Sage Intacct: HIPAA Compliance, and Beyond
Every business has to answer to local, regional, and national authorities, and comply with certain regulations to operate legally. For healthcare businesses, complying with the Health Insurance Portability and Accountability Act (HIPAA) is essential for avoiding fines and penalties, as well as civil lawsuits and even criminal charges.
HIPAA refers to the national standards in place to protect the privacy and personal information of patients. Every medical center, clinic, and hospital must adhere to these standards in order to operate legally, which means that it is crucial for healthcare businesses to be aware of HIPAA regulations and any potential changes that it might undergo.
Sage Intacct is the only healthcare accounting software endorsed by the American Institute of Certified Public Accountants (AICPA) and Healthcare Financial Management Association Peer Reviewed, and makes it easy to remain up-to-date and in compliance with HIPAA guidelines
Ensuring Data Security and Compliance
Sage Intacct’s healthcare accounting software with Advanced Audit Trail is HIPAA compliant. The software’s security safeguards have been certified as HIPAA and HITECH compliant by Avertium (formerly Sword & Shield), and Sage Intacct is willing to enter into a Business Associate Agreement with eligible clients. This means that healthcare businesses can meet the strict regulatory requirements of HIPAA with less stress and greater peace of mind.
The best-in-class solution is not only a convenient tool for ensuring adherence to HIPAA standards, but the only one of its kind to be promoted by esteemed and trustworthy entities. The software has been an innovative leader in the cloud financial management and accounting space for more than a decade.
What Can Sage Intacct Do for My Healthcare Business?
Sage Intacct was designed to support healthcare companies in their complex and evolving industry. A few of the software’s key functions include:
- Strong core accounting—centralized accounting software helps provide a bird’s-eye-view of financials, with features such as a dimensional general ledger, accounts payable, accounts receivable, cash management, order management, purchasing, and Sage Intacct Collaborate to communicate with teams in real-time.
- Reporting and dashboards—greater insight makes for faster financial decision-making. Sage Intacct provides real-time visibility into every important metric, such as profitability per location, treatment, CPT code, or physician.
- HIPAA compliance—Sage Intacct protects and secures confidential patient information, as well as financial management systems alike. The software can be used to implement strong access controls, encrypt sensitive patient information, maintain detailed audit logs of patient information, and employ the right data retention policies for healthcare businesses.
- Automated multi-entity financials—easily consolidate transactions across healthcare organizations with multiple entities, locations, and clinics. Use a shared chart of accounts, perform instant and continuous consolidations, centralize payables, and eliminate manual processes for payments and intercompany accounting.
- Control and compliance—reduce risk and cost with automated workflow, internal controls, and streamlined compliance using built-in, healthcare-specific reports and IRS-compliant financial statements.
Your healthcare business needs to function optimally to succeed—not only by providing top-quality patient care, but by adhering to the necessary industry standards. Reach out today to learn more about how Sage Intacct can help you achieve HIPAA compliance.