As physicians, we see rising healthcare costs, even as medical groups increasingly adopt health IT solutions to improve workflows and patient care. These solutions can help us manage our practices and provide better patient care.
To ensure their systems and data are secure, investing in these areas is essential for medical groups, independent physicians, and medical practices. However, these investments are costly.
March 14, 2023, MGMA (Medical Group Management Association) Stat poll of 384 medical group leaders found that nearly 3 out of 4 (74%) reported an increase in HIT compliance expenses over the past year, while 25% noted these expenses stayed the same, and only 2% saw a decline.
Physicians reported that some of the most common areas of spending included new or improved cybersecurity systems, such as firewall updates or security features on individual workstations, including multifactor authentication; server upgrades; increased premiums on cyber insurance policies; new software systems for catching malware or viruses; surging costs for remote user VPNs to cover hybrid and remote workers; and additional full-time staff on in-house IT teams.
It is not a hidden fact that compliance costs increase as the regulation around an industry rises. The healthcare system is at the top of the list regarding rising costs medical groups must endure.
The rising costs associated with health IT compliance, as described by the MGMA Stat poll, is a finding that should spark a significant concern.
The rising costs around HIT Compliance, according to the agency, are due to the following:
A. New or Improved Cybersecurity Systems
B. Server Upgrades
C. Increased Premiums on Cyber Insurance Policies
D. New Software Systems for Catching Malware or Viruses
E. Surging Costs for Remote User VPNs
F. Additional Full-Time Staff on In-House IT Teams
Improving cybersecurity systems is becoming increasingly important as the healthcare industry becomes more digital. This means that medical groups, independent physicians, and medical practices must invest in new or improved cybersecurity systems to protect their data and patient information.
Medical groups, independent physicians, and medical practices must invest in server upgrades to ensure their systems are up-to-date and secure.
Cyber insurance policies are becoming increasingly important for medical groups, independent physicians, and medical practices. As the risk of cyber-attacks increases, so do the premiums on cyber insurance policies.
As the healthcare industry continues to become more digital, the need for new software systems for catching malware or viruses is becoming increasingly important. Medical groups, independent physicians, and medical practices must invest in new software systems to protect their data and patient information.
Likewise, remote-user VPNs are becoming increasingly important. Medical groups, independent physicians, and medical practices must invest in remote user VPNs to ensure their systems and data are secure.
The need for additional full-time staff on in-house IT teams is becoming increasingly important. Medical groups, independent physicians, and medical practices must invest in other full-time staff on in-house IT teams to ensure their systems and data are secure.
The rising costs associated with HIT compliance are a reality for medical groups, independent physicians, and medical practices.
The need for improved cybersecurity systems, server upgrades, increased premiums on cyber insurance policies, new software systems for catching malware or viruses, surging costs for remote user VPNs, and additional full-time staff on in-house IT teams is becoming increasingly important. However, we must find a way and a digital platform that overhaul those costs toward efficiency and security.
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