3 Ways to Improve Patient Payments Data Security and Compliance

Regardless of whether the information is clinical, financial, or demographic, patients are increasingly worried about the possibility that their personal data could be compromised. For example, a recent survey of 1,200 consumers revealed that 95% of patients expressed concern about the possibility of data breaches affecting their medical information, according to Health Gorilla.Similarly, 65% of patients expressed distrust of Big Tech companies storing their health data while 54% said they are worried about security and privacy protections offered by vendors that handle their health data, according to the survey. For healthcare providers, data breaches are also a major potential dilemma. Data breaches in healthcare are, on average, more costly than any other industry. In 2023, the average cost of a healthcare data breach rose to $10.9 million, a 53% increase over the past three years, according to IBM.