How does ProfitSocket work?
ProfitSocket is built on financial models and mathematical analysis designed to reflect real office figures, values, and dollar amounts. While it accurately represents practice performance based on our data inputs, results may not align 100% with other accounting systems or practice management software. ProfitSocket uses proprietary cost allocation methods and formulas based on our internal methodology. These figures are intended for operational insights and strategic planning only and should not be used for tax reporting or legal purposes. For those needs, we recommend consulting a licensed accounting professional. The purpose of our financial modeling is to support practice growth through sound, data-driven guidance.
Security and Compliance
Profitsocket ensures that all data handling complies with HIPAA regulations by applying the Safe Harbor Method for de-identification. As part of this process, Profitsocket systematically removes or does not collect all 18 HIPAA-defined identifiers from any data sets containing protected health information (PHI), including names, addresses, contact information, and any other elements that could directly or indirectly identify an individual. This guarantees that the remaining data cannot be used to trace back to a specific patient. Additionally, Profitsocket maintains strict internal data security protocols and does not share de-identified data with any third party under any circumstances, ensuring full control over data privacy and compliance with HIPAA standards.
Official Guidance References
HHS/OCR: Guidance Regarding Methods for De‑identification of PHI under the Privacy Rule
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HHS: “Methods for De‑Identification of PHI” guidance page
This page outlines process steps, allowable data fields, date-handling rules, and the Safe Harbor method’s 18 identifiers
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HHS: Workshop on the HIPAA Privacy Rule’s De‑Identification Standard (March 2010)