Why Is HIPAA Compliance Important and Worth the Cost?
51% of providers did not comply with the rule. Some of the reasons for non-compliance are:
Lack of understanding what HIPAA requires
Insufficient I.T. security protocols
Afraid that compliance will cost too much
Employees not being properly trained on compliance HIPAA compliance is important for a number of reasons, not the least of which is that it’s a requirement for any healthcare providers and those that may work with them and have access to PHI. Complying with HIPAA is also often just common sense when it comes to data and network security.
Reasons Your Healthcare Industry Business Should Focus on HIPAA Compliance
Non-Compliance is Expensive If your company suffers a data breach of confidential patient information or is reported by a patient for a HIPAA violation, it can lead to costly consequences. HIPAA fines levied so far in 2020 range from $3,500 to $6,650,000. If companies are found to be negligent in a violation, meaning they did not have proper HIPAA compliance structures in place, then fines are higher. Penalties can range from $100 to $50,000 per each incident or record exposed. Serious violations can also carry criminal charges.
Complying with HIPAA Improves Your Cybersecurity Any business needs to have a good cybersecurity strategy in place to prevent data breaches, malware attacks, fileless attacks, and other costly security incidents. When it comes to compliance with the protection of digital patient records, HIPAA compliance is really just smart cybersecurity best practices. HIPAA recommendations for protecting electronic PHI (e-PHI) involve strategies such as:
Workstation and device security
Data breach protections
Secure storage and retention
Employee awareness training
Password security Each of these activities will strengthen your company’s overall I.T. security, protecting you from a breach or malware infection at the same time as keeping you HIPAA compliant.