Category: Dentist, EMR, Information Management, Insurance, Law Firms, Legal, Medical, Record Management, Security, Storage
How Long Should I Keep My Records?
Ask most folks how long they have to retain their business records and they’ll reply, “7 years.” While that period of time may suffice for certain types of records, it is certainly not applicable for all business records. Sure, it’s necessary to keep documents pertaining to tax returns and statements, personnel files, payroll records, and accounts payable and receivable ledgers for example. But the retention periods for other types of records can vary greatly from industry to industry and state to state.
Service contracts for car dealerships for instance must be kept for 10 years, while general correspondence for businesses must be retained for either two or three years. OSHA requires employers to retain the medical records of employees who have been exposed to toxic and harmful agents for 30 years and of course business records such as financial audit documents, ownership deeds and shareholder agreements to name a few, should be kept permanently.
Keep in mind that retaining records for too long can create just as much liability risk as destroying records prematurely. If you are unsure how long to keep your records consult your accountant and/or attorney as they will know both State and Federal regulations regarding record retention for your business.
