Failing to ensure compliance with HIPAA and PHIPA can result in significant financial repercussions for healthcare businesses. Non-compliance can lead to hefty fines, which can range from thousands to millions of dollars, depending on the severity of the violation. Additionally, the costs associated with legal fees, potential lawsuits, and damage to your reputation can have long-term impacts on your business. Investing in compliance is not just a regulatory requirement; it’s a crucial step in protecting your organization and maintaining trust with your patients.