HIPAA Compliance Services: The Rx for Lagging Sales
The Health Insurance Portability and Accountability Act (HIPAA) Security Rule that protects electronic data went into effect in 2005, but small and midsize healthcare organizations are still struggling to comply with the law. They are confused and fear the Security Rule because they don’t have the IT knowledge or tools to properly meet the requirements to secure their data. That’s why they need you.
Protected Health Information (PHI) is any written, spoken, or electronic information that is identifiable to a specific patient and contains information about their treatment, diagnosis, or payment for healthcare services. For electronic data, the term ePHI is used.
Medical records are targeted by cybercriminals more than other data because it contains valuable information that has a long shelf life. Unlike credit card numbers that are quickly cancelled if compromised, medical records include personal and health information that can be used for years.
There are millions of organizations and agencies throughout the U.S. that are required to maintain HIPAA compliance. That’s a healthy number of prospects seeking your expertise. Just Google these categories in your own service area to see the opportunities.
The Covered Entities Opportunity
There are hundreds of thousands of Covered Entities required to maintain HIPAA compliance, including:
- Urgent Care Clinics
- Dental Offices
- Nursing Homes
- Behavioral Health Facilities
- Diagnostic Labs
- Correctional Facilities
The Business Associates Opportunity
There’s an even bigger opportunity with the millions of Business Associates and their subcontractors that have access to protected health information, making them subject to HIPAA regulations as well, including:
- IT Service Providers
- Shredding Companies
- Documents Storage Companies
- Collection Agencies
- EMR Companies
- Data Centers, Online Backup Companies, Cloud Vendors
- Insurance Agents
- Contract Transcriptionists
With Compliance Manager GRC as part of your service provider toolbox, you can walk your healthcare clients step-by-step through the technical compliance documentation process and give them a clear view into any necessary remediation tasks. It also increases your recurring revenue opportunities while expanding your customer reach.
Request a demo today to learn how your MSP can help customers navigate the complex world of HIPAA compliance while creating new, profitable services with Compliance Manager GRC.