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The healthcare industry faces a growing threat as valuable patient data increasingly attracts cyberattacks. With the rise of artificial intelligence and other advanced technologies in healthcare, digital vulnerabilities are expanding, placing medical billing systems and providers at constant risk of data breaches and ransomware incidents.

This surge in sophisticated cyber threats necessitates robust security measures. Providers and third-party vendors are experiencing increasingly costly cybersecurity incidents, demanding significant time, resources, and financial investment for recovery.

In fact, check out these alarming healthcare cybersecurity statistics:

• In 2024, healthcare data breaches cost an average of $9.8 million per incident – a 34.5% rise from 2020.
• During 2024, there were 588 healthcare data breaches reported to the OCR, affecting nearly 180 million people.
• The average ransomware payout in 2024 is about $4 million.
• 92% of healthcare organizations experienced a cyberattack in 2024, up from 88% in 2023.
• Healthcare data breaches cost an average of $408 per record, which is three times higher than the cross-industry average of $148 per record.

Protecting sensitive patient data requires health systems to prioritize cyber resilience across all processes. A crucial first step in achieving this is partnering with a third-party vendor that prioritizes cyber resilient medical billing in every aspect of its software.

Zero-Knowledge Authentication

If you have ever fallen victim to a data breach and had personal information stolen, you know how frustrating monitoring your accounts and changing passwords can be. Unfortunately, user password-protected accounts remain a major and common target for cybercriminals.

Luckily, there are alternatives for securely accessing a medical billing system. MailMyStatements’ managed billing platform offers zero-knowledge authentication to provider and patient.

Zero-knowledge authentication eliminates the need to remember passwords or store them on a server where cyber thieves wait to hijack the data. When a login request is made, a One-Time Password (OTP) generates and sends to the mobile device on record. This provides frictionless access for provider and patient.

Our secure patient billing system also incorporates Blockchain, Machine Learning/Artificial Intelligence, and Cloud Technologies in a completely cyber-resilient environment.

HITRUST Certified

From sending patient eStatements to collecting online payments, the billing process is ripe with opportunities for cyberattacks. Complying with HIPAA alone no longer provides substantial data protection; most healthcare providers are seeking billing technology protected by prestigious security certifications like HITRUST.

HITRUST was developed by healthcare and IT professionals with a vested interested in maintaining the highest levels of healthcare information security. It provides a framework that helps organizations effectively manage security, privacy, and regulatory factors in health information systems that handle sensitive patient data. It’s designed to:

• Avoid data exposures by identifying risks and preventing compliance issues.
• Combat cyberattacks such as ransomware and other security breaches.
• Establish industry-wide reliability by adopting a comprehensive security framework that is audited, certified, and verifiable.
• Promote transparency with a standardized approach by allowing medical practices to verify that they’re partnering with another organization that takes the same precaution to safeguard PHI.

MailMyStatements’ HITRUST Certification extends to protect all API offerings, customer management portals, and ChatBot functions.

Final Thoughts

Medical invoicing and payment processing is one of the most commonly outsourced administrative functions. Given the volume of sensitive patient information these vendors handle, selecting a service provider that adheres to the highest security standards is critical. This includes prioritizing vendors that demonstrate a commitment to cyber resilient medical billing practices, ensuring they can not only prevent attacks but also effectively recover and maintain operations in the face of increasingly sophisticated cyber threats.

Here at MailMyStatements, our team and all software systems are regularly audited to maintain our ongoing HITRUST certification standards. When you use our billing and payment services, you can rest assured that your PHI is protected by the latest technologies according to the highest cybersecurity requirements. Get in touch with us today.

Learn more about our patient statements and payment services here.