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Safeguard Your Practice From the Next Big Cyberattack: How to Save Your Billing and Revenue

Two men wearing suits and tie in a conference room discussing to each other with a laptop on the table in front of them

The annual number of ransomware attacks on US healthcare providers has doubled over the last five years, according to a JAMA Network study. These cyberattacks cut across patient data and privacy, operations, billing cycles, etc. They expose the stark fact that the healthcare system is highly vulnerable to breakdown, delaying treatments, and costing billions of dollars. In this blog, you can find what you need to know about cyberattacks to prevent you from suffering the next big one.

Why healthcare is particularly at risk

Patient data is money. Since hospitals store an incredible amount of it, hackers are on the hunt to sell it. Protected health information (PHI), financial information like credit card and bank account numbers, and personally identifying information (PII) are among the information with high monetary value.

Unfortunately, patient records sell up to 10 times more than stolen credit card numbers, increasing the attacker’s motivation to breach hospital systems. In a published Cost of a Data Breach Report by Ponemon Institute, the average cost of a data breach globally was $4.45 million in 2023, a 2.25% increase from 2022.

Without proper prevention and strong defenses, your practice may become a target. Here are the threats cyberattacks pose to patient privacy and clinical outcomes.

  • Lose access to medical records: A ransomware virus can hold these records hostage, jeopardizing your patient’s safety and care delivery.
  • Alter patient data: Hackers can also intentionally or unintentionally change the data written in your patient’s records, seriously affecting their treatment and outcomes.
  • Cancel lifesaving treatments or devices: A cyberattack can intercept your ambulance diversion orders and surgery schedules, endangering your patients’ lives. Attackers can also control medical devices and disrupt your normal operations.
  • Face substantial penalties: Under HIPAA’s Privacy and Security Rules, if you fail to keep patient records private, you may face a criminal penalty of up to $50,000 and up to one year of imprisonment.

How to assess risks for healthcare organizations

The ransomware attack on Change Healthcare in February urged everyone to take a new approach to cybersecurity risk by analyzing the critical functions that make up the sector. “The first step is to recognize, define, and analyze the interconnections and interdependencies among the members of the health care ecosystem,” a Harvard Business Review (2024) article stated.

This means cyberattacks on your health services depend on your technology, staff practices, and third parties. Did you know that only 17% of healthcare delivery organizations update software regularly? Ponemon Institute went on to discover that only 20% of employees were educated about ransomware risks.

Ask yourself these questions to assess your risk:

  1. Do we conduct preventative, comprehensive cyber exams to identify potential weaknesses across applications, networks, and systems?
  2. Do we have an emergency response plan?
  3. Do our vendors routinely update their products with the latest security patches?
  4. Do incidents and breaches get reported by third parties as soon as possible?

Stay protected and secured with Synapse Accounting and Bookkeeping

At Synapse, we stand as a bulwark against the complex cybersecurity issues in healthcare. Our secure systems ensure uninterrupted revenue flow, allowing you to concentrate on delivering top-notch patient care.

That’s not all: Our financial experts are equipped to handle all kinds of financial hurdles, whether you are a small or big organization. They are trained to help your staff understand the importance of cybersecurity and implement practices that save your revenue before attackers can steal it. Want to get started on a safe and secure financial journey with us? Contact us at accountingsales@synhs.com.

Source:

Cost of a Data Breach Report 2023. (2023). IBM. From: https://www.ibm.com/reports/data-breach

Decker, E, Glaser J, & Guptill, J. (2024). Preventing the Next Big Cyberattack on U.S. Health Care. From: https://hbr.org/2024/05/preventing-the-next-big-cyberattack-on-u-s-health-care

Neprash HT, McGlave CC, Cross DA, et al. Trends in Ransomware Attacks on US Hospitals, Clinics, and Other Health Care Delivery Organizations, 2016-2021. JAMA Health Forum. 2022;3(12):e224873. doi:10.1001/jamahealthforum.2022.4873 From: https://jamanetwork.com/journals/jama-health-forum/fullarticle/2799961

The Impact of Ransomware on Patient Safety and the Value of Cybersecurity Benchmarking. (2023). Ponemon Institute. From: https://www.censinet.com/impact-of-ransomware-on-patient-safety-and-value-of-cybersecurity-benchmarking?preview=true