Healthcare providers & authorities need to comply with HIPAA (Health Insurance Portability and Accountability Act) regulations to safeguard the patient details or PHI (Protected Health Information).
You can take help from accounting software that can help you comply with the regulations. There are multiple tools available in the market assisting healthcare service providers to ensure good accounting practices & HIPAA compliance.
HIPAA is preventing healthcare providers to disclose patient details or information for reimbursement or payment.
Hackers are active all over the world and trying constantly to breach cloud-based accounting software.
The report by ‘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 purpose of the report is to suggest the beginners and the existing players with the appropriate insights on HIPAA compliant accounting software.
With the help of HIPAA-compliant accounting software, healthcare facilitators will be able to protect the patient details even if there is a breach in the accounting system.
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.
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.
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 needs to be kept secure from hackers and the right kind of software encourages healthcare providers to encrypt data. The accounting solution needs to be certified by a reputed cybersecurity firm with HIPAA-specific compliance guidelines.
Audit Trial 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 be signing a Businesses Associate contract that will ensure compliance with HIPAA standards.
Best Picks for HIPAA Compliant Accounting Software in 2021
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 –
It is 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, ask or request for online payments from the patients, and supports to use of various payment methods.
Cliniko is the HIPAA complied 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, through the splitting of 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 is software is protected with help of 2048-bit encryption for data that is sent or receive and it gets stored with 256-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 is also letting the healthcare providers with post payments from multiple sources – like insurance, deductibles, & copays to the patient account.
The healthcare providers can now automatically print the letters to patients with due balances. You can also create statements that are broken down to help patients understand the billing.
One can customize the pricing using the software and can build their bundle with features that are needed for the maintenance of the accounts.
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 helps to post payments.
Use a single screen to enter the charges and use multiple screens for the scheduling of fees.
The software is also having add-ons that can be purchased to enhance the accounting capabilities.
The pricing list is easily available on the tool upon request.
Look for HIPAA-compliant accounting software in 2021 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.
Are you curious to know more about HIPAA-compliant software options? Make sure you collect all the necessary details before
finalizing the kind of software that will fix the accounting problems for you.