If yours is one of the thousands of businesses and nonprofits subject to the Healthcare Insurance Portability and Accountability Act (HIPAA), you know how challenging, time-consuming, and even frightening it can be to stay on top of all the requirements for HIPAA compliance.
In this case, a healthy amount of fear makes sense, since HIPAA violations can lead to regulatory investigations, costly fines, and criminal penalties. As of June 2019, Health and Human Services (HHS) had investigated nearly 39,000 complaints and issued a corrective action 70% of the time, imposing more than $102 million in HIPAA penalties.
And that’s only the beginning of the costs related to HIPAA violations since the deeper damage is often to your brand and reputation—which can mean lost revenue for months or years to come.
Got your attention? Good. Because HIPAA compliance is serious business, and there is a way you can gain greater control and peace of mind.
The Sage Intacct difference
Moving to a HIPAA-compliant, cloud-based ERP system offers immense benefits compared to on-premise solutions. The industry-leading solution is Sage Intacct, a cloud financial solution that offers all the tools, controls, certifications, and agreements necessary to support HIPAA compliance.
Sage Intacct features an Advanced Audit Trail that tracks access to all your contracts, customers, and vendors, so you can include every login in your audit reports. When you implement the audit trail, Sage Intacct can also enter into a Business Associate Agreement (BAA) with you that defines mutual obligations for compliance. Signing the BAA gives you confidence that Sage Intacct is committed to safeguarding your data and complying with HIPAA.
Sage Intacct is also compliant with Sword & Shield’s HIPAA Compliance Program (HCP). That gives you assurance that Sage Intacct has implemented the necessary security measures to safeguard your protected health information (PHI) and electronic PHI, as required by HIPPA and the HITECH Act.
Benefits go beyond compliance
To appreciate the additional benefits of moving to a HIPAA-compliant solution like Sage Intacct, consider the example of Tri-County Mental Health Services, which used to rely on an on-premise, server-based accounting system. Tri-County moved to Sage Intacct in part because of its HIPAA compliance, but then discovered additional benefits.
Tri-County has been impressed by Sage Intacct features including:
- Greater flexibility to integrate with multiple partners, such as Salesforce.com
- Time savings in preparing journal entries
- Streamlined financial reporting
- Mobile, 24/7 access to dashboards and reports
Is Sage Intacct right for you?
The Sage Intacct experts at Michaud Accounting Solutions can help you explore all the features of Sage Intacct and decide whether it can help you with HIPAA compliance and with streamlining your overall financial operations.