If you have worked one day in the Healthcare field you have heard HIPAA Compliance no less than 10 times a day. We all know the cost of not complying with the law, however many times Administrators don’t consider the cost of working to comply with HIPAA. We dive into the real cost of HIPAA Compliance and how to ensure your practice is up to speed while staying on budget.

 

We All Know The Cost Of Non HIPAA Compliance

HIPAA violations can cost anywhere from $100 for a small violation to $50,000 for a maximum penalty. HIPAA Compliance is one of the many things keeping Practice Administrators up at night, as this can cost more than just dollars. Having to terminate employment, finding a replacement employee and the paperwork involved cost you the most valuable asset that we all never have enough of- time.

 

HIPAA Compliance Is A Full Time Job

In many offices ensuring that your practice is fully compliant in every action, email, fax and phone call is a full time career.  Unfortunately adhering to the law is something that comes in addition to many other responsibilities. This ensures that something, not by choice, will eventually be missed because there simply is not enough hours in the day.

 

Two Decades Of HIPAA Compliance

So much has changed since since the law was first put into action in 1996. Only 18% of the United States had the internet, Mark Zuckerberg was still in middle school & cyber insurance hadn’t even been thought of at that time. As technology and more importantly how we use technology in the Healthcare field has changed so have the risks involved.

 

HIPAA Compliance By Design

Having a plan in place that ensures your compliance evolves with technology can be challenging. If you want to know the true cost of partnering with the right company who ensures your risks are covered, first your practice needs to determine the value of compliance. There are so many factors to consider when enacting the right strategy to keep your office up to speed.

 

Crafting The Right HIPAA Policy

Whether it is bringing in a consultant to help craft a policy specific to your practice or creating a medical compliance book these costs can add up quickly especially when we consider that legal preparation can cost $250 per hour or more. Think about the time away from patients and employees that Doctors and Administrators will spend, when they could be with patients. Every hour away from patients is an unbilled hour for your practice not driving revenue.

 

Protecting All Of Your Information

Backup Disaster Recovery can get costly in a hurry, especially when considering how quickly that technology changes.  Staying on top of your patients information is your responsibility and can be a full time job in itself. Vetting the right IT vendor, making sure they are compliant, ensuring that your risk is covered, there is so much time involved that it can quickly become overwhelming. Choosing a partner that can provide a full solution is a strategy that has helped many organizations focus on what is important to them- their patients.

 

Cyber Insurance To Combat HIPAA Compliance

 

Choosing the right level of protection in case of a cyberattack is a long time consuming process.  While this is not a requirement yet most organizations need a policy in place as cybercriminals target healthcare for their patients information.  Taking the time to understand the policy, the risks involved, and the proper amount of coverage all take away from providing an exceptional experience for your patients.  Who got into the healthcare field to properly vet cyber insurance carriers? That list of people is non existent.

 

Time Your Most Important Asset

We have only begun to scratch the surface of everything involved to mitigate your risks and be fully HIPAA compliant. The real currency that most Practice Administrators, Office Managers and Doctors are losing is their time. At iNsite we strive to give you your time back to concentrate on what you do best- focusing on your patients well being.

 

The First Step Is Knowing Where You Are Today

It is impossible to put an effective strategy in place to get you where you want to be without knowing where you are today.  That is why iNsite has partnered with OfficeSafe to offer a free online risk assessment to help you determine your status of compliance. This free assessment tool is the first step in establishing the right strategy for your practice.

 

Want to learn more from the professionals at iNsite who know the barriers you are facing with HIPAA compliance? Contact us as we would love to help you take your time back today!