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Sage Intacct is certified as HIPAA- and HITECH-compliant by Avertium (formerly Sword & Shield) and enters into Business Associate Agreements with eligible healthcare clients.
And the impact can be significant, with healthcare data breaches costing an average of 60% more – or $6.45 million – than cross-industry averages to remedy. That equates to an average of $429 spent per lost or stolen record to implement breach detection and response, notification of affected patients, lost business due to downtime, reputational damage, and impact to patient trust.4
To help finance leaders better manage and protect PHI in their own teams and across the organization, Sage Intacct recently retained market research firm Porter Research to assess finance leaders’ awareness and understanding of the risks associated with PHI and HIPAA violations.
The resulting whitepaper, “New Research: Finance Professionals & PHI,” reviews five key findings including:
- How to use PHI to understand your business
- Why PHI and HIPAA are misunderstood by financial teams
- Being prepared for and understanding of the consequences of HIPAA violations
As you hit the ground running in 2021 and use PHI to understand the financial performance of your organization, be ready for the next change to HIPAA and the HIPAA Privacy Rule and what it might mean for your business.
- “Resolution Agreements and Civil Money Penalties” US. Department of Health & Human Services
- “Possible HIPAA Updates and HIPAA Changes in 2021” HIPAA Journal
- HIPAA Definitions, Legal Information Institute, Cornell Laws School
- Landi, Heather, “Healthcare data breaches cost an average $6.5 M: report” Fierce Healthcare, July 23, 2019
Melissa O’Dowd is Principal Industry Marketing Manager, Healthcare at Sage Intacct.