet
July 30, 2014
11:00 AM MST
2. Webinar will be recorded
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3. 3
Based in Lehi, Utah Over 123,000 users
Since 2001
4. 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
6. 6
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
10. 10
INNOVATION ADOPTION LIFECYCLE
Technology Provides
Opportunities
Technology Creates Change
Diffusion of Innovations by Everett Rogers
Why going paperless actually saves you money
11. 11
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
12. 12
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
13. 13
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
14. 14
Did you know the Paper in
your Office Significantly
Affects your Bottom Line?
The Recognized Cost of Paper
The Unrecognized Cost of Paper
Why going paperless actually saves you money
15. 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
17. 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.
$2,900
FEDERAL MINIMUM WAGE
$7.25
Per hour Beginning
July 24, 2009
Why going paperless actually saves you money
19. 19
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 only
apply to doctors, health insurance companies and hospital
administrators. However, any individual or organization that
collects, stores, holds, processes or even has access to an
individual's personal health information (PHI) is responsible for
protecting that information even if they're not considered a
"covered entity" under HIPAA. Violations of the HIPAA rules can
lead to very severe financial penalties, and in some cases even
criminal charges and incarceration. Remember that application
you give to all your employees when they sign up for health
insurance? 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
21. 21
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
26. “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 Future
Special Feature
From the April/May 2010 Issue
Ways eFileCabinet helps you stay compliant
27. What is the cloud and is it safe?
Ways eFileCabinet helps you stay compliant
30. Fast And Reliable Online File Sharing Service
SecureDrawer Ways eFileCabinet helps you stay compliant
31. Fast And Reliable Online File Sharing Service
Avoid the file size and security limitations of email attachments
Email Attachment
SecureDrawer
SecureDrawer Ways eFileCabinet helps you stay compliant
32. Fast And Reliable Online File Sharing Service
Avoid the file size and security limitations of email attachments
SecureDrawer Ways eFileCabinet helps you stay compliant
33. Fast And Reliable Online File Sharing Service
Avoid the file size and security limitations of email attachments
SecureDrawer Ways eFileCabinet helps you stay compliant
34. Fast And Reliable Online File Sharing Service
Reduce costs and risks of physical document distribution
SecureDrawer Ways eFileCabinet helps you stay compliant
35. 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 Insurance
DocumentsBilling Statement
Auto InsuranceLife Insurance
Subfolders
Medical ExaminationLife PoliciesAnnuities
How to find files quickly and easily
37. SS Card
Permanent
Taylor, Paula
Human Resources
Cabinets
Folders
Documents
Drawers
Subfolders
Documents
Paula Taylor
How to find files quickly and easily
38. Documents
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