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January 10, 2024 · Resources Healthcare finance

Sage Intacct: HIPAA Compliance, and Beyond

Sage Intacct: HIPAA Compliance, and Beyond

Every business has to answer to local, regional, and national authorities, and comply with certain regulations to operate legally. For healthcare businesses, complying with the Health Insurance Portability and Accountability Act (HIPAA) is essential for avoiding fines and penalties, as well as civil lawsuits and even criminal charges.

HIPAA refers to the national standards in place to protect the privacy and personal information of patients. Every medical center, clinic, and hospital must adhere to these standards in order to operate legally, which means that it is crucial for healthcare businesses to be aware of HIPAA regulations and any potential changes that it might undergo. The U.S. Department of Health and Human Services outlines these national privacy and security requirements in detail.

Table of Contents

Key Takeaways

  • HIPAA compliance is not optional for healthcare businesses — failing to meet its national privacy and security standards risks fines, penalties, civil lawsuits, and even criminal charges.
  • Sage Intacct’s healthcare accounting software, used with Advanced Audit Trail, is HIPAA compliant, and its security safeguards have been certified as HIPAA and HITECH compliant by Avertium (formerly Sword & Shield).
  • Sage Intacct is willing to enter into a Business Associate Agreement with eligible clients, and is the only healthcare accounting software endorsed by both the AICPA and the Healthcare Financial Management Association Peer Reviewed program.
  • Core functions include strong centralized accounting (dimensional general ledger, accounts payable/receivable, cash management), real-time reporting and dashboards, and automated multi-entity financials for organizations with multiple locations or entities.
  • HIPAA-specific capabilities include strong access controls, encryption of sensitive patient information, detailed audit logs, and appropriate data retention policies for healthcare businesses.

Sage Intacct is the only healthcare accounting software endorsed by the American Institute of Certified Public Accountants (AICPA) and Healthcare Financial Management Association Peer Reviewed, and makes it easy to remain up-to-date and in compliance with HIPAA guidelines Sage Intacct’s Peer Reviewed status is documented directly by the Healthcare Financial Management Association.

Ensuring Data Security and Compliance

Sage Intacct’s healthcare accounting software with Advanced Audit Trail is HIPAA compliant. The software’s 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. This means that healthcare businesses can meet the strict regulatory requirements of HIPAA with less stress and greater peace of mind. 

The best-in-class solution is not only a convenient tool for ensuring adherence to HIPAA standards, but the only one of its kind to be promoted by esteemed and trustworthy entities. The software has been an innovative leader in the cloud financial management and accounting space for more than a decade.

What Can Sage Intacct Do for My Healthcare Business?

Sage Intacct was designed to support healthcare companies in their complex and evolving industry. A few of the software’s key functions include:

  • Strong core accounting—centralized accounting software helps provide a bird’s-eye-view of financials, with features such as a dimensional general ledger, accounts payable, accounts receivable, cash management, order management, purchasing, and Sage Intacct Collaborate to communicate with teams in real-time.
  • Reporting and dashboards—greater insight makes for faster financial decision-making. Sage Intacct provides real-time visibility into every important metric, such as profitability per location, treatment, CPT code, or physician.
  • HIPAA compliance—Sage Intacct protects and secures confidential patient information, as well as financial management systems alike. The software can be used to implement strong access controls, encrypt sensitive patient information, maintain detailed audit logs of patient information, and employ the right data retention policies for healthcare businesses.
  • Automated multi-entity financials—easily consolidate transactions across healthcare organizations with multiple entities, locations, and clinics. Use a shared chart of accounts, perform instant and continuous consolidations, centralize payables, and eliminate manual processes for payments and intercompany accounting.
  • Control and compliance—reduce risk and cost with automated workflow, internal controls, and streamlined compliance using built-in, healthcare-specific reports and IRS-compliant financial statements.

Your healthcare business needs to function optimally to succeed—not only by providing top-quality patient care, but by adhering to the necessary industry standards. Reach out today to learn more about how Sage Intacct can help you achieve HIPAA compliance.

Summary

HIPAA compliance touches every healthcare business, and the financial system underneath a healthcare organization is part of what that compliance depends on — not just the clinical side. Sage Intacct’s case here rests on a specific set of facts: independent HIPAA and HITECH certification, a willingness to sign a Business Associate Agreement, and endorsement from both the AICPA and HFMA, backed by concrete features like access controls, encryption, audit logs, and retention policies built for healthcare data.

For a healthcare business weighing whether its current accounting software can actually support HIPAA compliance, the practical question is whether it can point to the same kind of third-party certification and BAA availability — or whether compliance is being handled manually around a system that wasn’t built for it.

FAQ

What is HIPAA, and why does it matter for healthcare businesses?

HIPAA (the Health Insurance Portability and Accountability Act) sets the national standards for protecting the privacy and personal information of patients. Every medical center, clinic, and hospital must adhere to these standards to operate legally, and non-compliance can result in fines, penalties, civil lawsuits, or criminal charges.

Is Sage Intacct HIPAA compliant?

Sage Intacct’s healthcare accounting software, used with its Advanced Audit Trail, is HIPAA compliant. Its security safeguards have been certified as HIPAA and HITECH compliant by Avertium (formerly Sword & Shield), and Sage Intacct will enter into a Business Associate Agreement with eligible clients.

What makes Sage Intacct different from other healthcare accounting software?

Sage Intacct is the only healthcare accounting software endorsed by both the American Institute of Certified Public Accountants (AICPA) and the Healthcare Financial Management Association Peer Reviewed program, and it has been an innovative leader in cloud financial management and accounting for more than a decade.

What core financial functions does Sage Intacct provide for healthcare organizations?

Sage Intacct offers strong core accounting with a dimensional general ledger, accounts payable, accounts receivable, cash management, order management, and purchasing, along with real-time reporting and dashboards for metrics like profitability per location, treatment, CPT code, or physician.

How does Sage Intacct protect patient data specifically?

Sage Intacct protects confidential patient information through strong access controls, encryption of sensitive patient information, detailed audit logs of patient information access, and data retention policies designed for healthcare businesses.

Can Sage Intacct handle healthcare organizations with multiple locations or entities?

Yes. Sage Intacct offers automated multi-entity financials, letting organizations consolidate transactions across multiple entities, locations, and clinics using a shared chart of accounts, instant and continuous consolidations, and centralized payables.

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