The healthcare vertical has become more lucrative as of late, as the fastest growing sector of the U.S. economy and the most vulnerable to cyberattacks. Healthcare organizations need managed service providers (MSPs) to implement the advanced security tools that are necessary to secure protected health information (PHI). The following discusses the MSP healthcare vertical and HIPAA compliance.
MSP Healthcare Vertical
Healthcare organizations work with sensitive information on a daily basis, known as protected health information (PHI). PHI is patient data that is individually identifiable such as Social Security numbers, IP addresses, biometric data, email addresses, etc. To be considered HIPAA compliant, organizations working with PHI must implement safeguards to ensure the confidentiality, integrity, and availability of PHI.
In many cases, small to mid-sized healthcare organizations do not have a dedicated IT staff to implement the security requirements that HIPAA mandates. Additionally, HIPAA compliance is an ongoing issue that must be monitored, allowing MSPs working in the healthcare vertical to double their MRR.
MSP healthcare services may include:
- Antivirus and firewalls
- Data backup and disaster recovery
- Risk assessments
- Access and audit controls
Entering the MSP healthcare vertical decreases client pushback, as healthcare organizations are required by law to implement advanced security tools. This also enables MSPs to standardize their stack and triple their profits.
Under the HIPAA regulation, MSPs are considered business associates (BAs) when working with healthcare clients. To service healthcare clients, MSPs are required to be HIPAA compliant. To become HIPAA compliant, MSPs must implement administrative, technical, and physical safeguards to ensure the security of their clients’ PHI.
Entering the MSP Healthcare Vertical with Compliancy Group
With Compliancy Group, there are no barriers to entry for MSPs wanting to offer compliance as a service. We enable you to become HIPAA compliant, allowing you to service healthcare clients. Once you achieve HIPAA compliance, you can start offering compliance as a service. You don’t have to know anything about HIPAA compliance to offer compliance services, as we service your healthcare clients for you. Our team of Compliance Coaches will guide you and your clients through the process of implementing a HIPAA compliance program. Coaches are available every step of the way to answer questions you or your clients may have along the way.
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