With healthcare being a hot topic these days, there is more opportunity than ever for MSPs to capitalize. Companies that have anything to do with healthcare information like PHI (personal health information) and EHR (electronic health records) have a significant burden to bear. That burden comes in the form of HIPAA compliance.
Just the words ‘HIPAA compliant’ can scare doctor’s offices, hospitals, specialty practices and more. The reason is the increasing likelihood of fines that can hurt the bottom line and, even more importantly, the reputation of a practice if they are hacked.
Upcoming Webinar: How to Use the HIPAA Assessment Tool to Increase Revenue
Why Add HIPAA Services?
The first reason is obvious…the revenue opportunity. Offering HIPAA compliance services allows an MSP to talk to all different types of accounts in the healthcare vertical. Any healthcare business in today’s environment has to be HIPAA focused, and you have the opportunity to earn new revenue by offering this service.
It’s also a good way to get a foot in the door of new accounts. Offering a HIPAA compliance check is a good way to start a conversation that may lead to other services in the future. Additionally, it looks good to have in your service portfolio. If you’re targeting healthcare clients and you don’t have a HIPAA offering, your chances of gaining business in this vertical become slim very quickly.
By adding HIPAA compliance services, new revenue channels are opened. Also, by having a strong HIPAA offering you can become much more important to doctors and others who have HIPAA concerns. There may not be a better place to establish a ‘trusted adviser roll with customers and prospects alike.
Is the Opportunity Large Enough?
In a word: yes. Compliance is a complex and frustrating activity for businesses since the vast majority of these businesses cannot manage the process themselves. By some estimates there are 700,000 businesses that need to be HIPAA compliant. MSPs can come in as a ‘white knight’ and provide a very valuable service to customers that could very likely lead to additional project work and/or recurring business.
How Do You Start?
First, you need to have the desire. It’s a commitment to work in the HIPAA world. There are tools you can use that help with HIPAA assessments, like the one offered through the Continuum portal, powered by RapidFire Tools. With this new offering you can offer:
- One-time HIPAA Compliance Package – which can provide the documents to your clients for customer compliance.
- Full HIPAA Assessment – You will be able to do full HIPAA assessment for your customer and set the stage for the next level of engagement. It’s hard for a customer / prospect to say no when you come across as completely professional and knowledgeable.
- Managed HIPAA Compliance – The opportunity for ongoing monthly recurring revenue through HIPAA managed services is attractive as well. Compliance is not something that you do once then just let it coast. In fact, there are constant changes to the definition and execution of a true HIPAA compliant environment. Most businesses don’t have the depth of expertise in things like this so handing it to a trusted professional to alleviate worry is incredibly valuable.
These conversations are great segues into other conversations about other pieces of the MSP practice. You can get creative and incorporate HIPAA services into other services. These bundles can be new ways to have more consultative conversations with customers in the future.
In the end, HIPAA compliance is a huge potential opportunity for you, especially if you already serve healthcare clients. A strong HIPAA practice can position your business for success in the future. Let’s face it, the medical vertical isn’t going away any time soon so why not take advantage of the opportunity it presents through HIPAA specialization?
Interested in learning more? Sign up for our upcoming webinar to hear about how one of our partners has been able to successfully use the HIPAA Assessment Tool to grow his revenue and find new clients.
Sign up here: How to Use the HIPAA Assessment Tool to Increase Revenue.
By Meaghan Moraes
By Monika Gupta