Instead of asking how electronic signatures help businesses, the easier question might be how do they not help businesses?
According to a 2020 MarketsandMarkets study, the global digital signature market is expected to grow from $2.8 billion to $14.1 billion by 2026. Projected growth like this is a key indicator of how businesses are changing. In fact, a recent Statista statistic showing how electronic signature transactions have grown in five years from 89 million to 754 million further cements just how essential they’ve become.
It’s no secret that technology has played a profound role in supporting how organizations grow and conduct business throughout the world. But what’s striking is how various industries can be significantly impacted in different ways.
In this article, we’ll take a look at how electronic signature usage specifically has altered processes for some popular industries and introduced valuable benefits.
The Universal Benefits of Electronic Signature Use
Before we dive into the unique benefits that electronic signatures can offer individual industries, we’ll take a look at how they can help in a broader sense. Below are some of the general benefits that e-signature users can expect no matter what type of organization they’re being used for:
Electronic signatures increase the rate at which important business processes can be completed, such as getting paid and obtaining permissions, by allowing documents to be signed and received in minutes.
Businesses and individuals can save big by using electronic signatures and reducing their need for paper and mailing services.
Costly paperwork errors can be significantly reduced using electronic signature software to send reminders to signers and mark necessary boxes as mandatory so they won’t be missed.
Document forgery, duplication, fraud, and theft issues are all reduced when electronic signatures are used in place of traditional pen-and-ink. Security is increased even further when digital signatures are incorporated.
Signers can easily complete necessary paperwork from anywhere by using electronic signatures.
Features like multiple signature completion, click-to-sign, completion tracking, and more make electronic signatures convenient for everyone involved.
Because electronic signatures allow for more centralized document storage and faster completion, it helps keep day-to-day processes moving and allows for better employee collaboration.
Enhanced Client Experience:
By allowing clients to sign quickly and from anywhere, businesses everywhere can provide an improved experience.
Looking for ways to improve your business growth and streamline processes? Contact eSign Genie today and see how we can help.
How Electronic Signatures Benefit Various Industries
While most businesses and individuals can experience the benefits mentioned above, there are personalized benefits according to industry that are also important to note.
Below, we’ll take a look at three popular industries that use e-signatures regularly and how their daily processes have been significantly improved by doing so.
The Healthcare Industry
As the healthcare industry moves towards less patient face-to-face time and is instead increasing remote interactions, tools like electronic signature software have become essential integrations for healthcare chief information officers (CIOs) and managers everywhere.
Electronic signatures have allowed healthcare systems to continue effectively providing high-quality care by:
Allowing Fast Collection of Protected Health Information:
Patient intake forms, chart notes, and various electronic health records (EHR) can be collected and distributed faster than ever with the speed and ease of electronic signatures.
Ensuring Better Bill Collection:
Bill collection within the medical industry can be complicated and lengthy. However, with the help of e-signatures, medical bills and agreements can be submitted, approved, and paid for faster. The streamlining of this process ensures better collection efforts for hospitals and medical offices, making expense tracking easier for patients and their families.
Supporting Care Collaboration:
These days, patient care is often collaborated on by various professionals, medical teams, and healthcare establishments. With the introduction of electronic signatures and EHR, healthcare professionals can coordinate and establish care for patients in need quickly and efficiently by sharing PHI and obtaining permissions.
Helping with Medical Procedure Approval:
Electronic signatures place the power in patients’ and their families’ hands by allowing for fast and easy medical procedure approval from anywhere. Helping with Medical Procedure Approval: Electronic signatures place the power in patients’ and their families’ hands by allowing for fast and easy medical procedure approval from anywhere.
Improving Overall Patient Satisfaction:
With improved speed and more efficient processes established by electronic signature software, overall patient satisfaction and care have significantly improved.
Securing Private Medical Records:
Paper medical forms can easily be lost, stolen, or misplaced, leaving private patient information and their corresponding medical history vulnerable. Electronic signature software provides a more secure method of sending, receiving, and storing PHI and allows medical institutions to comply more easily with strict HIPAA regulations.
Providing Quicker RX Receipt:
Electronic signatures have sped up the prescription process, allowing doctors to send and approve prescription medications for patients with the click of a button.
Local, state, and federal government institutions in all 50 U.S states use electronic signatures to correspond, coordinate programs, quickly process vital forms, process citizen applications, and more. Here’s how:
Tax forms for employee onboarding, quarterly tax payment forms, and payroll taxes can be sent and received easily from anywhere and within minutes.
Disability, veteran, loan, and other government programs are better streamlined and organized by allowing necessary paperwork to be signed and received by electronic signature software.
License Applications / Renewals:
Various state and federal licensure renewals, like driver’s licenses and medical licenses, can be renewed online. This improves the process for licensing institutions and frees up employees to process more license requests faster.
Social workers have the essential job of assisting those with disabilities and children and families with getting the care and support they need. E-signatures have allowed local and state agencies, such as the Department of Children and Family Services (DCFS) and Department of Developmental Disabilities (DoDD), to collect and share vital information and documents more efficiently. This improves the overall performance of social workers and the speed of assistance received by those in need.
Essential low-income housing programs run more efficiently by receiving and processing applications faster and in a more organized and auditable fashion.
The Financial Industry
The financial industry is perhaps one of the most positively impacted segments by electronic signature software. Here are some of the benefits financial professionals have enjoyed by employing the standard use of electronic signature software:
Elevated Customer Loyalty:
Because signing processes and signature requirements can be easily tracked with electronic signature software, it allows for better transparency and improved response times with clients; this leads to elevated customer loyalty and longevity.
Clients provide financial institutions with personal and sensitive information, making paperwork security more crucial than ever. With electronic and digital signatures, financial integrity and security can be better safeguarded through encryptions, certificates, and digital fingerprints.
Faster Approval Times:
Instead of waiting for signed paperwork by mail or dealing with appointment scheduling, essential documents can be signed and sent in a matter of minutes, thus speeding up the loan or payment approval process.
Nothing causes a bigger headache in the financial industry than a small (almost insignificant) error or missing initial or signature delaying the entire approval process. With electronic signatures software implementation, required signature and initial areas can be marked, and any mistakes can be quickly and easily fixed.
No one loves cost reduction more than those in the financial industry. By reducing paper, printing, and mailing costs, financial institutions have seen tremendous cost minimization through e-signature use.
Are you in an industry that can benefit from implementing electronic signature software? Sign up for a Free Trial today and see how eSign Genie can improve processes for your organization.