Healthcare’s main objective is to keep us safe, not put us in harm’s way. The grim truth is that data breaches in this sector are reaching previously unheard-of levels, exposing tens of millions of medical records and seriously jeopardizing consumer finances.
According to a study reported in the HIPAA Journal, throughout the course of the preceding 12 months, from July 2021 to June 2022, the records of 42,431,699 persons were inappropriately shared or exposed. “Data breaches have been reported at much higher rates during the previous two months than the 12-month average of 57.67 breaches each month.”
He stated that there are many reasons to seek someone’s records. While many of these involve social engineering, medical fraud also presents several opportunities.
A tempting target for crooks, a nightmare for victims, and a substantial financial burden on providers, the US is predicted to have 32 million HSAs in 2022, with a combined value of more than $100 billion. The average financial impact of fines and associated costs for healthcare companies that break the law could be close to $10 million.
He went on to say that “by far the largest expense, but those are the financial expenses,” was reputational harm. “Take a look at modern healthcare. Consumer participation has increased.
Patients are starting to think more like paying consumers as a result of healthcare becoming more commoditized than before. Healthcare providers who don’t see data security as mission-critical will now be more likely to lose the relationship in addition to paying the penalty.
