Every day, our world becomes increasingly reliant on technology. The healthcare industry is no exception. While innovative technology can provide creative solutions to streamline the delivery of care, it also opens the door to privacy and security issues that could threaten your organization and a patient’s financial experience at your hospital. When paying for their care, patients should be able to trust that their healthcare provider partners with a payment solution that stays up-to-date on the latest trends in the security landscape and follows strict payment compliance standards. Ensuring your hospital embraces software that respects and values patient privacy not only enhances patient engagement, but it also increases the likelihood of a successful patient financial experience.
Current Trends
The cybersecurity market continues to grow exponentially, showing no sign of stopping. The International Data Corporation predicts the market will reach a value of $46.3 billion by 2027, meaning healthcare administrators must keep up with current trends in the market and stay up-to-date on security compliance standards to protect against potential threats. The top three trends in cybersecurity are:
- A continued rise in all types of cybersecurity incidents. While AI and ML are valuable in developing cyber defense tools, both can be double-edged swords. Cybercriminals well-versed in using AI and ML capabilities exploit consumer information, especially from healthcare institutions. Hackers persist in using ransomware to extort payment from vulnerable patients. The cost of cybercrime is expected to soar to $8 trillion by the end of 2023 and climb to $10.5 trillion by 2025. The cybercrime threat illustrates the increased emphasis on compliance and accountability on behalf of healthcare institutions and their vendors.
- A shift to more complex privacy rules. Various states around the country are enacting privacy laws that increase for-profit companies’ compliance requirements for protecting personal data. The state-level requirements reflect the changing security landscape, which now accommodates the most restrictive laws—even if they are not on the federal level. The laws focus on consumer rights, requiring controllers of personal data to provide a privacy notice to consumers; implement technical, administrative, and physical data security practices; establish certain contracting requirements with third parties responsible for processing personal data on a company’s behalf; and conduct data security assessments.
- An increase in digital healthcare offerings. The rise of digital health has transformed healthcare delivery. Many healthcare organizations now work with online payment vendors—a service preferred by 91 percent of patients—to help patients make healthcare payments. However, digital payment solutions come with additional security risks that could deter patient engagement. Equipping remote workers with compliant strategies, like those of the Payment Card Industry Data Security Standard (PCI DSS), can protect personal data. For example, HealthPay24 stays on top of security compliance measures by partnering with companies like Sycurio to mask dial tones from hackers (DTMF masking), and device manufacturers who offer Point-to-Point Encryption (i.e. P2PE credit card terminals), which encrypt card data before it ever reaches your organization’s network. Enabling protections like these in both card-present and card-not-present scenarios allows organizations to descope new and traditional payment engagement channels from PCI DSS compliance while enhancing the patient financial experience.
Working with a healthcare payment platform that follows the best cybersecurity frameworks can positively affect your hospital’s overall efficiency by adapting to handle the latest industry trends. Strict compliance fosters improved attitudes about the cost of treatment by motivating your patients to make on-time payments, leading to improved levels of patient engagement.
PCI Compliance and HealthPay24
When cybercrime targets healthcare payment platforms, patients suffer. HealthPay24 recognizes the threat hackers pose to all who rely on our platform to be PCI DSS compliant. As “a set of security standards designed to ensure that ALL companies that accept, process, store or transmit credit card information maintain a secure environment,” the PCI DSS helps vendors manage the ongoing evolution of the security industry and protect consumers throughout the transaction process. The standards apply to any organization that accepts, transmits, or stores cardholder data. Everyone involved in the life cycle of a transaction, from healthcare providers, to service providers like HealthPay24, and credit card processors hold a responsibility to play their part in processing payments in a secure and compliant manner. The PCI DSS outlines 12 requirements for compliance which HealthPay24 strictly follows:
- Install and Maintain Firewall
- Proper Password Protection
- Protect Cardholder Data
- Encrypt Transmitted Data
- Use and Maintain Antivirus Software
- Properly Update Software
- Restrict Data Access
- Unique IDs for Access
- Restrict Physical Access
- Create and Maintain Access Logs
- Regularly Test Security Systems
- Document Policies
HealthPay24 monitors changes in the PCI DSS requirements every quarter to ensure practices are up-to-date with the latest protections for patients. Each year, HealthPay24 undergoes an audit of our business to ensure we are PCI DSS compliant. The first step is a penetration test, which tests the network and application to see whether and how a malicious user can gain unauthorized access to the system, including cardholder data. Next, we compile documentation and interviews internally to provide the auditor with full transparency of the company. After a remote visit from the auditor (who hands over the penetration test findings), HealthPay24 remediates any exploit issues that arose during the test. Finally, once all issues are resolved, the auditor releases an Attestation of Compliance (AOC) that shows clients HealthPay24 is fully PCI DSS compliant.
PCI DSS compliance is fundamental to how we conduct business and foster patient engagement for our clients. We comply with strict industry standards so that your patients can rest assured their data is secure.
HITRUST Certification
The security industry hosts a diverse set of compliance approaches, standards, and models. As a result, healthcare institutions might find it difficult to determine which certifications to look for in a third-party payment vendor. For example, because HIPAA and PCI differ in terms of certification and regulations, ensuring you choose an online payment platform that guarantees compliance with both bodies is key to fostering patient engagement.
Founded in 2007 by security industry experts, the Health Information Trust Alliance (HITrust) assurance program combines existing security frameworks—like NIST, ISO, PCI DSS, and HIPAA—to offer best-in-class cybersecurity for organizations. HITRUST takes a risk-based approach, rather than a compliance-based approach, to address information risk management across an array of third-party assurance assessments. HITrust is twice as rigorous in processes and procedures compared to standalone frameworks like PCI DSS. When your hospital partners with a HITrust-certified vendor, your patients’ data is protected by the industry’s strictest security measures.
As a HITrust-certified healthcare payment solution with over 20 years in the industry, HealthPay24 meets a high threshold of compliance to bring peace of mind to clients and patients alike. HealthPay24 holds itself accountable to high certification standards to take the fuss out of healthcare payments so patients can quickly and easily pay for their treatment and trust that their financial information is safe.
Staying ahead of the changes in regulations with HealthPay24, an EngageSmart solution.
To create a positive financial experience for your patients, HealthPay24 leverages true Software as a Service (SaaS) technology, which stays up to date on the latest integrated payment software capabilities. This adaptability is a key connection between HealthPay24 and all EngageSmart solutions.
EngageSmart provides customers with vertically tailored software solutions designed to simplify patient engagement through digital adoption and self-service. The vast EngageSmart network of solutions relies on truly cloud-native technology, which helps HealthPay24 keep up with trends to constantly evolve the digital healthcare payment experience to the needs of the moment. This is integral for fostering a positive financial experience for healthcare organizations and their patients.
With HealthPay24, your organization can take comfort in knowing your patients financial information is safe. Eager to learn more about how HealthPay24’s dedication to security, compliance, and data protection improves patient engagement? Get in touch with us here.