Although HIPAA compliance is required for businesses engaged in the healthcare industry, it also offers a number of advantages. Actually, there are lots of benefits in HIPAA compliance. Below are some HIPAA benefits if you comply with it.
Benefits of HIPAA Compliance
Being HIPAA compliant can benefit your company, whether you are a managed service provider, business associate, or covered entity. Trust, adherence to a brand’s values, profitability, and distinction are advantages of HIPAA compliance.
1 Trust.
HIPAA-compliant businesses are more reliable. This is because clients, customers, and potential customers are confident in your commitment to preserving their personal information.
One of the most delicate and sought-after types of data is protected health information (PHI). In order to be HIPAA compliant, you need to have security measures in place to guarantee the privacy, availability, and integrity of PHI.
Organizations that adhere to HIPAA regulations are therefore more reliable and secure.
2. Loyalty
Increased patient/client loyalty is one of the key advantages of HIPAA compliance. When a patient or client feels they can trust your company, they are more likely to continue using it for their requirements. With trust comes loyalty.
3. Profitability
The profitability of your business rises when you keep more patients or clients because of loyalty. Maintaining current patients or clients boosts recurring revenue, which reduces the amount of new business your organization needs to remain profitable.
4. Differentiation
The need to set your company apart from the competition has never been greater. Working with Compliancy Group to handle your HIPAA compliance programme is a great method to achieve this.You can use the HIPAA Seal of Compliance to show visitors to your website and in your email signature how committed you are to compliance.
5. Patients’ safety
Clinical procedure error rates are reduced by HIPAA compliance because it guarantees that medical staff always has access to the correct patient information, such as blood types and allergies.
Additionally, HIPAA ensures that all updates to such patient data are communicated accurately and quickly within medical teams, further reducing the possibility of error and enabling all medical staff to provide the highest standard of care.
6. Meeting Insurance Requirements
EHR emission is now required by the majority of health insurance carriers, which implies that in order to continue treating patients within these networks, all clinicians/practices must fully comply with HIPAA standards.
Intentional or unintentional noncompliance can result in losses in compensation for services rendered, which makes it impossible for the business to succeed.