There's no question that healthcare is a lucrative industry, but how can MSPs tap into this vertical to increase profitability? MSPmentor’s Maurice Saluan provided insight on the opportunity back in 2009, but many IT services providers didn't take action. The opportunity remains.
Saluan stressed a very real need for MSPs to assist the healthcare system with their navigation of new regulations and record maintenance requirements. More importantly, the healthcare system and its providers are looking for technology that would protect the security and integrity of patient records while promising consistent uptimes—two challenges that MSPs remain perfectly suited to take on.
A failure to comply with federal regulations and potential security violations could cost healthcare companies millions.
Just ask the folks at Advocate Health Care Network who, in early August 2016, agreed to pay $5.5M in a settlement regarding electronic patient health information (ePHI). The decision to settle is something that Office of Civil Rights (OCR) Director Jocelyn Samuels hopes will send “a strong message to covered entities that they must engage in a comprehensive risk analysis and risk management to ensure that individuals’ ePHI is secure.”
As regulations evolve, healthcare providers are looking for someone else to take on the burden. They need someone to keep their systems inline, up-to-date, and properly regulated. Such a continual demand for assistance means MSPs, as we wrote about previously, should “remain vigilant and up to date with all security regulations.”
High-level knowledge of HIPAA is a must for MSPs looking to take advantage of these potentially lucrative business opportunities. At the same time, MSPs should offer products specific to healthcare industry needs—products which, according to Samuels, allow healthcare providers to implement “physical, technical, and administrative security measures sufficient to reduce the risks to ePHI in all physical locations and on all portable devices to a reasonable and appropriate level.”
When it comes to something as potentially lucrative as the healthcare vertical, there’s no time to waste.