Is your company HIPAA-compliant? Make sure you enlist the aid of efficient document management services, such as Spectrum Informationâ¤™s so you donâ¤™t incur penalties or face other serious consequences.Financial Implications and MoreThe most dreaded effects of noncompliance with HIPAA involve the companyâ¤™s finances. Aside from facing expensive penalties, you could eventually have a data breach. This will have various financial implications, such as thousands or even millions in legal defense costs if your patients or partners sue you. With such a blow to your reputation, you could also lose clients, and consequently, valuable income.