Value Proposition of HIPAA Compliance (1 of 2)
If you've been reading our blog very long you know we've discussed Is HIPAA worth it?, What's the ROI?, etc, etc. This article is really another way to think about why you need to start working on your HIPAA compliance today.
What is the Value Proposition of HIPAA Compliance?
- Identifies weaknesses that make your business vulnerable and liable
- Improves protection of your patients’ valuable PHI
- Protects your business from disruptive events – natural and man-made
- Fortifies your cyber-security
- Enhances insurability and marketability
- Reduces your liabilities
- Costly breach remedies
- Expensive audit fines
- Lawsuits from lost PHI
- Negative social media
- Disruption of cash flow
- Devaluation of your practice
Once you have built a culture of compliance into your business operations, you will actually achieve the values outlined, and will likely reduce your costs as you learn to operate more efficiently, effectively and securely. Having standard and reasonable processes helps streamline the workflow, thus making your staff more efficient.
Next up in this two part series will be our post on Value Proposition of Next-Generation Compliance Platform. We'll cover the value of performing your compliance using a cloud based, Software-as-a-Service (SaaS) solution to perform and maintain your compliance "body of evidence".
Protect your patients, protect your practice, protect yourself.