Maximizing Efficiency and Compliance: Why A CFO Should Care About Student Health Software
The term “student health software” can be limiting. It implies that only students or the school health office will be impacted by health management software. In reality, your entire school will benefit from an electronic health record (EHR) solution — even your business office.
Keep reading to learn how an EHR can benefit your bottom line through increased compliance, enhanced security, financial efficiency, and a strong return-on-investment.
Every school is responsible for meeting local and state health regulations. This involves collecting documentation from each student to prove they meet the respective immunization or physical exam requirements.
Gathering this documentation can be tricky. Many schools still rely on paper or manual collection processes, which opens the door to missing or outdated information. Your health office spends countless hours tracking down health forms, inputting data, and reporting on compliance. But sometimes it’s still not enough to reach one hundred percent completion.
How does this affect a CFO? Non-compliance can lead to hefty fines or even legal issues for your school. Your business office wants to avoid any financial risk and damage to your institutional reputation.
By investing in an EHR solution like Magnus Health, you can lower the risk of non-compliance through a digital collection process, automated reminders, and in-depth reporting. This will give both your health and business offices peace of mind that you’re meeting regulations and reducing the risk for costly fines and harm to your reputation. A solution like Magnus Health is proven to increase average school compliance by 31%!
Enhanced Data Privacy and Security
Your student health data is extremely sensitive and needs to be protected at all costs (no pun intended). It’s not only a legal consideration, but an ethical one. Ensuring the privacy and security of your school’s health data is a responsibility for everyone at your school.
When it comes to the privacy of your student health data, laws like the Family Educational Rights and Privacy Act (FERPA) and the Health Insurance Portability and Accountability Act (HIPAA) establish what schools can or cannot do with sensitive information.
How does this affect a CFO? Failure to comply with these laws can lead to fines or penalties. A student health solution like Magnus Health is built with FERPA and HIPAA in mind. The platform safeguards student information from unauthorized users and adheres to the Student Privacy Pledge to handle student health data responsibly.
And then there’s the data security issue. These days, schools are a huge target for cyberattacks because of the amount of data they store. If your school relies on paper health forms, spreadsheets, or anything other than a dedicated student health solution, one malicious user could access everything.
How does this affect a CFO? The average data breach costs $9.4 million including remediation resources, public relations, lost revenue, and staff overtime. No one wants to deal with that! An EHR like Magnus Health minimizes this risk with hospital-grade security, data backups, and built-in disaster recovery.
Your CFO is primarily responsible for optimizing financial resources. This extends to staff productivity!
With paper-based processes or outdated software, your health office spends hours upon hours completing redundant administrative tasks. Not only is this draining and monotonous, but it’s taking valuable time away from other important responsibilities like actually caring for students.
How does this affect a CFO? Staff productivity directly impacts school revenue. When staff have access to the right tools to do their job, they’re able to maximize resources and reduce operational costs. This in turn allows them to provide better student care, which leads to a positive student experience and improved retention rates. Productivity is also proven to boost morale, saving your school valuable time and energy with decreased staff turnover.
A student health solution is the best way to improve your health office’s workload. Administrative tasks like parent reminders and immunization reporting can be automated, streamlining workflows and saving valuable staff time. Schools that adopt an EHR like Magnus Health save an estimated 120 hours of paperwork each year — that’s three weeks of staff time you’re gaining back.
Last, but certainly not least, your business office wants to make sure that every dollar of your school’s budget is getting a strong return-on-investment (ROI). Independent schools have limited funds — are you spending money on the right tools for your health office? Use our ROI calculator to see how much your manual processes are costing you.
If you’d like to learn more about how EHR software can benefit your school, check out our Student Health Record Evaluation Guide for an in-depth look at the many financial and operational benefits of a solution like Magnus Health. And remember: this investment is not just for your health office, but for your entire school.