Record Retrieval: Two Industry Trends to Watch
In litigation, the process of record retrieval hasn’t always been the quickest to evolve to new technology. In fact, it has only been in the last decade or so, that the digitization of records has become standard practice rather than a special request.
As the record retrieval industry continues to evolve, there are numerous technologies that are helping retrieval providers better meet client needs and respond to growing security and privacy concerns.
Trend #1 – Artificial Intelligence
The use of Artificial Intelligence (AI) is beginning to become more widespread in the legal profession and within the legal services industry as well. From contract review and negotiation to predictive analytics and legal research, AI has many applications in the legal industry. For record retrieval, AI can enable delivery of records by case, in chronological order, while providing summaries of records.
Specific to the healthcare industry, the global market for big data analytics in health care is projected to reach $67.82 billion by 2025, according to a recent report from Allied Market Research. It’s is also hypothesized that health care organizations’ implementation of big data analytics could lead to more than 25% reduction in annual costs in the coming years.
But of course, big data can only be applied to records that are digitized, which means the more widely adopted digital records are across the board, the more readily accessible records are within litigation as well.
The organization law firms, corporations or insurance carriers select as their partner for record retrieval is more important than ever. To choose the best provider for your litigation support service needs, special attention must be paid to the partner’s technology, customer service, and ability to keep up with industry trends and innovations.
Question to ask potential retrieval providers: “What new technology is your organization choosing to invest in over the next few years?”
Trend #2 – Enhanced Cybersecurity
In 2021, nearly 40 million medical patient records were compromised (according to incidents reported to the federal government.) And those are just the ones reported. Outside of sensitive health information, breaches impacting financial data are consistently in the news and increasingly expensive to businesses. In 2021, the average cost of a data breach reached $4.24 million per incident, the highest in 17 years.
With the increasing frequency and expense of data breaches, expect cybersecurity will stay top of mind across all industries.
With sensitive data on the line, any retrieval provider you engage with should place a heavy emphasis on cyber
security and protecting sensitive data.
Question to ask potential retrieval providers: “How do you keep data safe?
When seeking a partner for record retrieval, ask if they have attestation from a reputable, independent auditor to ensure all systems, processes and controls are both SOC 2 Type 2 and HIPAA compliant. Anything less, and you could be putting sensitive data and information at risk.
To learn more about the past, present and future of record retrieval, download a copy of our industry outlook report.