HIPAA compliance is one of the most important things you can do to protect your company’s sensitive data. If you are not HIPAA compliant, it could cost you millions in fines or even threaten your business altogether. We will discuss four reasons why HIPAA compliance is critical for your business.
HIPAA Compliance Can Bring You More Customers
When you are HIPAA compliant, it shows that your business takes security seriously. This will inspire trust in potential customers and can bring more clients to your company’s doorstep. By staying vigilant about meeting the needs required by HIPAA compliance, you show how much you value customer service and data protection.
Staying Compliant Can Save You Time and Money
It can be extremely time-consuming to stay HIPAA compliant, but it is mandatory. By investing in the necessary resources to remain compliant, you will save yourself a lot of hassle down the road. Being proactive about staying up-to-date on new regulations will keep your business safe from any fines and keep your employees protected. In addition, if you are not HIPAA compliant and an attack does occur on the company’s system, it will cost much more to clean up after a security breach than if you had invested in staying compliant from the start. It is always better to be safe than sorry when it comes to data protection.
HIPAA Compliance is a Priority for Customers
In this day and age, there have been countless cyberattacks on businesses across the country. To keep sensitive data safe from these attacks, you must be compliant with HIPAA regulations. Being proactive about being HIPAA-compliant shows your customers that you care about their security just as much as they do. In addition, many customers will require that you are HIPAA compliant before allowing their business to work with yours. For example, banks and other financial institutions have been known to reject companies that are not HIPAA compliant from being allowed to open a banking account or even receive credit if necessary for running an online store.
HIPAA Compliance Can Save You Millions in Fines
You must be proactive about staying compliant with HIPAA regulations. If your business gets hacked and your customer’s data is compromised because of it, not being HIPAA-compliant can result in significant fines. Not only will this cost the company money to fix any damages, but it can also put the company out of business. By investing in resources to ensure that your business is HIPAA compliant, you are protecting yourself. It will be much more difficult for hackers or any other outside threat to access sensitive information. Not only this, but if a cyber attack does occur on your system, not being HIPAA compliant can result in a fine of $100 per patient, which can add up very quickly.