Although HIPAA compliance is mandated for organizations working in healthcare, it also poses several benefits. In fact, there are many HIPAA compliance pros. The benefits of HIPAA compliance are discussed below.
Benefits of HIPAA Compliance
Whether you are a covered entity, business associate, or managed service provider, being HIPAA compliant can be beneficial to your business. Benefits of HIPAA compliance include trust, loyalty, profitability, and differentiation.
Trust
Organizations that are HIPAA compliant are more trusted. This is because patients, prospective patients, clients, and prospective clients are confident that you take protecting their sensitive data seriously. Protected health information (PHI) is one of the most vulnerable and highly sought after sets of data. When you are HIPAA compliant, you must implement safeguards to ensure the confidentiality, integrity, and availability of PHI. As such, HIPAA compliant organizations are more secure and more trusted.
Loyalty
One of the main benefits of HIPAA compliance is increased patient/client loyalty. With trust comes loyalty; when a patient/client knows they can trust your organization, they are more likely to continue to utilize your organization for their needs.
Reducing Risk
HIPAA compliant organizations are less likely to be breached, and don’t get fined if they do. By becoming HIPAA compliant, you bolster your security practices preventing incidents such as hacking. Also, by implementing HIPAA policies and procedures, your employees understand their obligation to access PHI only when necessary, reducing insider breaches.
Profitability
When you retain more patients/clients due to loyalty, the profitability of your organization increases. Retaining existing patients/clients means that your recurring revenue increases, so your organization needs less new business to be profitable.
