This week, we’re diving into Cost #5: Storage.
Storage can be out of sight and out of mind… until you need that one hidden document.
So what else about storage might be out of sight?
Let’s dive in!
Costs of Physical Space
This is a major cost.
Most agencies..
- Rent more office space than they would need without paper,
- Rent storage units, or
- Build or purchase a building for storage.
Which does your agency do?
Storage Equipment
Once you have the physical space, how are you going to store the files?
Most agencies have lots of the following… and they all cost money.
- Filing Cabinets
- Shelves
- File Boxes
- Binders and Labels
- Label Printers
Climate Control
In most of the USA, paper must be stored in a climate controlled environment so it doesn’t get moldy… or dry out.
Air conditioning costs a lot, especially in the Louisiana summer!
Security Costs
Many providers don’t think about this because of the close relationship with the team, but it’s a real HIPAA rule… and cost.
HIPAA requires two things:
- Physical security: Protecting stored documents from theft and unauthorized access.
- Access control: Monitoring and controlling access to storage areas to ensure that only authorized personnel can access sensitive records.
This typically means keeping files under lock and key. It can also mean security cameras, keeping rooms locked, and keeping access logs.
Keeping Multiple Backups
In the world of paper, keeping multiple backup copies is a best practice.
If the original (or only copy) gets lost in a flood or fire, you can rely on the duplicate copy somewhere else.
The problem: most providers don’t do this because duplicate storage in multiple places can be expensive and time consuming.
What’s your paper storage cost?
Thanks for reading & stay tuned for next week’s deep dive into Compliance Costs of paper!