health care vendors benefits of HIPAA complianceCompliancy Group2021-01-26T15:06:40-05:00
Phone.com grows with addition of HIPAA compliance
We sat down to talk with Joel Maloff, SVP of Strategic Alliances and Chief Compliance Officer at Phone.com to ask about how Compliancy Group has helped change the nature of his business.
Phone.com is a premiere VOIP service provider offering flexible, cost-effective communications and collaboration solutions for small business and entrepreneurs. Phone.com’s services are all US-based from their offices in New Jersey, Oregon, and California.
We spoke with Joel once before while he was going through the process of becoming HIPAA compliant. We checked back in about how the process went and about the benefits that Phone.com has seen since becoming HIPAA compliant.
Becoming HIPAA Compliant
“When we first became HIPAA compliant, we weren’t entirely familiar with the tremendous opportunity that health care presented. With so many sub-verticals throughout the industry, there is ample opportunity to find your niche.”
Health care is currently one of the fastest growing segments of the US economy. And with so many medical specialties across the country, health care vendors like Phone.com can capitalize on any of these growing markets just by becoming HIPAA compliant.
The reason why becoming HIPAA compliant is so important for vendors like Phone.com is because HIPAA regulation requires that vendors who are accessing sensitive health data must be able to execute business associate agreements (BAAs) before accessing any of that data. They form the backbone of any effective HIPAA compliance program for vendors. Working with Compliancy Group includes customizable BAAs that vendors can use to work with health care clients–both to keep data safe and to defend against liability in the event of a data breach.
Growing MRR with Compliancy Group
“In the year and half since we have become HIPAA compliant, we have executed well over 700 BAAs,” said Joel. “There is such a huge demand for BAAs in particular with new and existing health care accounts. We’ve been able to directly attribute substantial growth in monthly recurring revenue (MRR) to just Compliancy Group’s BAAs alone.”
Joel continued, “A large percentage of the clients we’ve signed directly because of our HIPAA compliance are brand new to us, in addition to some conversions.”
And in addition to working with health care providers, Phone.com has also been able to work with other health care vendors accessing health care data. “Our success and responsiveness with health care vendors is well beyond what I expected. There is a real need for HIPAA compliant vendors in the market today–it’s a strong and concrete differentiator.”
Joel went on to say: “When we first considered if we should become HIPAA compliant, one of the first things we did was a simple search through our existing clients who could potentially be in health care or touch health care data. We found 600 in our database alone, and that became a huge driver for seeking out Compliancy Group’s help.”
“Compliancy Group gives us the flexibility to execute BAAs that competitors simply don’t have the time or capacity to complete.”