1. HIPAA has very stringent guidelines about how this data needs to be protected. There are significant financial and brand deterioration for the breaches of this information. For example, fines can be as high as $50,000 per violation. The minimum penalty per year is $1,500,000 USD per violation. When it comes to the possibility of data breaches and fines, it is just too costly not to have a system in place. An HIPAA violation can cost more than $5 million per incident – a cost that most hospitals and health care facilities cannot afford to sustain. Not to mention the severe impact on the hospital brand and reputation, as well as the subsequent impact on the hospital’s revenue.
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