That is correct. It gives you an electronic record of what you would otherwise store in a paper chart. In some instances, it is implemented so that it can be complementary to a paper chart. In other words, some processes can remain in a paper form, and some processes that are intended to be shareable or widely distributed can be in electronic form. In some instances, we have deployed the software in a completely paperless environment, where there is in fact no paper.
On April 1st, 2010. See this statement in context.