With new innovations and enhancements every year, it can be tough to know what to focus on the most. As we begin a new year, our experts have compiled a list of a few trends we expect to dominate the industry in 2025:
AI: AI has been an inescapable buzzword in 2024, and this will continue to be the case in the new year. On the surface it seems like AI will be a massive disruptor, completely changing the way all industries do business. But AI is still in its infancy and there are still a lot of questions surrounding its capabilities. We expect there will be a renewed focus on finding specific use cases for AI in 2025.
Data security: Cyberattacks will continue to be a concern in all industries, with some studies suggesting that cybercrime will cost the world $23 trillion in damages by 2027. To limit their exposure, businesses should fully vet partners to ensure their security standards are robust and up to date. At ChartSwap, we’re doing our part by collaborating with industry leaders to shore up our infrastructure and data security. We are also HITRUST certified, SOC II certified and 100% HIPAA secure. Keeping in mind that cybersecurity experts say a cyberattack is “a matter of when, not if,” we also spend a significant amount of time focusing on disaster recovery to ensure business continuity if the worst-case scenario took place.
Digitization of the marketplace: The current process for records retrieval is still very antiquated for many organizations, involving phone calls and mailing physical records. As a result, many providers turn to third-party release of information companies to offload the burden but doing so also costs them the revenue stream that custodian fees provide. The solution is the continued growth and adoption of singular, digital platforms capable of handling record requests and payments, enabling them to bring the records retrieval process back in-house. As this shift continues, the outsourcing to companies such as ChartSwap will better position the insurance and legal space with the ability to streamline the retrieval process and take advantage of the universal integrations with EHR’s and providers.
2025 promises to be another great year for innovation and technology and we look forward to navigating this ever-changing landscape with you.
