The MSP Evolution:
Transitioning to a Business Solutions Provider
In any industry, growth is a key factor to success. The problem is, many people have a hard time determining the steps that they should take to grow their business. As in the past it was easy to get stuck in the break-fix world. Currently, Managed Service Providers (MSPs) are finding it difficult to transition from the “service” mindset to the “solution” mindset. Making the shift from an MSP, offering a list of line-item products, to a Business Solution Provider (BSP), that addresses a business problem, is not as difficult as one might think.
How Can you Make the Transition to a Business Solution Provider?
Choosing a vertical to focus on such as healthcare, enables an MSP to double their revenue and triple their profits. The healthcare industry is the largest, fastest growing sector of the U.S. economy, but it is also the most vulnerable. Ransomware attacks in healthcare have increased by 34% over the course of a few months. By adding Compliance-as-a-Solution (CaaS) to your stack, an MSP can make the transition to a Business Solution Provider (BSP), catering to the healthcare industry.
What is Compliance-as-a-Solution (CaaS)?
The Health Insurance Portability and Accountability Act (HIPAA) enacted in 1996, established industry standards on how protected health information (PHI) should be handled. PHI is any individually identifying health information such as name, date of birth, medical history, and financial information.
Compliance mandates are becoming more common, with HIPAA enforcement up 400%. What many people fail to understand is that HIPAA compliance is much more than IT security. Compliance-as-a-Solution is multifaceted, including HIPAA risk assessments, employee training, vendor management, and security practices. The BSP recognizes the bigger business problem that this represents, and provides a comprehensive solution by combining technical tools and compliance management. Delivering “Compliance-as-a-Solution” as opposed to “managed services” differentiates the BSP from the rest of the market.
Before an MSP can work with healthcare clients, they must be HIPAA compliant. However, once you are HIPAA compliant, your customer base increases exponentially. You can now assist covered entities (CEs) in their compliance. A covered entity is anyone involved directly in the treatment, payment, or operations in healthcare, including doctor’s offices, hospitals, and billing services.
How CaaS Justifies Advanced Security Service
Adding CaaS to your stack validates your current offering while justifying the advanced security solutions an MSP generally recommends, decreasing client push-back. The HIPAA Security Rule requires organizations to have safeguards in place to protect PHI.
Safeguards that must be in place include:
- Email protection systems
- Endpoint protection systems
- Access management
- Data protection and loss prevention
- Asset management
- Network management
- Vulnerability management
- Incident response
- Medical device security
- Cybersecurity policies
As a Business Solutions Provider, you can add these services to your stack and become a trusted advisor for your healthcare clients.
How Can I Add CaaS to my Stack?
Compliancy Group’s cloud-based software platform the Guard™ gives you the tools you need to change the way you do business. Compliancy Group’s Compliance Coaches™ guide you through our Achieve, Illustrate, MaintainTM methodology, simplifying compliance, enabling you to confidently focus on our business. MSP partners have exclusive access to marketing and sales support teams. You don’t need to know anything about HIPAA compliance to take on healthcare clients, we manage your healthcare clients for you. Find out how simple it is to transition to a Business Solutions Provider.