Healthcare is one of the most regulated industries in the United States. The laws covering this massive enterprise are complex and challenging to navigate. If medical providers don’t pay enough attention to regulations such as HIPAA, they may face severe consequences down the line.
That’s why it’s paramount that health-focused companies understand why using HIPAA-compliant software is essential. This article explains the importance of these applications and how they can benefit your business.
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The Importance of HIPAA
The late 1990s was a transformative time as the advent of the internet spurred rapid developments in healthcare. As invested stakeholders put more resources into the field, it has become apparent that HIPAA is essential for everyone involved.
Here’s how this federal law impacts medical institutions, professionals, and patients alike:
Healthcare Providers
The introduction of HIPAA has allowed the medical industry to transition from paper-based documentation to electronic health records (EHR). It has resulted in more efficient healthcare administration, modern workflows, and well-protected information sharing.
The law has also made healthcare institutions more accountable through civil and criminal penalties for violations. The mandated investment in upgraded HIPAA-compliant systems has led to a more resilient industry overall.
Patients
According to the National Center for Health Statistics (NCHS) of the Center for Disease Control and Prevention (CDC), over 130 million people in the US visit emergency rooms each year. There are millions more who visit hospitals for routine checkups and treatments.
For these people, HIPAA has become a vital safeguard for patient privacy. Even as cases of data breaches have occurred over the years, the public has generally seen improved patient outcomes. These strict regulations assure patients that their private data remains secure and accessible.
Benefits of Using HIPAA-Compliant Software
It may be challenging to comply with medical privacy regulations if you don’t use HIPAA-compliant software. With that in mind, here are some of the top benefits of using protected systems and programs.
Fosters institutional trust
Using software that adheres to HIPAA regulations promotes trust between patients and medical institutions. By making it known that your facility or practice follows privacy laws, patients will be more likely to give you their trust and patronage.
Increases patient loyalty
Along with trust, loyalty is one of the most sought-after qualities healthcare providers want to see in patients. With HIPAA-compliant software, you can create administrative processes that strengthen loyalty among your core client base.
Boosts revenue
When you have trusting and loyal patients, a surge in revenue tends to follow. This economic uptick makes sense since more paying patients means more revenue for healthcare institutions. You also avoid losing clients to competitors, making for an even more profitable endeavor.
Prevents penalties
Fines and other punishments for HIPAA violations can pile up quickly. The penalties range from $100 per violation to $1.5 million and more, depending on the infraction. Switching to HIPAA-compliant software helps cover any gaps in regulation adherence. Over the long run, it can save your business millions in penalties.
Use HIPAA-Compliant eSignatures With Fill
Your business can’t afford to ignore HIPAA-compliant software — the benefits are too great, and the downsides too risky. Advanced apps like Fill makes it simpler to comply with strict healthcare regulations.
Fill is an electronic signature service that lets businesses manage documents at every level. It enables secure eSignatures with a modern, cloud-based solution.
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