It is often believed that HIPAA regulations are only restricted to healthcare related entities and their business associates (BA). While this may be the case legally, any organization can choose to implement HIPAA compliant strategies, something that can prove to be a great advantage for them in their business dealings.
Wider business ventures
Naturally, becoming HIPAA compliant can result in an opportunity to expand business ventures to healthcare organizations. Giva, for example, provides SaaS to a wide range of businesses in various industries. However, the organization's HIPAA compliance has allowed it to expand to healthcare. Today, it continues to legally provide covered entities with its services. But, while HIPAA compliance appeals to covered entities for legal reasons, it appeals to non-covered entities for the sake of dependability and financial gains.
Stronger competitive advantage
The competitive advantages for HIPAA compliant organizations are vast. It is predictable that customers feel more secure when they know they are protected by legally accredited regulations. This peace of mind motivates them to deal with covered entities and move away from less secure organizations. Additionally, international cyber attacks can have severely detrimental effects on the victimized organizations; in contrast, well protected entities come out stronger and more successful. This is because, in the event of major cyber security scares, people become increasingly aware of the importance of cyber security, resulting in more customers turning towards covered entities, especially if their current vendors are breached.
Promotes Operational Standardization
Another advantage of the HIPAA-compliant status is that it helps to standardize operational processes throughout the entire organization. This is because HIPAA obliges covered entities to follow certain policies and procedures to ensure that personal data is protected. Not only does this provide stronger security, but it also means that data is stored and documented correctly. In addition, it increases organizational productivity by ensuring that the organization's processes are unified and well organized.