The 3 Critical Questions Healthcare CFOs Should Ask When Selecting Financial Accounting System
Your organization may not require a HIPAA-compliant financial system today, but you could in the future.
Here are the three questions your need to ask when selecting a cloud financial solution in the healthcare industry:
- Can I store, process or transmit protected health information (PHI) in the system?
You may wonder what health information would be stored in an accounting system, but many healthcare organizations include patient names in financial records which may subject their accounting system to HIPAA requirements. Make sure you ask all vendors if their systems offer specific functionality and assurances that your PHI data will be protected. What’s the difference between HIPAA and PHIPA?
- Will you sign a Business Associate Agreement (BAA)?
A Business Associate Agreement, or BAA, is the contract you need your vendor to sign that spells out specifically what the vendor (the ‘business associate”) has been engaged to do with the PHI and the standards of protection for that PHI. Be wary of any vendor that won’t agree to sign a BAA.
- What options do I have if I need HIPAA-compliant cloud financials?
If you are a healthcare organization whose financial system must comply with HIPAA, you need to have confidence that PHI data in your system is kept private and secure and access to PHI is tracked as required by HIPAA. If you need HIPAA-compliant Financial systems today, it’s imperative that you understand how compliance is established by your vendor.
When you need airtight HIPAA compliance, Sage Intacct’s cloud financial solutions – with an advanced audit trail – are the answer. Our 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 healthcare clients. With Sage Intacct, you have the peace of mind that you can meet strict regulatory requirements. Find out if cloud software is for you!