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Electronic Health Records (EHRs) are defined as digital records that contain patient health information. They are designed to provide a comprehensive and up-to-date view of a patient's health history, which can include details about treatments, medications, allergies, lab results, and more. The key advantage of EHRs is their ability to be accessed and shared easily among healthcare providers, facilitating coordinated care and improving patient outcomes. The digital format also allows for more efficient data management, storage, and retrieval compared to traditional physical documents.

By contrast, the other options do not accurately capture the essence of EHRs. Physical documents are not digital and lack the accessibility and sharing capabilities of EHRs. Standardized codes for billing are crucial for healthcare administration but do not serve as records of health information themselves. Insurance plans for electronic consultations focus on payment structures rather than the actual health records needed by providers to deliver care. Hence, the correct understanding of EHRs highlights their role as a digital tool that enhances patient care through comprehensive health documentation.