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March 4, 2021 Finance

3 Ways to Ensure HIPAA Compliance with Your Financial Management System

Brian Anderson wearing a patterned white and black button-up shirt.
By Brian Anderson

Healthcare companies sadly have more to worry about than just their patient’s wellbeing. Now, healthcare organizations must act as data stewards and protect patients’ information from any form of malpractice.

This impacts not only healthcare providers but also the vendors they chose to partner with. With stringent privacy regulations in a constant state of flux, including HIPAA compliance, it is important to ensure that financial management systems can keep pace and securely save any protected health information. 

Here are a few things about your financial management system to consider in conversations around HIPAA compliance. 

1. Have an Advanced Audit Trail 

HIPAA regulations do not apply solely to healthcare organizations. These regulations could also apply to your financial management system. With that in mind, it is vital to have an advanced audit trail to ensure compliance. This trail also helps you track, report, monitor, and audit access to protected health information. 

2. Sign a Business Associate Agreement 

HIPAA compliance requires all Covered Entities to have a signed Business Associate Agreement (BAA) with any Business Associate (BA) they hire that may come in contact with private health information. If your vendor isn’t willing to sign a Business Associate Agreement, they may not be the right partner for the future. 

3. Be Partners, Not End Users 

Ultimately, the financial management system you chose to work with should want to create a mutual partnership. This type of relationship is ideal because the vendor then has a joint stake in the game, meaning that they will be more willing to keep your best interests top of mind and ensure compliance no matter the cost.  

Conclusion

An automated financial system like Sage Intacct can tie up all the convoluted loose ends in your back office to better your business for the future! Reach out to us to learn more about how we help guide healthcare companies on their financial management journeys. Also, check out this eBook if you’d like to learn more about how to keep your financials in good health. 

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Author Bio

Brian Anderson

Brian Anderson joined BrainSell as the content marketing manager but unknowingly became our in-house troubadour as well. Brian’s ability to generate high-quality content and continue to develop the BrainSell voice is unmatched.

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