2020 was a busy time for lenders—and highly stressful too. A slew of government stimulus packages, a pandemic-affected housing market, and financial uncertainties forced lenders into participating in various government programs to maintain their liquidity.
Healthcare is one of the world's largest industries. During the COVID-19 pandemic, hospitals faced tremendous pressure on bed availability, lab testing, and overall patient care. Never was the need for optimized administrative procedures and shortened billing cycles in healthcare so keenly felt. Hospitals with automated billing and digitized patient records dealt with the surge more effectively. Digitization optimized their staff's efficiency and kept the focus on their core competency—patient care.
Organizations across industries adopted large-scale digitization and at least some automation in the last few years. Healthcare IT faced a host of hurdles in digitization, ranging from patient privacy issues, stringent regulations over records maintenance to institutional stakeholder concerns. This lag is now receding. The COVID-19 pandemic accelerated digital workflow adoption. Increasing demands on healthcare systems, medical workers, and pressure on profile margins pushed up the pace of digitization.
When you're looking to modernize your business, there is no better way than by digitizing your documents. Digital documents are undiniably the way of the future, as more and more businesses now rely heavily on computer, tablet, and mobile technology to run their businesses. Though these new documents will be immediately digital, it is important that all historic documents are kept in the same form. There are multiple reasons why this is important, but the technology advances that come with it are the most relevant.