Data security and compliance has always been top of mind for companies in highly-regulated industries, or those that deal with large volumes of personal consumer data — for the former, think industries like healthcare or finance, and, for the latter, think industries like retail or ecommerce. A recent report found that 91% of Fortune 500 organizations have updated their business and operational strategies to address data security risks, and these efforts are extending beyond security and compliance in the digital space.
This is particularly true for companies that execute large quantities of transactional or critical communications print jobs, as these kinds of print need to be completed in a secure, timely manner to protect consumer privacy and remain compliant with industry regulations.
With a print automation solution, companies can increase the data security of their print jobs while also leveraging accelerated turnaround times to provide customers with high-quality invoices, account statements, or explanation of benefits (EOB) documents that ensure compliance and build trust with the consumer.
Here, we’ll look at a couple of ways where working with a strategic print automation partner can help optimize your data security and compliance efforts.
A print automation solution can help increase data transparency and quality
For industries in the healthcare or insurance space, the ability to ensure quality customer data stems from a high degree of accuracy in how data is stored and managed. This enhanced level of oversight requires data transparency and tight control on who can access the customer data and the level of permissions people have to edit or use said data.
Lack of transparency in this arena can result in compliance violations, and it can also impact the trust consumers have in your brand. For example, a recent report found that 15% of all HIPAA breaches reported to the Office for Civil Rights were due to printing errors. What’s more, the fines for these violations totaled more than $1.5 million.
An automated print solution can provide superior visibility and transparency into each step of the preproduction and print process to create more connected workflows where data entry or processing errors are minimized and high standards of regulatory compliance are upheld every step of the way.
In addition, an automated print solution can help companies log and track activity within the system itself to better monitor access to sensitive consumer data and allocate permissions to the appropriate teams.
What’s more, working with a strategic partner that prioritizes an automated approach to print can help companies print critical communications with the confidence that their data is accurate and secure to help reward the trust and confidence consumers place in print.
The accuracy and real-time visibility of an automated print solution also helps companies avoid the potential for costly and time-intensive reprints that can significantly reduce the ROI of your print communications budget.
Quantum’s emphasis on data transparency and quality can help companies adhere to a number of industry-specific regulations, including HIPPA and SOC 2. In fact, you can read more about how we helped a financial advisor harness the power of print automation for greater data accuracy and transparency in their print communications.
With a print automation solution, you can print timely customer communications faster and more efficiently
Critical print communications like utility bills or financial assistance documents for healthcare services need to be printed and mailed to customers quickly to comply with state or federal regulations surrounding the timeliness and transparency of information.
For example, the State of Illinois’s Fair Patient Billing Act has strict compliance regulations for hospital or medical facilities on the amount of time they have to provide billing or account documents.
The same principle about the timeliness of critical print communications applies to a variety of other industries, including the financial services and insurance markets. As a result, these companies need the ability to print a large quantity of documents quickly, in some cases utilizing multiple data streams.
A print automation solution can integrate with your customer relationship management (CRM) software or enterprise resource planning (ERP) platform to print these kinds of documents when triggered by activity in the CRM or ERP system. These events can include when a customer submits an insurance claim, or when a patient submits an online request for financial assistance in paying a medical bill.
With a print automation solution, companies can also execute several different print jobs on a 24/7 basis without process disruptions to help ensure documents are printed and distributed in adherence to compliance criteria.
Not only can a print automation solution help you accelerate your print processes to remain compliant and better serve your customers, it can also help you increase the productivity and efficiency of these kinds of print jobs. This is especially important as a majority of consumers still prefer print copies of critical communications over digital versions.
The good news is that Quantum’s experience and expertise in print automation can help companies in a variety of industries ensure high degrees of data security and compliance, regardless of the application. As a strategic print partner, we’re ready to help companies leverage the power of accurate customer data to deliver meaningful print communications quickly and efficiently.
Learn more about our print automation solutions.