Healthcare providers & authorities need to comply with HIPAA (Health Insurance Portability and Accountability Act) regulations to safeguard patient details or PHI (Protected Health Information). For safeguard, healthcare providers can use a variety of tools that help them maintain accurate financial records and HIPAA compliance. The contemporary times have made many hospitals shift to medical office accounting software to keep track of their accounting activities. HIPAA prevents healthcare providers from disclosing patient details or information for reimbursement or payment.
As per a report from ‘The Expresswire’ suggests that “the global HIPAA Compliant Accounting Software Market is going through an evolution and by 2026 the market share is bound to explode to a historic high.” The report aims to suggest the beginners and the existing players with the appropriate insights on HIPAA compliant accounting software.
What to Look for in HIPPA-Compliant Accounting Software
Not all accounting software is HIPAA-compliant and one needs to be sure of the compliance feature in the software. The right accounting software for the healthcare industry needs to be HIPAA-compliant so that you can protect the patient details. While looking for suitable HIPAA compliant software, it is important to pay attention to the type of encryption provided by the service provider to safeguard the data in rest & also in transit.
Here is the list of characteristics that need to be looked for in HIPAA-compliant software:
Total Control Over User Roles
You will be able to limit the role of specific users with HIPAA-compliant accounting software. It is good security for a business in any industry and especially for the healthcare industry.
The PHI (Protected Health Information) needs to be kept secure from hackers and the right kind of software encourages healthcare providers to encrypt data. The accounting solution must be certified by a reputed cybersecurity firm with HIPAA-specific compliance guidelines.
Audit Trail Capabilities for PHI Security
The HIPAA-compliant organization needs to automatically track access to PHI (Protected Health Information) data. The financial solution needs to keep a record of every single instance where the PHI is accessed. Track the financial and operational metrics needed to keep the organization successful.
Business Associate Contracts
When you are subscribing to an accounting software solution provider, you should be able to make an official commitment to meet the HIPAA compliance requirements. The top-quality vendor will sign a Businesses Associate contract to ensure compliance with HIPAA standards.
Top Picks for HIPAA Compliant Accounting Software in 2023
There are multiple choices when it comes to accounting software. But, healthcare providers need to look for specific software that is HIPAA compliant.
Let us look at some of the best picks for HIPAA-compliant accounting:
Sage Intacct healthcare financial management allows you to track your financials as well as operational metrics and ratios, like available capacity and revenue per treatment. The healthcare accounting software offered by Sage Intacct, which includes Advanced Audit Trail, complies with HIPAA standards.
Sage’s healthcare accounting software includes features likes:
- Robust accounting features strengthen the financial core of medical businesses.
- Real-time reports and dashboards provide increased insights for efficient financial decision-making using financial and operational data.
- HIPAA compliance ensures safety of patient data, like medical data and insurance.
- Improves understanding of your business across departments and geographies.
- Automatic consolidation of transactions across your healthcare organization’s many companies, sites, and clinics may be accomplished at the push of a button.
- Sage includes both healthcare-specific reports and financial statements that adhere to IRS standards to help healthcare companies stay in compliance with the law.
- Assists in integrating data from your electronic medical records, payroll, budgeting, customer relationship management (CRM) systems like Salesforce, and other critical systems in use or planned for the future. This helps in better performance.
It is one of the software with the best solutions for healthcare & clinical practices. The accounting features of Cliniko include direct creation of invoices from appointments in the calendar, asking or requesting online payments from the patients, and support using various payment methods.
Cliniko is the HIPAA compiled accounting tool that has all the latest properties to make it a successful accounting application. You can set up payments for an up-front payment of the bills from the patient by splitting the bill if needed. So, one portion is paid by the insurance and the rest by the patient.
The healthcare accounting software is also setting up the discounts and helps to track the events related to invoicing & payments. The data of the software is protected with the help of 2048-bit encryption. The data is hosted in the data centers and are secured by the perimeter controls, electronic systems, & building entry points.
The pricing of the software starts with $45/month for one practitioner and you also get a 30-day free trial of the software.
It is another HIPAA-compliant accounting software that is part of a complete medical practice management suite. Health facilities and patients get to access the medical billing components that include features like batch payment recording, reimbursement, claim to scrub, and tracking of outstanding payments.
The HIPPA-compliant account software also lets healthcare providers post payments from multiple sources – like insurance, deductibles, & copays to the patient account. Healthcare providers can also automatically print letters to patients with due balances. As well as create statements that are broken down to help patients understand the billing.
One can customize the pricing using the software and build their bundle with features needed for the accounts’ maintenance. Whichever software you choose for your medical practice, it will greatly improve the compliance and efficiency of the practice.
It is the software or medical accounting app that is helping practices take a closer look at the accounting features. You can bill patients & insurance companies effectively using the Lytec software and also help to post payments.
Discover more features on Lytec here:
- Lytec MD’s Bright Note Technology makes it easy to keep track of patients’ vitals, test results, and medications while automatically updating their records.
- Dashboard for Service Providers – Lytec also helps view scheduled appointments, lab results, and messages in one convenient location.
- It also harbors patient-specific online regimens, organized by demographics and medical history.
- E-Prescriptions reduce healthcare costs and the risk of adverse medication reactions by checking for allergies and drug interactions before filling a prescription.
- Patients can select their preferred doctors and medical subspecialties to tailor their chart views in Lytec.
Look for HIPAA-compliant accounting software in 2023 to protect your patient’s data and also ensure proper accounting of the healthcare facility. Above mentioned software can also be integrated with third party add-ons that can be purchased to enhance the accounting capabilities.
Plans and Pricing
|$45/month for 1 practitioner
$95/month for 2-5 practitioners
$145/month for 6-8 practitioners
|$149/ per month|
Other HIPAA Compliant Accounting Software
- Curogram: Curogram is a cloud-based HIPAA-compliant patient engagement platform that integrates with all EMR/EHR systems.
- Paubox Email Suite
- Netwrix Auditor
- Risk Cloud
Look for HIPAA-compliant accounting software to protect your patient’s data and also ensure proper accounting of the healthcare facility. The health authorities will be able to make effective decisions using the HIPAA-compliant accounting software.
This kind of accounting software is suited for multi-location healthcare organizations and thus it is advisable to look for accounting tools that are HIPAA-compliant. You get peace of mind with the right kind of regulatory requirements. Make sure you collect all the necessary details before finalizing the kind of software that will fix the accounting problems for you.
Is QuickBooks HIPAA Compliant
No, the QuickBooks software is not HIPAA compliant. Although it meets all the online security standards, it does not comply with HIPAA privacy requirements. Medical professionals are not advised to use QuickBooks Online to store “individually identifiable health information”.
Is Sage HIPAA Compliant
Sage products, Sage Intacct is compliant to HIPAA. Sage Intacct is willing to engage in a Business Associate Agreement with qualified clients since their security measures have been certified as HIPAA and HITECH compliant by Avertium (previously known as Sword & Shield).
Is Intuit HIPAA Compliant
As of today, Intuit doesn’t comply with HIPAA privacy standards. However, Intuit has optimum security measures to safeguard its client data sets.
What Software Needs HIPAA Compliance
The following applications are in dire need of HIPAA complaints.
- Use in telemedicine or confidential messaging applications.
- Applications for Electronic Health Records
- Medical record and laboratory result apps Healthcare applications that collect information for or connect with healthcare providers
- Doctors who use patient-tracking or medication-adherence applications can better help their patients.
What does HIPAA-compliant Software Mean
To guarantee data integrity (that it hasn’t been unintentionally modified, corrupted, accessed, or removed) and to prevent (and detect) unauthorized access, HIPAA-compliant apps must implement technical and administrative safeguards to monitor and record activity in data storage and transmission systems.