In 2020, there were 642 data breaches
reported within the healthcare industry, a 25% year-over-year increase. It is clear that health records are often under attack as criminals aim to create false identities, commit insurance fraud, or illegally obtain medicine.
Thus, with the number of cyberattacks growing, it’s more important than ever for healthcare providers to secure patient personal information. This is where the Health Insurance Portability and Accountability Act (HIPAA) comes in.
HIPAA regulates the flow of healthcare data and was created primarily in the interest of patients. In short, it ensures that their personal information is protected from data breaches, fraud, and theft.
As you can see, the advantages for patients are pretty straightforward. However, as a healthcare company, you might be interested in knowing how you will benefit from
developing a HIPAA compliant app.
Let’s take a look.
The Benefits of Software HIPAA Compliance For Healthcare Firms
There’s a multitude of benefits to being a HIPAA-compliant organization. Not the least of which is the fact that it’s a mandatory regulation, so by adhering to its recommendations you’re automatically following government-approved best practices.
However, five other advantages can motivate you to follow through on your compliance level.
Increasing Trust
Any healthcare practitioner that wants to be trusted, should ensure that their software is HIPAA-compliant. Such a “seal of approval” serves to showcase professionalism and make patients feel safe when interacting with medical digital solutions that may record personal information.
Boosted Loyalty
As a result of increased trust due to HIPAA compliance, patient loyalty will also observe a boost. After all, once your visitors trust you, they won’t risk going to another facility. In the modern-day of ever-increasing options, loyalty is hard to come by. So, don’t underestimate the long-term value it can bring.
Better Competitor Differentiation
Differentiating from competitors is of interest to any medical organization that wants to increase market share while simultaneously helping its patients. Thus, by creating HIPAA-compliant software, your company immediately stands out from the extensive array of healthcare providers.
Streamlining Administrative Tasks
HIPAA compliance can help your organization improve efficiencies and streamline administrative tasks through the coherent standards that leading medical institutions follow. By adhering to unified specifications, companies can easily and securely share electronic health information with each other.
Avoiding Liability and Financial Penalties
In case of a data breach and non-compliance, your healthcare organization may sustain significant losses from fines. The amounts vary based on violation but are typically in the range of between $100 and $50’000. So, think twice before choosing to ignore HIPAA regulations.
Making Sure Your Software Complies With HIPAA
Now that you know how your healthcare organization benefits from HIPAA compliance, it’s time to check if you’re adhering to all of its recommendations and keeping patient information safe.
Of course, the additional work related to ensuring abidance can be off-putting, but in the long run, it’ll definitely be worth it.
So, don’t postpone checking your processes to ensure adherence and the next time you’re building healthcare software — make sure your partner is well-equipped in HIPAA compliant development.
