Yes, HIPS is a Scrabble word!

Letter values in Scrabble US: H 4, I 1, P 3, S 1.

Is it a valid word?

HIPS is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

either side of the body below the waist and above the thigh
the structure of the vertebrate skeleton supporting the lower limbs in humans and the hind limbs or corresponding parts in other vertebrates
the ball-and-socket joint between the head of the femur and the acetabulum
(architecture) the exterior angle formed by the junction of a sloping side and a sloping end of a roof
the fruit of a rose plant

Also: pelvic girdle, pelvic arch, hip joint, articulatio coxae, rose hip.