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Part 3, the final installment of our series, addresses the imperative need for stronger data security systems, as well as the most prudent options for handling related costs.

Industry analysts and internal healthcare IT staff concur: To safeguard data and business viability, ensure that cybersecurity receives a substantial part of the IT budget. Beyond the primary role of safeguarding your data, there are additional valuable benefits of investing in cybersecurity. An effective security system:

  • Enables continuity of operations
  • Protects reputation and integrity
  • Maintains the value of your services
  • Costs less than cumulative damages incurred by a cyber attack

You’ll find numerous vendors of cybersecurity systems in today’s market, many of whom specialize in customized healthcare applications and also provide training and support.

The price of strong, scalable security

Acquiring a cybersecurity system represents a sizeable investment, and you have several options for handling the expense, including purchase, subscription or payment plans. A purchase might seem the most direct approach, though it may diminish capital reserves unnecessarily. Using a subscription program can lower cash outlay and provide convenience. However, a customized payment plan also offers convenience, as well as a full range of additional features, including:

  • Payments tailored to your budget and initiatives
  • Flexible terms:  Monthly, quarterly, annual or multi-year
  • Enhanced cash-flow management 
  • Technology upgrades and protection from obsolescence
  • Contract flexibility and control
  • Total solution coverage (bundling), including installation, transportation, training and support costs
  • Simplified processing
  • Potential tax advantages1

Not surprisingly, many US businesses opt for the benefits of equipment acquisition via payment plans.

Trust Your Capital Provider

In seeking and qualifying a capital provider, look for an organization with proven financial stability as well as demonstrated expertise in healthcare and IT asset experience. A capital provider should also offer:

  • An immediate capital solution plus a scalable, long-term strategy
  • Innovative structuring knowledge
  • Technical acumen and medical-asset experience
  • A consultative approach that aligns with your business goals
  • Readily accessible in-house credit, legal, underwriting, documentation and operations experts

In addition, consider the advantages of a capital provider with a proven track record in working with both healthcare and IT professionals. A seasoned capital provider should also understand new technologies and tailor payment solutions with built-in flexibility. In sum, try to find a capital provider that not only expedites equipment acquisition, but also works strategically to maximize your organization’s profitability.

Summary: Facing the Challenge

There’s never been a period of more promise or peril in online healthcare information. The healthcare industry has the capacity to store and rapidly access detailed patient data that may help save lives and create better futures. At the same time, cybercriminals have proven themselves ever more determined (especially during a pandemic or other emergency) to sabotage, steal and hold hostage healthcare IT systems in the US and worldwide.

It’s incumbent on industry leadership to increase support for strong, expandable online security. Doing so is more than just smart financial strategy. It also builds trust in a healthcare brand and boosts loyalty, retention and new business. In contrast, failing to take sufficient action on the security front can result in lost business, lawsuits, fines, diminished reputation or even the end of an enterprise.

Statistics show that every passing day without sufficient healthcare cybersecurity means more and increasingly persistent attacks, breaches, ransoms and setbacks. We encourage you to take on the challenge of making your healthcare IT environment safer and more secure than ever before, for now and the future. We look forward to working with you.

Go back to Part 1, which outlines the background leading to the extraordinary challenges facing healthcare IT security today.

Or check out Part 2, which investigates some of the most common PC threats as well as ways to recognize and mitigate them.

Find more information on our services and banking teams at:

Healthcare Banking

Equipment Financing

Cybersecurity

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Situation-dependent. Consult with your tax, legal, and financial advisors before entering into any customized payment plan or other equipment finance arrangement.

This document is designed to provide general information only and is not comprehensive nor is it legal, accounting, or tax advice. KeyBank does not make any warranties regarding the results obtained from the use of this information. Credit products are subject to credit approval, terms, conditions, and availability and subject to change. Key Equipment Finance is a division of KeyBank. Key Government Finance is a subsidiary of KeyBank. Key.com is a federally registered service mark of KeyCorp.

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