Why HIPAA Compliance Is Important for Your Business

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Why HIPAA Compliance Is Important for Your Business

The Health Insurance Portability and Accountability Act, or HIPAA, is one of the most vital data and documentation protection laws in the United States. This legislation ensures the protection of an individual’s private health information, allowing such information to stay secure and entirely private as long as their health record exists. The significance of HIPAA as legislation isn’t solely about patient confidentiality—it also regards a facility’s or business’s integrity. However, many practices, facilities, and organizations don’t fully understand the wide extent of its importance for clients, patients, and the business itself. Whether compliance is for a medical practice and their patients or an industry-related company and their clients, here’s why HIPAA compliance is important for your business.

Advocates National Principles

In a nation where freedom of speech is allowed, freedom to not speak is as equally recognizable. Privacy is a basic human right. Health records are personal matters that are not everyone’s business to know. With boundaries and a respect for privacy, a society can support individuality, dignity, and personal responsibility to benefit all participants.

Supplies Transparent Purpose and Care

Another reason why HIPAA compliance is important for your business is because of comprehensive transparency. Business should be conducted and executed with the right tact and care. Because of HIPAA laws, privacy is a matter that both parties in a business relationship must respect—from health care provider to patient and from business to client. With genuine respect and honesty, the health care industry can provide the best care and support. For other covered entities with access to protected health information (PHI), doing their part can only be advantageous to their business’s purpose.

Noncompliance Penalties Can Add Up

Security breaches are a high risk in a growing and evolving digital world. Any vulnerable technology can be at risk of being accessed by hackers or modern scammers and thieves. Data must be secured, as the overall consequences of a health care-related breach can be fatal to a company. Here’s a HIPAA compliance checklist to follow for successful observance of regulations. Without proper safeguards in place, you can face civil and criminal penalties, which can cause long-run damage to the reputation of your business. Nobody wants to be placed on HIPAA’s wall of shame. That’s a pricey cost of not doing your part.