Are you a healthcare finance professional seeking the best accounting software compliant with HIPAA? Managing financial data in the healthcare sector can be a complex issue, especially since you’re dealing with protected health information (PHI).
Let’s discuss the best HIPAA-compliant accounting platforms to help you choose faster.
Top 6 HIPAA-Compliant Accounting Software Solutions:
The Importance of HIPAA-Compliant Accounting Tools in Healthcare Finance
The healthcare industry deals with sensitive patient information protected by law. Under HIPAA, PHI should remain accessible to authorized persons. At the same time, individuals should be assured that their PHI stays safe from prying eyes.
Unfortunately, covered entities and their business associates get embroiled in legal troubles because of HIPAA violations. The Department of Health and Human Services (HHS) and other federal agencies investigate data breach complaints. If your organization is found guilty, it might be fined heavily for the violation.
HIPAA-compliant accounting solutions help meet the strict rules outlined under HIPAA. Still, these tools alone cannot guarantee compliance. It’s a step toward ensuring your data remains private, secure, and confidential.
Let’s explore some of the best accounting software solutions available that can help protect PHI:
1. Cliniko
Cliniko is a comprehensive practice management solution designed for healthcare practices. It offers strong AES-256 and 2048 encryption, helps you create invoices from your calendar, and has an intuitive and user-friendly interface. You can set up Cliniko so patients can pay their bills upfront or in installments.
2. CollaborateMD
CollaborateMD has been touted as one of the most user-friendly practice management and medical billing software in the market today. It includes real-time claim submissions and integrates with electronic health records (EHRs). With its simple interface, you can quickly schedule appointments, manage claims, verify eligibility, and view detailed analytics.
3. Lytec
Another HIPAA-compliant tool, Lytec, is a versatile solution for healthcare organizations of all sizes. It offers specialty-specific billing templates, an optional EHR system, revenue management, appointment scheduling, patient bill estimator, and encryption. You can also purchase add-ons to enhance its accounting capabilities. Custom pricing is available upon request.
4. NueMD
NueMD combines electronic health records (EHR) and medical billing capabilities. It offers strict access controls, strong encryption, a user-friendly patient portal, and customizable billing reports. With NueMD, you can easily send reminders for overdue payments and create billing statements.
5. Invoiced
Invoiced is another accounting software that’s HIPAA-compliant. Best for mid-market or enterprise healthcare providers, it makes the online payment process more convenient for customers. Its features include:
- Automated invoice reminders
- Threaded conversations with patients
- Detailed financial reports
- Task management for invoice tracking
6. Sage Intacct
A comprehensive financial management solution, Sage Intacct offers HIPAA-compliant accounting and reporting features suitable for medical practices. Dashboards and reporting help you gain insight into your organization’s business performance. While automation tools eliminate repetitive tasks and help you get paid faster.
Criteria for Selecting the Best HIPAA-Compliant Accounting Software
Choosing accounting software that understands HIPAA compliance is critical for healthcare. To make the best choice, consider the following factors:
Is the provider willing to sign a BAA? Any software provider should sign a business associate agreement as proof that it is ready to be held accountable to HIPAA rules. A BAA is a non-negotiable for covered entities employing software that handles PHI.
Is it easy to use? Look for software that’s easy to use and integrates easily with your current setup. Some providers have a diverse range of apps you can mix and match, while others offer a comprehensive, all-in-one platform built specifically for healthcare.
Does it comply with HIPAA safeguards? HIPAA requires business associates and covered entities to implement administrative, technical, and physical safeguards to protect PHI. Carefully review the provider’s security measures and privacy policies to ensure they comply with federal law.
Does it grow with your business? Some solutions are best for small teams, while others work best for large organizations. Choose software that you can scale as your business grows. Shifting to a new accounting tool can be time-consuming and costly.
Choose HIPAA-Compliant Accounting Software
Accounting software and HIPAA compliance should go hand in hand in the healthcare industry. HIPAA-compliant tools will help you avoid legal trouble and massive fines in case of a data breach.
Of course, avoiding HIPAA violations also requires establishing strong security protocols in your healthcare practice. You still have to do the hard work of implementing HIPAA-compliant processes in your organization. Start with having the right software in place and ensuring that all staff members using it undergo proper HIPAA training. Doing so will prove that you are taking the necessary steps to protect patient privacy.
