Recurly, a subscription management and billing platform, announced it has taken the necessary steps to support functions that fall within the Health Insurance Portability and Accountability Act (HIPAA), which serves “as the U.S. national standard for health information security and privacy.”
Dan Burkhart, co-founder and CEO at Recurly, said:
“Personal data privacy is an increasing concern across industries, and Recurly is uniquely equipped to help brands build long-term consumer relationships rooted in trust. Now, we can provide a business associate agreement to support HIPAA-related functions, further boosting our platform’s capacity to collect, better understand and securely process consumer data, which is a win-win for brands and consumers alike.”
Healthcare subscriptions “are a fast-growing market.”
A recent Recurly survey “found 60% of U.S. subscription users were likely / highly likely to consider a healthcare subscription that covers general medical care.”
Recurly can now “support HIPAA-related subscription businesses, adding healthcare-specific compliance to privacy-first data and consumer experiences.”
The move demonstrates “further commitment on the part of Recurly to protect consumer data across the board, while also ensuring that its products meet the rigorous requirements of data protection regulations.”
According to the AHA, “as healthcare companies look beyond transactional relationships, they will focus on subscription-based programs to build a loyal customer base and steady cash flow. Direct-to-consumer healthcare subscriptions have already impacted the industry, from prescriptions to mental health services.”
Overall, digital health represents “a global market of approximately $350 billion, including categories such as care delivery and finance, and is expected to grow at least 8 percent each year according to McKinsey.”
As a set of regulatory standards governing the security, privacy and integrity of sensitive healthcare called protected health information (PHI), HIPAA dictates “that any vendors that come into contact with individually identifiable health care-related information must also become HIPAA compliant.”
Recurly is “a subscription management and recurring billing platform for more than 2,220 consumer brands globally, already meeting the regulatory standards of GDPR, CPRA and CCPA, as well as SOC 2 Type 2 certification.”
As noted in the update, thousands of innovative companies “across digital media, streaming, publishing, SaaS, education, consumer goods, and professional services industries rely on Recurly to unlock transformational growth using subscriptions.”
Recurly’s all-in-one, integrated platform “removes the complexities of automating subscription billing at scale by enabling teams to manage and optimize their subscriber lifecycles with ease.”
Companies including Sling, Twitch, BarkBox, FabFitFun, Paramount, Lucid, and Sprout Social have chosen Recurly “to manage billions of dollars in recurring revenues, future-proof their recurring billing and revenue management, and recover billions of dollars in lost revenue due to churn.”
Founded in 2009, Recurly is “based in San Francisco, with offices in Boulder and London.”