Scan Venture Introduction
- 1. Industry and Product Introduction Monday - January 30th, 2011 10:00 am
- 2. Webinar - Purpose - Industry introduction • File Formats • Legal – Court Systems – Paper Way vs. Technology Way • Medical – HITECH Act/ ARRA – Paper Way vs. Technology Way – Disadvantages of In-house scanning – Competition – Product Introduction • Why ScanVENTURE – Navigational PDF’s – Case Manager/ Chart Manager – OCR Search – Need Integration? – Demo – In Conclusion – Questions & Answers
- 3. Industry Introduction – File Formats • Scanning Formats – JPEG – TIFF – PDF – PDF Bookmarks – Metadata • OCR • Index
- 4. Legal – Court Systems • Federal Court Systems – 2001 mandatory Electronic Case Filing (ECF) be in a PDF Electronic filing or e-filing is a method of filing court documents that uses an electronic format rather than a traditional paper format. Parties convert their documents into the file format designated by the court and file their documents via email or over the Internet. By reducing courier and copying fees, use of paper, and staff time, E-Filing can be a tremendous cost savings – Most court systems require all PDF’s to be searchable • State Court Systems – Next to require ECF be in a PDF
- 5. Legal – Paper Way Disadvantages True Costs Coopers & Lybrand shows... • Very inefficient • Lost files and documents 90% of all documents are merely shuffled • Very labor intensive searching, A document is copied an average of 19 times It costs about... copying, and storing documents • $20 to file a document • Long term-expensive storage • $120 to find a misfiled document requirements for 7 soon to be • $220 to replace a lost document 7.5% of all documents get lost 10 years 3% get misfiled For $50 you can store the equivalent of 100 4-drawer file cabinets on a single 50GB drive compared to the cost of the cabinets estimated at $9,600 a year
- 6. Legal - Technology Way Advantages Disadvantages • Server or centrally stored • Very Expensive database • Difficult to learn and use- lots of • Helps your office go paperless training – templates • Meets Fed/ State ECF • Still labor intensive –scan and • OCR and file indexing offered index • Diminished long term filing and • Need ongoing IT support storage costs • Data Conversion Fees
- 7. Medical – HITECH Act/ ARRA American Recovery and Reinvestment Act (ARRA) of 2009 and Health Information Technology for Economic and Clinical Health Act (HITECH Act) • This act was signed into law by President Obama on February 17, 2009 and encompasses the Health Information Technology for Economic and Clinical Health Act (HITECH Act). The HITECH Act objective is to provide reimbursement incentives for eligible professionals and hospitals who can: • demonstrate the meaningful use of electronic health records (EHR) • to establish standards, implementation specifications, and certification criteria for EHRs • protecting privacy and security of health information
- 8. Medical – Paper Way Disadvantages True Costs AZ COMP • Very inefficient - What is it costing annually for an average practice • Lost medical records to manage paper charts? - $12,000 Transcriptions • Very labor intensive searching, - $ 2,400 Paper Chart Supplies copying, and filing records - $41,600 Labor to Manage Pulling & Refiling Charts - $ 2,500 Labor to Find Misplaced Charts • Long term-expensive storage - $36,000 For Inbound Faxes requirements for 10 years to 21 - $21,875 For Outbound Faxes years - $25,000 Money Lost in Down-Coding • HIPAA issues $141,375 Per Year to Manage Paper Charts
- 9. Medical - Technology Way Advantages Disadvantages • Server or centrally stored • Expensive – laborious database • Not a DMS system – clinical based • Helps your office go paperless- • Still labor intensive – poor solution efficient clinical tool for scanning in old medical records • Meets HIPAA • Continue to store paper • Get’s you your $$$$ • Major violations for data breach – • Diminished long printing costs CMS fines
- 10. Industry Introduction – In-house Why Spend thousands for scanning technology and additional staff that will take months, even years to convert paper charts and case files When ScanVENTURE can easily process hundreds of medical charts and case files an hour with our state-the-art scanning and OCR technology Avoid Lost TIME, Wasted MONEY and Needless HEADACHES
- 11. Product Introduction - Competition • Major Players ($200 million - $8 billion) – ACS – Iron Mountain – GRM – Cintas – Recall • Local Players ($2 million - $10 million) – Filing Source – Data Guard • Scanning Competition ($2 million <) – ScanTronix – Laser Fiche
- 12. Product Introduction - Competition • Competition (Iron Mtn. etc.) – Majority of document storage companies charge to scan per image: • $.10 up > • No segmentation • Few scan onsite • No experience in healthcare / integration • Disruptive business
- 13. Product Introduction - ScanVENTURE PDF navigator • Proprietary technology that differentiate the sections of medical records and case files • Digital documents presented in a form that they will actually use and have been using for years • PDF can be seamlessly integrated with existing third party DMS system or EMR Chart and Case Manager Application • A search tool to find and manage your digital scanned medical records and case files
- 14. Product Intro - PDF Navigator ScanVENTURE has created proprietary PDF navigators which eliminates the need of bookmarking and/or manual indexing – a “digital chart or case view”
- 15. Product Intro. - Chart / Case Manager An application tool provided to help locate scanned medical records or case files on their client’s server or desktop PC’s. This tool enables the office to easily add or scan sections and other additional PDF documents to their digitally converted medical record or case files.
- 16. Product Intro. - OCR Search ScanMD runs optical character recognition (OCR) on all scanned charts and case files to make them text/ numeric searchable for future abstraction or data mining .
- 17. Product Intro. - Need Integration?
- 18. Product Intro. - In Conclusion Waste Revenue Medical Organized Disorganized Legal
- 19. Thank you for your time