What is HIPAA?
HIPAA became law in 1996 and has grown in scope and enforcement over time. Despite HIPAA’s long history, many people are unaware of what it was, what it has become, and how the changes affect covered entities. The current HIPAA law is the HIPAA Omnibus Rule, which was passed in 2013. The full text of the HIPAA Omnibus Rule is available here. The Omnibus Rule codifies a number of different changes to the original HIPAA legislation. In the years since HIPAA’s passage into law, it has become clear that the original version lacked the scope and enforcement capabilities required for proper implementation.
Benefits of HIPAA Compliance Solutions
HIPAA compliance is a complex and ever changing field. To be compliant, you will need to put in a lot of effort and time.
It isn’t cheap either. A study last year found that the average cost of HIPAA compliance is $10,000 annually and some organizations spend more than $500,000 on it every year.
So what are the benefits? The major benefit is that HIPAA compliance ensures patient data privacy and security. It also helps with reducing fraud by requiring you to closely monitor your employees or potential risk factors such as vendors or subcontractors on your system.
Although HIPAA compliance is required for healthcare organisations, it also has several advantages. The advantages of HIPAA compliance are discussed further below.
Being HIPAA compliant can benefit your business whether you are a covered entity, business associate, or managed service provider. Trust, loyalty, profitability, and differentiation are all advantages of HIPAA compliance.
HIPAA-compliant organisations are more trustworthy. This is because patients, prospective patients, clients, and prospective clients know you take the security of their sensitive data seriously. PHI (protected health information) is one of the most vulnerable and sought-after types of data. You must implement safeguards to ensure the confidentiality, integrity, and availability of PHI when you are HIPAA compliant. As a result, HIPAA-compliant organisations are more secure and trustworthy.
Increased patient/client loyalty is one of the primary advantages of HIPAA compliance. When a patient/client knows they can trust your organisation, they are more likely to continue using your organisation for their needs.
Differentiation is a term used to describe the process of distinguishing oneself from others It has never been more important to distinguish your company from the competition. Working with Compliancy Group to manage your HIPAA compliance programme is an excellent way to accomplish this. Clients receive our Seal of Compliance TM after completing our process (SOC). The SOC can be displayed on your website and in your email signature, demonstrating to your visitors your commitment to compliance.
Understanding HIPAA Compliance
Before we get into the many advantages of HIPAA, let’s define what HIPAA compliance entails.
In its most basic form, HIPAA is a government act that safeguards patients’ private and personal information. It protects both individual rights and the rights of employers and organisations.
Another thing to keep in mind about HIPAA is that it does not only apply to in-person medical organisations.
As telemedicine has grown in popularity, particularly during the COVID-19 pandemic, new regulations have been put in place to protect virtual healthcare providers. And, when it comes to telemedicine and HIPAA compliance, you’ll have to follow a whole new set of rules.
HIPAA COMPLIANCE STANDARDS FOR PROTECTING PATIENT DATA
Companies that provide healthcare coverage to their employees are required by HIPAA to have certain safeguards in place – and to ensure that they are followed by all employees, contractors, and other entities – to protect PHI from unauthorised access.
Among the security measures are:
Physical safeguards: Restricting access to and control over PHI necessitates authorised access (e.g., keycard or password) for anyone to gain access to electronic media, workstations, or files. These physical safeguards also protect the electronic protected health information transfer, removal, disposal, and reuse (ePHI). To be HIPAA compliant, businesses must have policies in place governing who can access patient information.