Each company, no matter its size or industry, should have a clear document retention policy. There should be a concise, step-by-step process for the entire lifespan of the document, including instructions for who it is distributed to, how it is digitized or stored, who has access to it, how long it is retained, where it goes pre-destruction, and how it is destroyed.
Citizens Business Archives can help you implement a secure, scalable system for indexing, storing, archiving, and destroying business documents. The details of the policy will be determined by each document’s category, and may depend on state regulations specific to the industry you’re in. Here is a closer look at how long your business should keep certain records depending on your industry.
Healthcare and Medical
Healthcare and medical offices generate and receive a wide variety of documents. Many of these contain Personally Identifiable Information (PII) or Personal Health Information (PHI), and are bound by HIPAA regulations. Arizona statute requires that health care providers retain originals or copies of patients’ medical records according to these specific guidelines:
- Medical Records – Six years after the last date of care for adults, and three years after the patient’s 18th birthday, or six years after the last date of care for minors
- Course Data – Six years from the date of collection or receipt
- HIPAA-Related Policies, Procedures, and Risk Assessments – Six years from the date of creation or last effectiveness
- Medicare and Medicaid Records – 10 years from the date of creation
- Diagnostic Reports and Medical Imaging – Five to 10 years
Financial
Businesses in the financial field, such as brokers, financial advisors, wealth management companies, fiduciaries, accountants, tax firms, and debt collection companies, may have stricter or more detailed document retention policies. This is because their documents contain financial information and other information that is confidential, sensitive, and vulnerable to fraud, misuse, and theft. Businesses must adhere to state regulations as well as FINRA, the SEC, and the CFPB, depending on their industry. In general, retention periods are:
- Books and Records – Six years from the date of creation or receipt
- General Records – Three to six years, depending upon the type of record
- Financial and Investment Records – Three to 22 years, depending on the type of record
- Credit and Debt Collection Records – One to three years
Legal
Attorneys and other professionals in the legal field generate a high volume of different types of documents. This could range from correspondence, intake paperwork, legal pleadings, estate planning and financial documents, and more. It’s important to understand how long each type of document must be retained in order to comply with federal and state-specific regulations:
- Standard Client Files – Standard client files that contain intake information, client data, and correspondence should be retained for up to seven years from the date that the attorney-client relationship ended.
- Trust Account Records – Five years after the fiduciary relationship ends
- Estate Planning Documents – Indefinitely, or two years after the client’s death
- Criminal, Corporate, and Real Estate Law Documents – Seven to 10 years or indefinitely, depending on the type of document and the specific matter at hand
Non-Profit
Non-profits maintain complex records because they deal with soliciting donations of money and in-kind gifts. They also may have a higher volume of people going in and out of their offices, which increases the risk of documents being mishandled or lost. If your office is open to staff, volunteers, visitors, donors, and those who receive your services, it’s particularly important to consider digitizing your records and investing in secure document storage and locked shred bins to protect personal and sensitive information. The specifics of your retention policy will depend on state regulations, industry standards, and the age and demographics of the community you serve. General guidelines include:
- Donor Records and Correspondence – Seven years
- Grant Documents – Seven years
- Financial Ledgers and Records – Seven years or indefinitely
- Client Records – Any records related to the specific community your non-profit serves should be retained according to the type of document
If you’re concerned about whether your company is complying with document retention guidelines, you should consult with a financial or legal expert. Citizens Business Archives can help you implement and streamline your policy by providing document pickup, indexing, archiving, and business document storage. We can store documents securely at our access-controlled facility, and deliver records to you as needed. We also offer secure document shredding for anything outside your retention period. Call us today at (520) 882-4434 or contact us online to get a quote for shredding services or document storage services in Tucson, AZ.










