eCast and kloudtrack® Team to Deliver Combined Electronic Health Record (EHR/EMR) and Health Information Exchange (HIE) Technologies to Medical Data Stakeholders

Raleigh, NC and Annapolis, MD (May 25, 2011) – eCast Corporation, a leader in electronic medical records (EMR) software and clinical integration products and services, and kloudtrack®, a leader in Information Exchange (IE) and governance/risk/compliance (GRC) technologies, today announced a strategic relationship at the SIIA All About the Cloud conference in San Francisco, CA.  This partnership will enable customers in healthcare/medical, pharmaceutical and related life science sectors to exploit the best of both companies’ core strengths through coordinated marketing, sales and services activities.

“Our partnership with kloudtrack® and their IE platform (branded as kloudexchange) is an incredible opportunity for the marketplace,” said Peter Bechtel, president and CEO of eCast Corporation. “This is the first combination of a Health IE integrated with EHR/EMR that we have ever seen.”

In support of the agreement the foundation of the partnership is a joint marketing arrangement between the two companies. eCast and kloudtrack® will jointly market their combined HIE+EMR product offering to IPAs, hospitals, physician organizations and other integrated delivery systems at a time when traditional IT automation options are cumbersome, costly and incomplete.

“Together with eCast, we are setting a standard of data management, process improvement and compliance that is unmatched in the industry today,” said Michael Binko, president and CEO of kloudtrack®. “This announcement with eCast emphasizes our commitment to bring disruptive technologies to markets that have been grossly underserved by status-quo IT vendors.  We are very pleased to be able to offer these solutions now because they are long overdue for the healthcare industry.”

eCastEMR Version 8.0 and kloudtrack® Version 5.1 are Comprehensive Meaningful Use certified products that directly address the ARRA requirements of Meaningful Use as well as Accountable Care.  eCast was first certified in 2007 and then became Meaningful Use certified in 2011 while kloudtrack® was formally certified* in 2010.

About kloudtrack®: Headquartered in Annapolis, MD kloudtrack® is a Software-as-a-Service, cloud computing (SaaS|Cloud) company offering Governance, Risk Management and Compliance (GRC) technologies and solutions for Business Process Management and Human Interaction workflow.  kloudtrack® integrates best-practices management with audit-trails that place a premium on monitoring users, data, transparency and collaborative processes as they relate to sensitive data assets.

About eCast Corporation: eCast Corporation was established in 1999 as a healthcare informatics company that uses software and technology to enrich doctor networks with state-of-the-art-tools. eCast has a team of highly motivated employees dedicated to providing the best solutions and services available in the industry. The company’s strength is generated from its commitment to clients, industry, shareholders, and employees.  eCast offers innovative solutions for large organizations of physicians such as IPAs, PHOs, MSOs, ACO’s and other integrated systems. Ranging from clinical integration to disease risk management to a Certified Health Information Exchange, eCast has the software solutions physician groups need and can afford.

# # #

Keywords:

Kaulkin Information Systems, kloudtrack, eCast, KISTrack, Technology, GRC, Governance, Compliance, Data Management, Software as a Service, software-as-a-Service, SaaS, Cloud, Cloud Computing, Software, Practice Management, Health, Hospitals, Information Technology, Data Management, Data Solution, Innovation, Risk Management, Risk Mitigation, Risk, Transparency, Audit, Data Solution, Healthcare, Medical, Meaningful Use, Health, Hospitals, Information Technology, Practice Management, Software, Telecommunications, ARRA, Stimulus, EMR/EHR.

*   kloudtrack® 5.1 was inspected by the Certification Commission for Health Information Technology (CCHIT®) in February 2010 and is preliminary certified EHR technology, meeting 2 of 24 requirements for Eligible Providers published by the U.S. Department of Health and Human Services (HHS) in its Interim Final Rule. The certification criteria in the interim rule were superseded by criteria in the Final Rule published by HHS on July 28, 2010.  Use of kloudtrack 5.1 would not qualify an eligible healthcare provider to apply for federal incentive payments as described in the American Recovery and Reinvestment Act (ARRA).  Numerous factors relate to ARRA stimulus reimbursement.

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OnJune 21, 2011, posted in: Press Releases by

kloudtrack® to Be Presented at Cloud/Gov 2011

Discussion of Critical Role of SaaS|Cloud in Providing Transparency, Compliance and Cost Savings

ANNAPOLIS, MD – February 14, 2011 – kloudtrack®, a (SaaS|Cloud) technology and solution services company, will be featured during the State and Local Case Studies presentation at the 5th annual Cloud/GOV 2011 conference from 9:00 a.m. – 9:45 a.m. on February 17, 2011 at The Westin in Washington, D.C. During the session, Sarah Djamshidi, Executive Director of the Chesapeake Innovation Center (CIC), America’s first business accelerator for government and homeland/national security initiatives, will discuss why CIC is currently evaluating kloudtrack® for its SaaS|Cloud initiative.

CIC is currently evaluating the kloudtrack® (SaaS|Cloud) platform from Kaulkin Information Systems (KIS) as its kloudfile and kloudflow integrated SaaS application modules allows stakeholders secure access to sensitive data anytime/anywhere. The platform also features built-in workflow/collaboration capabilities with transparency and audit-ability.

“Managing large amounts of data flow in an affordable and secure manner was a top priority for the CIC when it started looking for IT solutions to automate the deal-flow process and data archiving needs,” said Sarah Djamshidi, CIC Executive Director.

The kloudhub™ module, which facilitates full integration of data from any industry-standard data repository, will enable CIC to extend its existing IT systems to the Cloud for much less cost, time and resources than with traditional hardware and software offerings.

“The kloudtrack® case study presentation will provide valuable insight into how organizations can modernize IT ecosystems through cost-effective Cloud technology that easily integrates with existing legacy systems,” said Michael Binko, CEO of kloudtrack®. “Cloud technology frees vital resources and budget currently used to maintain redundant legacy systems by offering a secure, governed and compliant solution that increases functionality, transparency and efficiency within an organization. Anyone who cares about these issues should not miss the case study presentation.”

Cloud/GOV 2011 brings together IT purchasers from federal, state and local government, independent software vendors, system integrators and other influencers to address the government’s movement towards SaaS and Cloud Computing. For more information on the case study or to register for the Cloud/Gov conference, please visit http://siia.net/cloudgov/2011/. The conference is free to government IT purchasers with a valid Federal, State or Local ID.

About the Chesapeake Innovation Center

The Chesapeake Innovation Center (www.cic-tech.org) is America’s first business accelerator for government and homeland/national security initiatives. The CIC mission is:

  • To scout technology innovations and solutions (on a national scale) in the areas of national, homeland and cyber security that can bridge the newly identified capability gaps for our Government, Homeland Security and Intelligence Community partners. And
  • To accelerate the growth of small businesses and provide hands-on assistance to regional entrepreneurs to guide them towards specific capabilities/solutions that match our partner community, thus bringing technology innovations to the government market.

CIC has scouted, screened, vetted and presented more than 180 technology companies from across the nation for the CIC partners. In addition, CIC has provided assistance to more than 36 small businesses to date. CIC services include access to potential customers, partners, government agencies and system integrators, hands-on coaching and assistance from experts, market strategies, fundraising and other milestone oriented services to help emerging technology companies succeed in the market place.

About kloudtrack®

kloudtrack® offers simple, yet powerful and affordable, hosted Software-as-a-Service and Cloud (SaaS|Cloud) computing governance, risk management and compliance (GRC) technologies. kloudtrack® is one of the first technology and solution providers to address specific international, federal, state and industry-imposed regulatory compliance standards in SaaS|Cloud environments across multiple vertical industry sectors. This understanding and integration of GRC factors truly sets kloudtrack® technologies, solutions and intellectual property apart in the market.

kloudtrack® is a Chesapeake Innovation Center (CIC) portfolio-company and was recently selected by Microsoft® Corporation for its Startup Accelerator Program – an initiative that highlights companies developing unique and innovative technologies on Microsoft platforms.

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OnFebruary 18, 2011, posted in: Press Releases by

kloudtrack® CEO Moderates CIO Panel at Cloud/Gov 2011

Michael Binko Leads Discussion on Role of Cloud Computing in Government

ANNAPOLIS, MD – February xx, 2011 – kloudtrack®, a (Saas|Cloud) technology and solution services company, announces CEO, Michael Binko will moderate the Government CIO Panel at the 5th annual Cloud/GOV 2011 conference from 1:15 p.m. – 2:15 p.m. on February 17, 2011 at The Westin in Washington, D.C. The Government CIO panel will be one of many discussions taking place at the one-day conference, which brings together IT purchasers from federal, state and local government, independent software vendors, system integrators and other influencers to address the government’s movement towards Saas and Cloud Computing.

The panel, consisting of leading government chief information officers, will share their perspective on cloud computing in the government and what it means to each agency. The panel will address current and future procurement requirements for Cloud|Saas capabilities, primary goals and objectives for each agency’s cloud initiative and metrics for evaluating the return on investment.

“Government agencies have a real opportunity to tap into the power of the cloud to drive down costs and increase performance across government agencies,” said Michael Binko, CEO of kloudtrack®. “Migrating data to a secured, governed and compliant cloud platform can help CIO’s and other IT purchasers realize economic gains, reduce redundancy and increase productivity across an organization. I look forward to moderating a meaningful discussion of the role of cloud in government, especially among such an esteemed group of government leaders.”

Cloud|GOV’s Government CIO panelists includes Thomas Bayer, Chief Information Officer, Securities and Exchange Commission; Lawrence Gross, Deputy Chief Information Officer, Department of Interior; Henry Sienkiewicz, Chief Information Officer, DISA; and Keith Trippie, Executive Director of Enterprise System Development, Department of Homeland Security.

For more information on the panel or to register for the Cloud/Gov conference, please visit http://siia.net/cloudgov/2011/. The conference is free to government IT purchasers with a valid Federal, State or Local ID.

About kloudtrack®
kloudtrack® offers simple, yet powerful and affordable, hosted Software-as-a-Service and Cloud (Saas|Cloud) computing governance, risk management and compliance (GRC) technologies. kloudtrack® is one of the first technology and solution providers to address specific international, federal, state and industry-imposed regulatory compliance standards in Saas|Cloud environments across multiple vertical industry sectors. This understanding and integration of GRC factors truly sets kloudtrack® technologies, solutions and intellectual property apart in the market.

kloudtrack® is a Chesapeake Innovation Center (CIC) portfolio-company and was recently selected by Microsoft® Corporation for its Startup Accelerator Program – an initiative that highlights companies developing unique and innovative technologies on Microsoft platforms.

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OnFebruary 10, 2011, posted in: Press Releases by

Kaulkin Information Systems® Announces New kloudtrack® Brand Identity

Corporate Name, Logo, Marketing Themes/Concepts, SaaS|Cloud Technology Name and Enhanced Web Site Also Unveiled

  

  

ANNAPOLIS and ROCKVILLE, MD –  kloudtrack® | Kaulkin Information Systems (KIS) today announced a broad overhaul of the company’s corporate and technology brand identities.  

  

The company’s recognizable “Sniper-View” logo has been refined – see below – to incorporate a cloud-blue color that invokes the company’s expertise and technology leadership in the Software-as-a-Service and Cloud (SaaS|Cloud) computing categories.   

  

  

  

  

The new logo also recalibrates the tone and placement of the existing color palette in the Sniper-View logo to tie into a new marketing theme the company will be promoting that associates a single word with each of the four primary corporate colors (red, charcoal, green, blue) respectively.   

  

The marketing theme is:  

  

  

stop | think | go | kloud 

  

  

In tandem with the corporate logo and theme, the company is renaming and rebranding its company name and SaaS|Cloud technology platform.  Both the prior company name Kaulkin Information Systems and the prior product name KISTrack® will be changed to: 

  

 

    

Additionally, the company announced four new marketing concepts.  The first two revolve around the company’s SaaS|Cloud technologies and solutions highlighting the company’s market niche of Governance, Risk and Compliance (GRC) and core focus on simplicity in a challenging economy.   

  

These first two concepts are: 

  

The Human Side of Compliance® 

  

and 

  

Simple | Powerful | Affordable® 

  

  

The second two new marketing concepts concentrate on unique traits of the company’s kloudtrack® technology platform.  These traits include the ability to integrate with existing information technology (IT) assets and the ability to scale in deployment scope and size in a flexible manner – both critical differentiators in an economy that is requiring companies to “do more with less.” 

  

These two concepts are: 

  

The unCommon DataHub™ 

  

and 

  

Start Small … and Scale™ 

  

  

Finally, today the company also formally unveils its new corporate Web site.  The primary enhancements of the site include tie-ins to the new corporate brand elements (colors, logo, themes, concepts) combined with more basic navigation and site structure.  The site is immediately accessible at: 

  

www.kloudtrack.com 

  

The prior domain name www.kistrack.com will remain active though it will re-direct visitors to the new www.kloudtrack.com domain automatically. 

  

All elements of the new corporate brand were developed after consultation with kloudtrack® clients, partners and employees and were designed to be easier to use and better suited to digital and online use.   

“We think our new brand elements visually distinguish kloudtrack® in the same way that the quality and expertise of our people and technologies differentiate the experience of working with kloudtrack®,” said Michael P. Binko, president and CEO of kloudtrack®.  “Reinforced by the new visual elements is what the kloudtrack® team and brand really stand for — bringing technology | expertise | solutions to a wide variety of business challenges.  Beyond our capabilities and experience we want kloudtrack® to be known for building great relationships with customers and partners that help them realize long-term and meaningful value from their technology investments.”  

 

About kloudtrack® 

kloudtrack® is a technology and solution services company that offers simple, yet powerful and affordable, hosted Software-as-a-Service and Cloud (SaaS|Cloud) computing governance, risk management and compliance (GRC) technologies.  kloudtrack® is one of the first technology and solution providers to address specific international, federal, state and industry-imposed regulatory compliance standards in SaaS|Cloud environments across multiple vertical industry sectors.  This understanding and integration of GRC factors truly sets kloudtrack® technologies, solutions and intellectual property apart in the market.   

  

kloudtrack® is a Chesapeake Innovation Center (CIC) portfolio-company and was recently selected by Microsoft® Corporation for its Startup Accelerator Program – an initiative that highlights companies developing unique and innovative technologies on Microsoft platforms.   

  

For more information about KIS visit www.kloudtrack.com or for detailed kloudtrack® and Solution Services pricing information contact the company directly via telephone at (240) 499-3842 or via e-mail to sales@kloudtrack.com. 

  

# # # 

Keywords:  

Kaulkin Information Systems, KIS, KISTrack, KloudTrack, Technology, GRC, Governance, Compliance, Data Management, Software as a Service, software-as-a-Service, SaaS, Cloud, Cloud Computing, private cloud, virtualization, storage, disaster recovery, business continuity, eDiscovery, email archive, email surveillance, reporting, analytics, knowledge, knowledge management, collaboration, Certification, CCHIT, SaaS|Cloud, SaaS/Cloud, Software, Practice Management, Health, Hospitals, Information Technology, Capital Investment, Data Management, Data Solution, Finance, Financial, Financial Services, Investing, Investment, Technology, Venture Capital, Venture Investment, Early-Stage, Innovation, Capital Investment, Risk Management, Risk Mitigation, Risk, Transparency, Audit, Data Solution, Finance, Financial, Financial Services, EHR, EMT, electronic health, electronic health record, electronic medical record, supervisory procedures, business rules, Healthcare, Medical, Meaningful Use, Health, Hospitals, Information Technology, Investing, Investment, Practice Management, Software, Telecommunications.

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OnOctober 7, 2010, posted in: Press Releases by

Brevard County (FL) “Holds Court” With Automated Document Management, Workflow and Secure Collaboration

Court Clerk’s Office Replaces Big Iron Software with kloudtrack® SaaS-Cloud Computing Solution – Transparency, Staff Productivity and ROI Results Take Center Stage

By Jan M. Levine, CFP Founder and Chief Technology Officer,  kloudtrack®

Brevard County, Florida, is utilizing the kloudtrack® platform for critical data management and workflow that requires transparency and auditability owing to the sensitive nature of the data being processed.

The system processes over 25,000 scanned court record pages per day into four separate systems that are located in two different geographic locations – for redundancy and availability of all images and metadata.

All applications and business processes relate directly to county revenue as court proceedings and related data correlate to fees and fines that constitute a primary lifeblood of county revenue.

Meaningful ROI Increases County Net Revenues

Return on Investment (ROI) includes staff productivity, higher margin revenue, total cost of ownership (TCO) as it relates to IT expenditures, flexibility in how users and administrators access the system and greater risk mitigation/compliance with various data and process management guidelines.

This large county was frustrated with their old mainframe‐based scanning and data collection system that had long ago outlived its value. The combination of their scanning and barcode reading systems, both integral to this operation, was producing far too many errors. This resulted in staff personnel needing to manually enter increasing amounts of data each day.

kloudtrack® entered into a development contract to enhance existing data capture capabilities to include automated barcode indexing, real‐time interaction with the county’s aging Informix databases as well as several customized features to enhance operations and streamline exceptions‐handling when barcodes or mainframe data was found to be incorrect.

Interacting With Existing Information Assets

Further demonstrating the power of the kloudtrack® kloudexchange™ the solution includes interacting with a highly specialized service provider who auto‐redacts sensitive information in real‐time. Based on certain codes, thousands of selected files are sent to this provider and then returned so that they can be processed and posted in kloudtrack®.

The kloudtrack® kloudcapture™ utility has resulted in over 99% of documents being automatically and properly indexed. The few documents that contain errors are handled in an elegant exceptions management system that requires only a few mouse clicks for instant corrections and validation.

kloudcapture™ can be linked to virtually any database or data management system.

Scalability & Predictable Costs

Predictable total cost of ownership (TCO) and return on investment (ROI) are also two critical components that make SaaS a no‐brainer for State and Local government departmental usage.

To start, pricing models for SaaS‐Cloud computing typically have low points of entry and only increase as a company increases its use of the SaaS application. After signing on, SaaS‐Cloud offers better cost management, because there is no need to schedule an onsite update of users’ computers each time there is a security patch or other software update. With SaaS‐Cloud applications, edits to user profiles and upgrades to the applications are all completed automatically and remotely as a part of the service. This alone can mean a reduction in IT consulting expenses and can free up internal IT teams to concentrate on addressing other strategic needs.

In addition, the true TCO and ROI benefits shine through with the simple fact that hard‐costs of application server equipment and data center infrastructure are managed directly by the SaaS‐Cloud provider and not at risk if disaster strikes the place‐of‐business.

In short, there is little risk in testing the SaaS‐Cloud waters and managing deployments as well as the associated costs in a very scalable manner. Even though the story of SaaS‐Cloud is still in its early chapters, small and mid‐sized companies and government across a wide variety of industries are realizing that using SaaS‐Cloud technology – particularly for the purposes of disaster planning, recovery and business continuity – is decidedly in their best interest.

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OnJuly 26, 2010, posted in: Case Studies by

Collections Services: National Leader in Revenue Cycle Management for Hospitals

OUR CLIENT’S CHALLENGES

The confidential nature of patient billing records means our client has to be especially cognizant of privacy regulations, and this has been difficult with their process of handling multiple copies of paper files across multiple locations.

In addition, to efficiently coordinate the management of the accounts receivable function, they needed a streamlined process for securing paper files (i.e. correspondence to and from insurance companies, daily deposit receipts, daily remits, Explanation of Benefits statements (EOBs), patient registration forms, and copies of insurance cards and drivers licenses), and providing access to these files across a geographically dispersed region.

kloudtrack® SOLUTION

Rather than copying and mailing patient documents to our client, the hospitals scan and upload them to kloudtrack®. This greatly minimizes the possibility for lost paperwork and the possibility for unauthorized personnel to view private patient information (because fewer people are handling the documents), and it speeds the process of collection because time is not lost on mailing, copying and distributing documents. The administrators of each hospital also have access to the documents to help resolve issues almost instantly.

RESULTS

Our client has found kloudtrack®to be extremely effective in managing their own client relationships, and the hospitals are thrilled with the added benefit of secure file storage.

We are also working with this client to develop a sales channel model, as they are using kloudtrack® as a potential revenue stream; offering records storage service as a reseller to hospitals and hospital purchasing groups.

All of which results in COST & TIME SAVINGS and CLIENT SATISFACTION.

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OnJuly 25, 2010, posted in: Case Studies by

Financial Serivices: Financial Services Firm with 6 Branch Offices and 40+ registered Reps

OUR CLIENT’S CHALLENGES

To process their clients’ applications, make trades on behalf of their clients, or invest in mutual funds, all of the paperwork must be sent in hard copy to the central Office of Supervisory Jurisdiction for suitability assessments and approvals. The mail delivery alone causes delays in processing and incurs a real “dollar cost”. However, their approval process is further complicated by the fact that the person authorized to make the approvals must travel an hour each direction between his office and HQ to put his signature on the documentation.

At best, this scenario takes several days; if someone is out of town or they miss the mail drop-off for whatever reason, it is even longer. The end result is that the client’s investment cannot be put to good use in a timely fashion and their staff’s commissions are delayed.

kloudtrack® SOLUTION

Utilizing kloudtrack®, each branch office now can upload the investment documentation electronically from their Internet-based PC which the New Business Manager can access immediately online. She then creates an electronic “workbasket” with the appropriate forms and directs it to the “supervisor” for PIN approval. This process can be done in a matter of minutes, without incurring any additional mail/courier/overnight fees. However, kloudtrack®, takes it one step further.

Now, they have a permanent audit trail of who received AND acted on what documentation and when. In the event information is missing from a form, the supervisor can redirect the workbasket back to the appropriate office, provide his comments, and receive immediate notification when the completed form is ready. No longer can someone in the “route” claim that they didn’t see it or that they weren’t told what was needed. The permanent record is burned into the Ultra Density Optical drives of kloudtrack®,.

kloudtrack®, provides management oversight to a cumbersome process which was previously lacking.

  • It relieves the administrative burden of making copies, and preparing and waiting for mail packages before the next step can be completed.
  • It gives them flexibility to do their job regardless of their location.
  • It gives them the confidence that when the NASD and SEC come to the door with an audit request, they can provide the necessary documentation quickly and efficiently to prove they performed their job.

All of which result in COST & TIME SAVINGS and CLIENT SATISFACTION.

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OnJuly 25, 2010, posted in: Case Studies by

Start Small … and Scale™ — Because You Can in the Cloud

Best-Practices and Compliance Don’t Have to Involve Big IT Budgets

kloudtrack® Case Study Overview

Technologies and Services:  

SaaS | Cloud platform for data and process management

Solution Services related to Governance, Risk and Compliance (GRC)

kloudtrack® Modules: 

kloudflow

kloudfile

kloudexchange™

Industry:

Financial Services

(GRC) Governance, Risk Mitigation, Compliance

Organization(s): 

Lincoln Financial Network/Lincoln Securities Corporation

stop | think | go | kloud 

ROI Benchmarks in Financial Services are Proving the Value of SaaS|Cloud for Data Management, Workflow, Archiving/Retrieval, GRC, Supervisory Processes and Best-Practice Management

The emergence of sophisticated Cloud 2.0™ Software-as-a-Service and Cloud Computing (SaaS | Cloud) platforms is allowing enterprise management teams to quickly and efficiently deploy applications and capabilities that were traditionally only available from a “big iron” provider and at price levels that usually start in the 6-figure range per year.

Two operational areas that are at the center of this market evolution are compliance and risk management. With all the buzz about SaaS and the ROI benefits, we wanted to pause for a moment and take a closer look at an example of how this type of technology is directly benefiting owners/principals, CCOs, COOs, compliance and legal teams as well as IT professionals in specific market sectors.

This ROI Benchmark Case Study comes out of the Financial Services industry – the securities broker-dealer community to be exact – and relates directly to the use of SaaS platforms in instances of regulatory audit.

Compliance, Risk Mitigation and Audit Response Fertile Ground for SaaS Technology ROI

This kloudtrack® ROI Benchmark Case Study comes out of the Financial Services sector; however, the business issues – business process management, document archiving/retrieval, workflow, compliance, risk mitigation and best-practices –are exactly the same for just about any industry segment.

At the time of the study, Alan Pransky was a producing representative and registered principal for Patriot Financial. With offices located throughout New England, Patriot is one of the fastest-growing regional financial management firms in the region.  In addition to operating multiple branch offices throughout the greater-Boston area, Patriot also serves as an Office of Supervisory Jurisdiction (OSJ) for broker-dealer Lincoln Securities Corporation (LSC).

As is usual for branch offices of large independent broker-dealers (IBDs), Patriot is regularly reviewed by broker-dealer “home office” compliance officers and is also required to adhere to regulations and guidelines of the Financial Industry Regulatory Authority (FINRA, formerly NASD), state regulators and the Securities Exchange Commission (SEC).

When regulators request information, Alan and his team members have 24 hours to research and acquire the necessary information and then transmit it to the home office. Since these requests are always unexpected they cannot be budgeted for and, as such, require additional costs to the office and the individual.

Over the past 2 years, Patriot and the broker-dealer’s home office corporate compliance and IT teams reviewed and approved various solutions, including kloudtrack® SaaS|Cloud technologies, for use at their branch and OSJ offices for books and records maintenance, written supervisory procedures (WSPs), compliance, risk mitigation and to assist with ensuring best-practices related t0 business process management (BPM).

Shortly after this corporate approval, Patriot deployed the two primary kloudtrack® Modules – kloudfile™ and kloudflow™ – in a pilot program designed to address data/document management, WSPs, workflow/business process management, compliance and risk mitigation.

Using the kloudtrack® kloudfile Module, Patriot immediately began converting hardcopy account records into digital data using basic OCR scanners and easily uploading the information to the kloudtrack® SaaS |Cloud platform. 

Beyond simple electronic storage, kloudtrack® incorporates complex search and retrieval functions and full workflow capabilities (kloudflow Module) that allow team members and executive management alike to share records in a secure environment with an audit trail of accountability built-in.

“In March, we were having our quarterly compliance meeting when we were notified during the meeting that a recent FINRA Home Office Audit had selected several of our variable annuity accounts for further review under FINRA compliance guidelines.  We conducted a Benchmark ROI Study for that single regulatory review instance and calculated a hard-dollar savings of more than $4,000 when the metrics of lost business and down-time various team members were calculated.”

Since kloudtrack® was implemented my sales productivity has tripled over the same period of the previous year. 

“On the Clock” – Timeliness a Key Factor in Compliance Audit/Risk Mitigation … 

In March, we were having our quarterly compliance meeting when we were notified DURING THE MEETING that a recent FINRA Home Office Audit had selected several of our variable annuity accounts for further review under FINRA compliance guidelines.”

 — Alan Pransky, Patriot Financial

In this instance, before the end of the meeting the home office person who was also in attendance informed Alan that, utilizing kloudtrack®, home office personnel were able to find all of the documentation they needed to submit to the FINRA.

“Normally, I would have had to travel the next morning to our OSJ location – which is more than 70 miles away – to begin the tedious tasks of researching and assembling information to comply with the regulators’ requests.  Keep in mind, these 1.5 hours of travel each way would be billed to the OSJ and are unproductive time for both me, as I am a producer, and the OSJ.  Use of kloudtrack® basically eliminates my need to travel to the OSJ as I can do virtually all of my work remotely,” added Pransky.

What could have been a hectic 24-hour period for Alan, his office administrator and various additional Patriot producer-reps ended up requiring absolutely no time to resolve.

“Before kloudtrack®, each time there was a surveillance request we would have to stop to research the matter and/or contact the representative. Then, we would have to copy the material and send it to the home office examiner.  This whole process could take half an hour or more and could occur several times each month. One of the best parts of the story is that by the very nature of kloudtrack® being SaaS|Cloud we were able to do all the work remotely,” continued Pransky.

 

Productivity ROI Already Included

Beyond the risk mitigation, compliance/audit preparation and response, Patriot has also tallied considerable savings from a productivity perspective during the kloudtrack® deployment – more than $1000 per month in additional hard-cost courier, delivery and postage fees alone – through greater productivity and by being able to put client investment dollars to work quicker.

Highlighting this point Alan emphasized, “Since kloudtrack® was implemented my sales productivity has tripled over the same period of the previous year.”  This was in large part because of his ability to remain in his office where his personal productivity is the greatest by utilizing the remote access features of kloudtrack®.

“The value-proposition of this type of capability cannot be emphasized enough and quickly garnered the attention of Patriot’s owners and the executive teams at the broker-dealer home office. Essentially, in just one review/audit instance the ability to efficiently organize our data from the moment an account is generated, combined with the ability to respond quicker and involve fewer internal employees during such reviews and audits, more than paid for the monthly kloudtrack® technology costs,” added Pransky.

Start Small and Scale

Industry analysts such as Gartner, Forrester and IDC agree that many businesses — particularly in the SME or mid-market — should be taking a closer look at their business processes and the new landscape of SaaS and outsourced enterprise applications.   The total cost of ownership (TCO) is often very low and the return on investment (ROI) is often realized in a very short period of time.  At a fundamental level, the benefits of SaaS platforms address both the goals of senior management and the best-practice needs of compliance and IT departments.

Also, adoption of SaaS | Cloud applications can begin small and scale infinitely so, go ahead pick a “pilot” program, develop some tangible metrics for ROI success and execute. You might be surprised how easy and effective these technologies can be.

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OnJuly 25, 2010, posted in: Case Studies by

The Human Side of Compliance™

SaaS | Cloud Computing Takes Document Imaging, Workflow, Audit Response and Risk Mitigation to New Levels

Written by:  Michael Binko, president and CEO, kloudtrack®

Much has been made in securities and insurance communities over the past few years about using technology to assist in transaction-based compliance monitoring.  From suitability and AML to best-price trading the technology community has rallied around tracking, tracing and logging securities transactions from virtually every angle. 

Nonetheless, during the same time-period both the volume of SEC/FINRA regulatory audits and the amounts of fines levied in enforcement actions consistently doubled year-over-year.   Similar compliance challenges are confronting stakeholders in Healthcare Reform, Government 2.0 and other industries where privacy and transparency must be balanced.

One might wonder, “How can this be?  If organizations are investing so heavily in scrutinizing financial transactions and medical records/payments where are compliance break-downs occurring?” 

The answer is elementally simple yet two-fold:  Documents and Humans!

 

  1. Documents:  The first challenging reality is that, no matter how automated and thorough transaction monitoring tools are, every piece of broker-dealer business is ultimately processed using some type of paper or electronic document/form.  This element of the industry is at once fundamental and profound.  While both paper-based and paperless systems can accomplish the same end results, firms struggle with providing options for employees that are consistent across both models.
  2. Humans:  The second and even more fundamental aspect of securities and insurance transactions is the fact that all pieces of business are finalized only with the direct involvement and activities of individuals – clients, reps/producers, registered principals, IT staff, operations, as well as legal and/or compliance team members, to name a few.  While typically well-trained and equally well-intentioned the simple fact is that this Human Side of Compliance™ is largely responsible for the majority of compliance, legal and risk management break-downs. 

 

The cross-section of these two tenets of securities/insurance business is precisely where the next level of operational efficiency, supervisory process and regulatory compliance is already being found by many firms – no matter the size.

 

Meet Me at the Crossroads

On the document side developments in scanning, imaging, optical-character recognition (OCR), data-mining, archiving and sophisticated search-and-retrieve have been the norm for quite some time. 

The Human Side of Compliance, however, is much more difficult.  Once a document (whether paper-based or electronic) is ready for processing the challenges of reviewing and approving the document take center stage.  In the securities and insurance world that involves very meticulous supervisory procedures and review processes.   Capturing information related to who is handling the document and keeping an audit trail of associated data and review/approval events is critical. 

While cumbersome to automate, systems that fuse document management and human workflow capabilities with other front and back-office systems are providing the best results

Enter Software-as-a-Service and Cloud Computing

The good news is that there are technologies available that tackle the challenges of structured document management while simultaneously mitigating the risks of the Human Side of Compliance – and these technologies are not cost-prohibitive or difficult to implement. 

For more than a decade now one technology concept has emerged as the most viable platform for addressing quick enterprise growth, the challenges of critical document management and the subtleties of human compliance.  This concept is often referred to as Software-as-a-Service or Cloud Computing (SaaS | Cloud).  

In SaaS | Cloud scenarios, the software is not purchased and installed on a company’s server; rather, SaaS | Cloud platforms are accessed through the Internet using encryption techniques and full audit-trail technologies.  SaaS | Cloud has been changing the software industry at fundamental levels offering benefits to small and medium-sized companies because the basic features include:

  • Simplicity & Mobility
  • Security & Recovery
  • Scalability & Predictable Costs

With SaaS-Cloud, capabilities once only available to the largest firms are now easily attainable for small firms as well as individual practitioners. 

Scalability & Predictable Costs
Predictable total cost of ownership (TCO) and return on investment (ROI) are also two critical components that make SaaS | Cloud a no-brainer for growth-minded firms.

To start, pricing models for SaaS | Cloud typically have low points of entry and only increase as a company ramps-up its use of the SaaS | Cloud application(s).  SaaS | Cloud offers better cost management because there is no need to schedule an onsite update of users’ computers each time there is a security or other software update.  With SaaS | Cloud applications edits to user profiles and upgrades to the applications are all completed automatically and remotely as a part of the service.  This alone can mean a reduction in IT expenses and can free up internal or third-party IT teams to concentrate on addressing other more strategic needs.

In addition, the true TCO and ROI benefits shine through with the simple fact that hard-costs of application server equipment and data center infrastructure are managed directly by the SaaS | Cloud provider and are not at risk if disaster strikes the place-of-business.

Kaulkin Information Systems (KIS) is pleased to have been one of the original SaaS | Cloud pioneers and is one of the few vendors that it has been delivering its kloudtrack® family of SaaS | Cloud application modules to broker-dealers and other financial services firms for nearly a decade.  

We look forward to working with you!

In the meantime, we invite operations, legal, compliance, IT and executive management team members from our broker-dealer community to take a look at the results of a 9-month ROI Benchmark Study (http://www.kistrack.com/roi/roi_case_study.pdf) that highlights hard-dollar savings realized during instances of actual FINRA/SEC audit scrutiny.

 

 

Mike Binko is President and CEO of Kaulkin Information Systems (KIS), a leading provider of secure, affordable document management, workflow, compliance and risk mitigation technologies and solutions services.  Mike can be reached at mbinko@kistrack.com, or at 240-499-3830.   KIS information is also available at www.kloudtrack.com.

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OnJuly 19, 2010, posted in: Recent Articles by

IT Best-Practices Don’t Have to Involve Big Dollar Budgets

by Michael P. Binko, president and CEO, kloudtrack®

In recent issues of The KADRE™, we’ve taken a look at how federal, state and industry-mandated regulations are changing the way business needs to be done for the majority of small and medium enterprise (SME) businesses – no matter what industry they operate in.

We’ve also taken the 100,000 foot view of the changing landscape for enterprise software and how the emergence of SaaS and open-source technologies is opening a window of opportunity for SMEs.

This shift to Web-based/outsourced software allows SME management teams to quickly and efficiently deploy applications and capabilities that were traditionally only available from a “big iron” provider and at price levels that usually started in 6-figures per year.

This month, we’re going to take a closer look at an example of how this type of technology is directly benefiting owners, CEOs, COOs, compliance teams and IT professionals in the middle- market.

The case study comes out of the Financial Services sector; however, the business issues – business process management, document archiving/retrieval, workflow, compliance and best- practices – are exactly the same for just about any industry segment.

Alan Pransky is principal, partner and the defacto Chief Compliance Officer (CCO) for Patriot Financial. Headquartered in Boston, MA and with locations throughout New England and the Northeastern U.S., Patriot is a branch Office of Supervisory Jurisdiction (OSJ) for Lincoln Securities Corporation (LSC).  LSC is a securities broker-dealer which is part of the Lincoln Financial Network family of financial services companies.  Lincoln has more than 400 branch offices similar to Patriot.

Being an OSJ, Patriot is regularly audited by both Lincoln internal compliance officers, auditors from the Financial Regulatory Authority (FINRA) and audit/enforcement teams from the Securities Exchange Commission (SEC). During a typical audit, Alan and his team have less than 24 hours to turn-around answers or information that relate to specific questions asked by auditors — and the clock begins running as soon as the office is notified of the impending audit.  As a result, Alan and his team usually budget for between 12 and 24 hours of down-time per audit.

Earlier this year, Lincoln corporate IT teams reviewed and approved various technologies, including SaaS|Cloud technologies, for use at their branch and OSJ offices for audit response and risk mitigation. Patriot, which is one of the largest Lincoln OSJ offices, quickly deployed kloudtrack® which is a comprehensive suite of BPM, document management, workflow and compliance tools integrated into a SaaS technology offering.

Patriot immediately began converting hard-copy account records into digital data using OCR scanning and simply uploading the information to the SaaS|Cloud platform. Beyond simple electronic storage, kloudtrack® incorporates complex search and retrieval functions and a full workflow capability that allows team members and management to share records in a secure environment with an audit trail of accountability baked-in.

In March, Alan was on a business trip when he was contacted by his office manager stating that an auditor arrived at their Boston offices and wanted to begin a full audit of Patriot’s new account activation and records retention processes. Alan simply had the office manager to walk the auditor through the kloudtrack® database and instructed her to also create a temporary user account that the auditor could use to access and review Patriot records via the Internet.

To make a long story short, the auditor was so impressed with Patriot’s organization that the audit was concluded in less than an hour.  Alan estimated the hard-dollar savings during that single audit to be more than $4,000. To put that into perspective, Alan’s full SaaS | Cloud software costs for a year are less than $3,000. Beyond the audit preparation and response, Patriot has also tallied considerable savings on a daily basis through greater productivity and by being able to put client investment dollars to work quicker.

In summary, SME or mid-market businesses should take a closer look at their business processes and the new landscape of outsourced enterprise applications.  The total cost of ownership (TCO) is often very low and the return on investment (ROI) is often realized in a very short period of time.

Also, adoption of SaaS | Cloud applications can begin small and scale infinitely so, go ahead, pick a “pilot” program, develop some tangible metrics for success and execute.  You might be surprised how easy and effective these technologies can be.

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OnJuly 16, 2010, posted in: Recent Articles by