Real-World ROI in HIPAA Compliance – Reducing Costs
Reduced Need for Staffing
Before using The Guard, Wilby planned to use a combination of Excel spreadsheets, saved emails, and Word documents to reach HIPAA compliance.
“And then, of course, if the regulations changed, I’d have to be able to identify what regs needed changing. I would have to go and note exceptions to those, obviously. I think to do it manually would have been impossible, to be really honest.
“In terms of writing those procedures and then managing that? I would have had to have at least two other people working with me to just look after it from an administrative point of view.”
The average salary for a compliance assistant in Alabama is just over $32,000 annually, rising to $43,000 in other states. This number does not include the cost of other benefits.
It’s reasonable to think that Alabama Cancer Center saved nearly $100,000 annually by using The Guard to achieve HIPAA compliance.
HIPAA Training Included in The Guard
HIPAA training is one requirement of the HIPAA law. Many people try to find a free option in the marketplace, but it’s wise to remember that “you get what you pay for.”
Based on listed online prices, paid HIPAA training ranges from $10-50 per person and even higher. But are you getting the proof of training and attestations required by HIPAA from a one-off option?
The Guard includes all required HIPAA training and tracks employee training progress.
Compliance Coaches, not Consultants
HIPAA compliance can be intimidating, and some organizations hire consultants to help with the process. Consultants come at a high price, ranging from $4,000 for single location practices to $80,000-plus for a large multi-location practice.
But Wilby says he got the assistance he needed from The Guard and his Compliance Coach.
“(If you have The Guard)…You basically have a resident HIPAA expert on the other side helping you. I don’t need a consultant group to come in and help me unravel HIPAA because it is really difficult to interpret. When you’re struggling, you can actually go back to him (your Compliance Coach), and you know, his response times were excellent.”
Real-World ROI in HIPAA Compliance – Limiting Liability
Companies with effective compliance programs are far less likely to receive severe fines due to HIPAA violations or audits. These fines can spiral into thousands or millions of dollars in extreme cases.
But more financial exposure is created by the class-action lawsuit filings that seem to come with every breach. Plaintiff attorneys seek judgments that can grow into millions of dollars.
Wilby says that The Guard makes building a culture of compliance easier and adds peace of mind.
“I think it helps all the department managers who actually now enforce those policies and procedures in the sense that they’ve got them. We know if people are reading them and attesting to them, or not.
The big thing is, ‘hey, do you want to get on the wrong side of HIPAA?’ or can you have a system that interjects? So you, as Mr. CEO or Mr. Financial Manager, you can sleep a little better knowing that there’s something in place.”
Real-World ROI in HIPAA Compliance – How Much?
In August 2022, Alabama Cancer Centers completed all the necessary steps for HIPAA compliance within The Guard. After verification of their efforts, they earned their Seal of Compliance to recognize the accomplishment.
When the total ROI for HIPAA compliance with The Guard is calculated, Wilby has no doubts that it will pay off for the organization.
“All ‘round, there’s money to be saved. And also, I think the main thing is, the shield against HIPAA coming in and crucifying you.”