No. As per their HIPAA disclaimer page, they are not a HIPAA compliant hosting provider.
Bluehost.com states :
You may NOT use our Services for hosting “protected health information” under the federal HIPAA law and related regulations. We do not offer such a product at this time. We do not sign Business Associate Agreements. Storing “protected health information” on our servers constitutes a breach of our User Agreement and is unauthorized use of our services. Our services are not represented to be HIPAA compliant, and you may not use them for such purposes.
If you are looking for reliable HIPAA compliant hosting you may review this list of top HIPAA compliant hosting providers.