For any reputable healthcare organization, HIPAA compliance is woven into daily processes and technologies. This includes annual training, policy updates, onsite audits, network penetration testing, and patient consent forms before releasing medical records.
But the harsh reality is that a single security breach can undo years of careful planning, leading to the widespread release of protected health information (PHI). In fact, one healthcare clinic in Alabama experienced a breach resulting in the release of over 200,000 patient records. According to the HIPAA Journal, there were 725 large healthcare data breaches reported to the Department of Health and Human Services (HHS) Office for Civil Rights (OCR), affecting over 275 million individuals. With penalties exceeding $1.5 million for a single violation, this is more than just a technical issue—it’s a financial and reputational risk.
Learn more about Gravity's healthcare accounting software.
What does HIPAA compliance mean for healthcare accounting software?
The Health Insurance Portability and Accountability Act (HIPAA) protects patients medical records and any personal identifiers with that data. These identifiers include:
- Names
- Telephone numbers
- Email addresses
- Social Security numbers
- Health insurance plan beneficiary numbers
- Driver’s license numbers
- Identifying photos
Nearly 90% of office-based physicians now use electronic health record (EHR) systems in the United States, according to government data, and the HIPAA Security Rule applies specifically to those records. This rule extends protection to EHR systems, mobile devices and and any platform storing or transferring electronic protected health information (ePHI).
HIPAA safeguards for accounting software
HIPAA standards require specific safeguards to protect ePHI in any accounting software or technology application. These safeguards include:
- Access controls to secure systems storing ePHI, including automatic log outs after a period of inactivity.
- Audit controls that monitor, record and examine ePHI activity.
- User authentication to ensure authorized access.
- Data encryption to mitigate risks in case of a breach.
- Physical access controls in locations where ePHI is stored.
- Administrative controls, including data backup and recovery plans.
- Breach disclosure requirements to inform affected individuals and the healthcare organization.
Any business associate (e.g., contractors, software vendors) with access to ePHI must also notify the healthcare organization in case of a breach.
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Must-have features of HIPAA-compliant accounting software
If your healthcare organization uses EHR systems to manage patient records, it’s essential that your accounting software integrates seamlessly with these systems while ensuring HIPAA compliance. According to Software Connect, HIPAA-compliant accounting software should include the following features:
1. A full audit trail
An audit trail is essential for maintaining a record of changes made within your accounting system. This not only supports HIPAA compliance but helps prevent embezzlement as your healthcare company grows and more individuals use the same system.
2. Limited user permissions
Your accounting software should allow you to set limited user permissions to control access to protected health information, such as patient billing data. Limiting access ensures that only authorized personnel can view sensitive data.
3. Secure payment processing
Nearly 60% of healthcare organizations experience data breaches via third-party vendors. Therefore, your accounting software must include robust security protocols to protect payment systems and data, including:
- Data encryption (both at rest and in transit)
- Zero Trust access control with multi-factor authentication for individual users and devices
- Physical and network security for data centers and cloud-based data storage
- Backup and recovery plans to safeguard your financial data
- Routine cybersecurity testing to ensure existing protections are effective
4. Multi-entity accounting and reporting
For multi-location healthcare organizations, it’s essential to securely manage accounting, inventory, financial reporting, and vendor payments for various entities. Cloud-based software helps streamline this process. Without a multi-entity accounting system, organizations may need to copy and paste hundreds of records from one account to another each month, increasing the chances for errors and HIPAA violations.
A robust multi-entity accounting system allows organizations to:
- Easily track performance across all locations at a glance
- Maintain separate financial records for patient and vendor data while updating in real-time
- Simplify monthly reporting, reducing time spent on manual data entry
Read about our multi-entity accounting solution.
How Gravity's software leverages the Microsoft Power Platform for HIPAA compliance
Gravity’s healthcare accounting software is built on the Microsoft Power Platform, which provides a solid foundation for HIPAA compliance. The Power Platform offers robust features like data encryption, role-based access control, and automatic software updates to ensure ongoing compliance with evolving healthcare regulations.
The Microsoft Power Platform integrates seamlessly with existing healthcare IT systems, allowing healthcare organizations to link EHR systems, streamline financial processes, and ensure that ePHI is protected throughout. The platform is designed with security at its core, providing tools to safeguard sensitive financial data and enabling organizations to maintain control over who accesses data and when.
Microsoft’s Security Development Lifecycle (SDL) ensures that Gravity’s software adheres to the highest standards of security and privacy, further ensuring that all financial data within the system remains compliant with HIPAA.
Gravity's HIPAA-compliant accounting software: Peace of mind for healthcare providers
Gravity's healthcare accounting software is built on the Microsoft Power Platform, meeting the highest standards of cybersecurity and data privacy. Unlike QuickBooks and other small business solutions, Gravity seamlessly integrates with EHR systems, eliminating the need to enter data from multiple platforms. It also simplifies multi-entity accounting, ensuring accurate and real-time updates across locations without re-entering patient or vendor data.
As a HIPAA-compliant accounting software solution, Gravity helps healthcare organizations protect sensitive data while streamlining their financial operations.
Schedule a demo today to see how Gravity’s healthcare accounting software can safeguard your organization’s financial data without compromising patient privacy.
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Frequently
asked
questions
What is HIPAA-compliant accounting software?
HIPAA-compliant accounting software ensures that your financial data is protected according to the standards set by HIPAA. It integrates essential security features like data encryption, user authentication, audit trails, and access controls to safeguard sensitive patient information (ePHI).
Why is HIPAA compliance important for healthcare accounting?
HIPAA compliance is critical for healthcare organizations to avoid the risk of data breaches, which can lead to substantial financial penalties, loss of patient trust, and reputational damage. Using HIPAA-compliant accounting software ensures that patient data remains secure and protected.
What are the key features of HIPAA-compliant accounting software?
Key features include:
- Full audit trails
- Data encryption
- Access and user permissions controls
- Multi-entity accounting and real-time reporting
- Breach disclosure features
How does Gravity’s software leverage the Microsoft Power Platform for HIPAA compliance?
Gravity’s accounting software is built on the Microsoft Power Platform, which provides the highest standards of data security, role-based access control, data encryption, and ongoing compliance with HIPAA. The platform ensures that sensitive data is secure, integrates seamlessly with EHR systems, and offers automated updates to meet evolving security regulations.
What is multi-entity accounting, and how does it benefit healthcare organizations?
Multi-entity accounting allows healthcare organizations with multiple locations to manage all their financial records, reports, and vendor payments from a single system. It reduces the risk of errors and ensures HIPAA compliance by maintaining secure, up-to-date data across different entities.
How can Gravity’s software help healthcare organizations comply with HIPAA regulations?
Gravity’s software is designed to ensure that all patient data, including financial records, is encrypted, securely stored, and accessible only to authorized personnel. The integration with EHR systems further simplifies compliance and reduces the risk of errors or unauthorized access.
How can I schedule a demo of Gravity’s HIPAA-compliant accounting software?
To see how Gravity’s HIPAA-compliant accounting software can streamline your accounting processes and protect patient data, schedule a demo today.