Although HIPAA compliance is mandated for organizations working in healthcare, it also poses several benefits. 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.
◈ 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.
◈ Differentiation. It has never been more important to differentiate your business from your competitors. An excellent way to do so is by working with Compliancy Group to manage your HIPAA compliance program. Upon completion of our process, clients receive our Seal of ComplianceTM (SOC). The SOC can be displayed on your website and in your email signature, displaying your dedication to compliance to your visitors.
Source: 4 Benefits of HIPAA Compliance