A rough start for investors in 2016
In the first two weeks of 2016, stock market investors suffered with a sudden and painful decline. Some people call it historical in both speed and voracity. Most of us have images of traders from the New York Stock Exchange and the New York Stock Exchange with a lab coat jacket with large ID letters in front. Those traders handle trading and cry to professionals designed to represent trading stocks, usually using hand signals in an auction-like environment. Manhattan has a physical building and it is done every day.
In contrast, Nasdaq represents the National Association of Automated Quotation Systems (SEC). Unlike the New York Stock Exchange, NASDAQ (now officially called the NASD of the Securities Dealers Association) is not a physical transaction, but handles over 200 million transactions a day.
From Investopedia.com: Not auction market, NASDAQ is a communication network between thousands of computers. Instead of ordering the order by the broker, the market maker puts his name in the list of buyers and sellers, and NASDAQ divides it into several thousands of other computers and distributes it. If you wish to purchase stock traded on NASDAQ, the broker calls the transaction information to the market maker or enters the order into the online execution system organized by NASDAQ.
Analogy of lawyer practice
There is also a process for legal practitioners as the market for trading corporate securities has evolved significantly over the past 40-50 years. The simplest observation to look at this is the physical space the document consumed in law practice. There is no danger of dumping paper with certificates, contracts, signatures etc, but the whole warehouse full of documents related to the fixed incident is literally (and possibly remaining in them) It occupies an expensive square foot in office buildings. Remote offsite sites that can track the contents of barcode readers and wireless handheld devices, if the documents need to be suddenly created, can often resign.
In recent years, it closely resembles the stock exchanges, but significant improvements have been made in both the technology and the court which accepts alternative evidence in the paper. The emergence of electronic discovery meant that client data stored in a computer database was equivalent to evidence that it was replaced. Lawyers no longer need to appear in court in paper boxes to support their case. Instead, a summary of what is present in the file may be used before trial, possibly prompt reprinting from the computer's database as needed.
Paper for digital assets
These documents use a fast scan tool that can add barcodes while there are several areas where paper is requested, namely contract signature, receipt notification of goods or services, and / or notification of HIPAA guidelines It is also stored in the computer repository There are labels and tags that help to generate case-sensitive indexes. Sometimes we refer to all relevant assets, including scanned documents and images, emails and other electronic information related to a particular case, as the center of concern. Briefly, rather than saving information alphabetically by the client, it is possible to simply review, check the status, and process it properly, simply by associating all the electronic data with the concerned matter.
Law practice workflow
A workflow is a faction term indicating that it is just a process. How do companies need to create workflows for their practices and / or for compliance with the law concerning problems? Typically, this means that clients place or collect the facts of the problem, create a case file containing the contact information of all relevant parties, add medical reports, police reports, insurance information etc. Information begins with the process for appealing the problem
Many of them are routine as technical improvements, and if a bottleneck is discovered, the possibility of delaying case advancement by minimizing or avoiding future bottlenecks is Yes.
Office Resources
It may vary depending on the size of the company, the number of places, the size of the legal matter investigated, but the staff usually has a one - to - one lawyer. This staff may include paralegals, office assistants, billing coordinators, and / or other resources used by attorneys who generate income for the company to concentrate on billable work. This works well for very small companies or single companies, or, in contrast, very large companies that can share human capital among lawyers.
Outsourcing information gathering
Technically it is not a bottleneck, but gathering information from third parties such as hospitals, doctors, laboratories, other medical information providers, etc. may be a difficult task, and there is a possibility of personal injury, medical In case of type of error and / tort. Imagine a class action lawsuit against medical device manufacturers that injured hundreds if not thousands. Collecting each of these records 'orders' is the same as trying to trade large stocks such as Microsoft and Starbucks before computers emerge on the stock exchange floor. Simply break the workflow.
In these cases, there is a cottage industry frequently called by specialist experts Medical record search specialist (Or MRR for short) has technologies with medical institutions, and often has the correct form, contacts, relationships, responds promptly to the request without resorting to the talent of the submitted law firm I will.
Because these professionals deal with this subject matter, the workflow that can be offered to the practice of law is much more efficient, so that the cost of the enterprise is reduced and a hard cost invoice client From. In addition, MRR should be modified with the latest documents required by HIPAA and more recent state and federal regulations of compliance with HITECH law.
Overview
More than 100 years ago, some gentlemen met under the NYC tree and decided to export various goods, stocks and banknotes. Later, the process would have been replaced by a machine called a tickertape, which allows traders to enjoy the comfortable environment of the office while tracking their investment and transactions. It will take another 40 years until the terminal, keyboard, and CRT screen will be able to make personalized transactions through mainframe computers housed in raised floor rooms somewhere offsite. Today, these transactions can be performed using either smartphones and cell signals or WiFi connections.
These advances are progressing in both legal and medical fields, making it easier and more efficient to practice these arts, maintaining competitiveness with other companies, and increasing the probability of success. Introduce outsourced medical record search providers using cloud-based secure web access and state-of-the-art software applications to reduce costs, mitigate violation risks, quickly maintain law firm workflows, And seamlessly.
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