Is Your Medical Billing System Cyber Resilient?
Valuable patient data attracts all varieties of cyberattacks, placing the healthcare industry and any medical billing system in constant danger of data breaches and ransomware threats.
The 2019 Covid pandemic only exacerbated the frequency and severity of healthcare cyberattacks as medical systems rushed to enhance their digital offerings. Providers and third-party vendors are experiencing costly cybersecurity incidents – requiring extensive time, resources, and funds to recover.
In fact, check out these alarming healthcare cybersecurity statistics:
- In 2021, healthcare data breaches cost an average of $9.3 million per incident – a 29.5% rise from 2020.
- February 2022 saw 46 data breaches, affecting 2.5 million patients.
- The average ransomware payout in Q1 2022 is $211,259.
- 66% of healthcare organizations were hit by ransomware in 2021, up from 34% in 2020.
- Healthcare data breach costs highest of any industry at $408 per record.
To properly protect sensitive patient data, health systems must ensure their processes are cyber-resilient. So, where to start? Partnering with a third-party medical billing system that includes security in every aspect of the software system is a solid first step.
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.
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.
Medical invoicing and payment processing is one of the most commonly outsourced administrative functions. The amount of sensitive patient information handled by vendors means you need to select a service provider that adheres to the highest security standards.
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.