A recent national study, conducted to determine the effect COVID-19 has had on doctors offices, has found that medical practices are in dire straits. The survey received 713 responses from across the country, including physicians, nurse practitioners, and PAs.
COVID-19 and Medical Practices: What Did the Study Find?
The results of the study are troubling to say the least. One question asked respondents to assess the level of strain that COVID-19 has caused their practice on a scale of 1 to 5.
- 45% of respondents classified the level of strain as a “5” or “severe strain”
- 35% of respondents classified the level of strain as a “4” or “close to severe strain”
Another question asked respondents if they believed their practice could function for four weeks with the cash they had on hand.
- 37% said they were unsure
- 34% said yes
- 15% said maybe
- 13% said no
When asked if respondents believed their practice would have to temporarily close, 25% said yes.
- 21% cited “lack of PPE/supplies” as the reason they would need to temporarily close
- 20% cited “clinician or staff illness” as the reason they would need to temporarily close
- 16% cited “lack of revenue” as the reason they would need to temporarily close
Why You Should Become HIPAA Compliant Now
With many medical practices having cash flow issues it may be strange to say that now is the time to become HIPAA compliant. But now is the time to become HIPAA compliant. This is because although COVID has slowed the economy, the HHS has not slowed its enforcement efforts. HIPAA fines can cripple any business, coupled with cash flow issues, organizations that are fined are more likely to be forced to close their practice.
In addition, compliance and security go hand in hand, so compliant organizations are more secure. Since the beginning of COVID, healthcare hacks have increased exponentially, with healthcare organizations the target of several phishing attacks. Additionally, the National Cyber Security Alliance recently published a study that determined that 60% of small to mid-sized businesses that are the victim of a hacking incident close their doors within six months.
