Becoming a business associate and joining the healthcare industry is not easy, but the future returns are substantial. Let’s see what Phone.com discovered in the process.
Entering into the Healthcare Industry
Under Health Insurance Portability and Accountability Act (HIPAA) Rules, any company providing healthcare customers with services and products and while doing so require access to protected health information (PHI) is viewed as a business associate. Such a company must follow policies and procedures that make sure of compliance with HIPAA Rules. Signing business associate agreements with HIPAA-covered entities is a must. There must be safeguards implemented to guarantee the confidentiality, availability and integrity of ePHI.
For a lot of businesses, compliance with HIPAA prevents them from entering into this very profitable industry. Compliance would require the use of resources and failure could mean financial penalties. The HHS’ Office for Civil Rights look at 10 aspects of HIPAA Rules that could result to financial penalties if violated.
Advantages of HIPAA Compliance for Vendors
The healthcare industry is one of the fastest developing markets in America. It has numerous medical fields and sub-verticals, so finding a niche where a new company can thrive is quite easy.
One company that became a success in the healthcare market is Phone.com. It worked on its HIPAA compliant program so that it could provide collaborative VOIP services for healthcare companies. When Phone.com started, it’s potential growth was greatly underestimated. That was 18 months ago when it became HIPAA compliant. Now, Phone.com has entered into over 700 business associate agreements with HIPAA covered entities. A big percentage of their client contracts are new.
Because Phone.com became HIPAA compliant, doors opened for the company to work directly with healthcare organizations and business associates of HIPAA-covered entities. According to Joel Maloff, SVP of Strategic Alliances and Chief Compliance Officer at Phone.com, the success of the company is beyond expectations. HIPAA compliant vendors are really needed in the market today.
Support in HIPAA Compliance
The Compliancy Group helped Phone.com in its HIPAA compliance efforts. Compliance coaches guided the company in satisfying all HIPAA requirements and provided solutions with respect to HIPAA policies and procedures, risk analysis assistance, verification of compliance, HIPAA audit support and business associate agreements.
Before Phone.com considered becoming HIPAA compliant, it searched through its existing clients to see if there are those engaged in health care and found 600 of them. That encouraged Phone.com to seek out Compliancy Group’s help. Compliancy Group allowed Phone.com to enter BAAs that wouldn’t have been possible. As a result, Phone.com had a substantial growth in monthly recurring revenue (MRR).