3 Critical Questions Senior Living CFOs Should Ask
Running a senior living facility requires adhering to a number of regulations, one of the most important of which is the Health Insurance Portability and Accountability Act, commonly known as HIPAA. Depending on the nature of your operations, you may need a HIPAA-compliant financial system today, or at a minimum, you may need one in the future.
Here are the three questions you need to ask when selecting a cloud financial solution:
- 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 senior care providers include patient names in financial records which may subject their accounting system to HIPAA requirements. Make sure you ask software vendors you evaluate if their system offer specific functionality and assurances that your PHI data will be protected.
- 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 senior living facility 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. The 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 clients. With Sage Intacct, you have the peace of mind that you can meet strict regulatory requirements.