How much will it cost to become HIPAA compliant?
In court documents, AAPS states that it estimates that the hard costs of compliance would total between about $16,000 and $23,000 for the first year alone, and substantially more if an additional employee or consultant is necessary to manage the new software. The computer system alone could cost between $10,000 and $20,000. Continuing education and monthly regulatory updates cost thousands – and all of them recommend expert consultants and lawyers, who will probably be in great demand and charging top dollar. Many of the audio conferences addressing a single element of HIPAA, such as duties of the privacy officer, cost $200 per person. Some “industry players” have estimated the cost to be so high that they asked whether it wouldn’t be cheaper just to pay the fines as a cost of doing business. PriceWaterhouseCoopers found that, for covered entities, the answer is NO.
