A May 2017 article in The Economist says that personal data is the new oil in terms of the most valuable commodity of the century.
HIPAA-Compliant Time and Expense
According to the article, “Old ways of thinking about competition, devised in the era of oil, look outdated in what has come to be called the ‘data economy.’”
The article talks specifically about the big five managers (and collectors) of personal data: Alphabet (Google’s parent company), Amazon, Apple, Facebook and Microsoft. These giants have one thing in common; they provide Internet-based tools that require use of your personal data.
But these are far from the only software providers to whom you provide personal and health information on a regular basis. Perhaps you also track your spending on Mint.com or you clock in and out every day using timesheet software. Those entities should be equally careful and cognizant of the importance of managing your data responsibly.
Related Article: 26 Sample Employee Handbook Policies for Improved Compliance
That’s why responsible management of data and compliance with privacy regulations, like HIPAA (Health Insurance Portability and Accountability Act), is more important than ever and will continue to be essential for businesses of all types. You can learn more about the history and requirements of HIPAA at the official U.S. Department of Health and Human Services website.
In particular, our work as providers of software to the healthcare industry makes it imperative that we are also HIPAA-compliant even though we are not working directly with patient data. Personal information needs to be managed carefully and thoughtfully and our clients should expect only the best of us, which is why we require our employees to also be HIPAA compliant.
HIPAA compliance is now something you should expect from your software providers. In addition to checking for SSAE 18 and PCI (Payment Card Industry) Data Security Standards, you should also be checking for HIPAA compliance.
Maintaining compliance with complex regulations is never easy and requires a great deal of commitment, especially when there are so many types of compliance to manage, from EU-U.S. Privacy Shield to the GDPR and HIPAA. However, you should expect that your software provider is not only aware of, but in full compliance with the most updated versions of all necessary privacy and data management regulations. Learn more about how DATABASICS takes privacy seriously at https://www.data-basics.com/privacy/.
DATABASICS provides cloud-based, next generation Expense Reporting, P-Card Management, Timesheet Management, Leave Management, and Invoice Processing automation. Specializing in meeting the most rigorous requirements, DATABASICS offers the highest level of service to its customers around the world.
DATABASICS is relied upon by leading organizations representing all the major sectors of the global economy: financial services, healthcare, manufacturing, research, retail, engineering, nonprofits/NGOs, technology, federal contractors, and other sectors.