#bookkeepers

Healthcare organizations are expected to save and maintain lives, but as businesses, they must be HIPAA (Health Insurance Portability and Accountability Act) compliant. This is required for healthcare businesses in the United States, a legal requirement designed to protect the privacy and security of patient’s personal health information (PHI).

HIPAA compliance creates a framework for safeguarding sensitive health information for a reliable healthcare ecosystem that can only be promoted by trustworthy professionals.

These professionals in businesses like the top bookkeepers play a crucial role in protecting businesses by utilizing their expertise and ethical practices. Here are some ways in which reliable bookkeepers help and support HIPAA-compliant businesses:

Security

To protect financial records and PHI from unauthorized access, theft, or breaches, bookkeepers must implement appropriate security measures.  This includes utilizing secure computer systems, encrypted data storage, and password protection for financial software and databases.

Confidentiality

When handling financial records containing protected health information (PHI), bookkeepers must maintain strict confidentiality. Any individually identifiable health information, such as medical records, payment information, and insurance information, is considered PHI. Bookkeepers should ensure that access to such information is limited to authorized personnel only.

Record Retention and Disposal

Bookkeepers should adhere to HIPAA guidelines for the retention and disposal of financial records that contain PHI.  These guidelines specify the minimum retention period for different types of records and the secure destruction methods for disposing of sensitive information.

Monitoring and Auditing

Bookkeepers may be involved in auditing and monitoring financial transactions to ensure HIPAA compliance. This includes reviewing financial records on a regular basis, identifying any discrepancies or irregularities, and reporting any suspected violations to appropriate personnel.

Training and Awareness

Bookkeepers should receive HIPAA training and be aware of the specific requirements for financial transactions and record-keeping. They must understand the significance of maintaining PHI privacy and security, as well as how to deal with any potential breaches or incidents.

Business Associate Agreements (BAAs)

Under HIPAA regulations, bookkeepers who work with HIPAA-compliant businesses may be considered business associates. Any entity that performs services on behalf of a covered entity (such as a healthcare provider) and has access to PHI is considered a business associate. Bookkeepers should have a signed BAA with the covered entity outlining their responsibilities and obligations in terms of PHI protection.

The Bottomline

Overall compliance with HIPAA is a collaborative effort that involves numerous stakeholders, including healthcare providers, covered entities, and business associates. 

Just like any other industry, efficient bookkeeping in healthcare is an essential component for effortless accounting processes to efficiently run a business. Hence it is a must to entrust a healthcare system’s finances only to trustworthy bookkeepers for long-term success.