Maintaining organized, accessible medical records is essential for high-net-worth (HNW) families. Reliance on doctors and hospitals to communicate effectively or access your medical records, even accessing your “MyChart,” does not assure the level of preparation and planning that your health care deserves.
Ask yourself: How prepared are you for board meetings, mergers or business acquisitions? How prepared are you when you go to a doctor's appointment?
Preparing a medical history summary and medical record management ensures continuity of care across providers, aids emergency preparedness and protects privacy. Yet family offices often need help with the complexity and fragmentation of health care systems. This guide provides actionable steps for family offices and HNW advisers to streamline medical record management, enhancing security and quality of care — with the preparation and planning for what matters most.
The importance of a medical history and summary
Essential preparation: For HNW individuals and families, maintaining an up-to-date medical history summary is an essential investment in health and peace of mind. Think of this as a health care executive summary. This has a vital role in preventive, routine health care. It is ideally created and reviewed by a doctor so it reads the way a doctor wants and needs it to be organized.
Immediate access in emergencies: In critical situations, every second counts. Having a secure, cloud-based, comprehensive medical history summary readily available — including allergies, medications and past diagnoses — ensures that emergency medical teams have instant access to essential information like allergies, chronic conditions, past surgeries and current medications. This saves time and enables the best possible care, potentially avoiding life-threatening complications from delayed or incomplete information.
Streamlined care across specialists: HNW individuals often seek care from specialists or top providers across multiple locations, leading to fragmented records. A centralized summary helps doctors quickly understand a patient’s health status without relying on piecing together information from various providers. This continuity minimizes the need for redundant tests and keeps providers informed, facilitating more effective and efficient care. Direct doctor-to-doctor conversations before and after those appointments further elevate the level of care one can receive.
Minimized medical errors: Medical errors, particularly those involving drug interactions or allergies, can have serious consequences. A well-organized summary helps prevent errors by allowing health care providers to easily verify a patient’s complete medical history. This transparency is vital for patients with complex or chronic health issues who may be prescribed medications by several specialists.
Reduced stress for family and advisers: In emergencies, family members and advisers are often required to make quick decisions, sometimes with incomplete or inaccurate information. This alleviates pressure by providing precise, documented details that help family members or advisers make well-informed choices when it matters most.
The importance of medical record management
Enhanced privacy and security with control: HNW families can choose what information to share with specific providers, protecting sensitive data while ensuring that the correct details reach the right professionals. This empowers individuals to take ownership of their health care information, maintaining privacy and quality of care. Medical records contain susceptible information, making privacy paramount.
Preparation and control: In short, it isn’t just about preparedness; it’s about giving individuals and families control over their health care journey, safeguarding against risks and ensuring they’re positioned for the best outcomes in any medical scenario. Preparation and planning matter more than ever in health today.
Continuity of care: Complete medical records help physicians understand a patient’s entire health history, reducing redundant tests and potential medication conflicts. For HNW clients who consult specialists globally, centralized records are critical for consistent and informed care, especially for those with complex health needs.
Challenges family offices face
Communication and access: Many HNW clients now rely on local concierge physicians for their primary care. However, that is usually limited to that local provider's geographic location and relationships. Family offices may need time-sensitive or individualized specialized solutions to provide a direction of care, especially for clients receiving care in multiple locations.
Fragmented records: HNW clients often have health care histories scattered across specialists, hospitals and countries. Collecting and organizing records into a unified system is challenging, mainly when data formats vary across providers.
System incompatibility: Many health care providers use incompatible electronic health record (EHR) systems, creating barriers to consolidation. Family offices can circumvent this issue by encouraging creating a summary to unify records across different platforms, especially for clients receiving care in multiple locations.
Practical steps to manage and track medical records
Adopt a secure digital platform: Choose a HIPAA-compliant platform to store and manage records securely. Cloud-based options offer flexibility, while on-premise storage suits clients with stricter privacy needs.
Centralize and digitize: Consolidate all records, including paper, into one digital archive. Ideally, it is reviewed, edited and organized by a doctor who understands what is essential.
Schedule regular updates: Update the summary with medical records after each routine or significant health care interaction to keep them current. Coordinating between a patient and a health care advocate ensures accuracy and consistency.