HIPAA Assessment and Consulting
The Health Insurance Portability and Accountability Act (HIPAA) imposes certain safeguards that covered entities should implement to ensure the confidentiality, integrity, and availability of protected health information (PHI). The HIPAA Security Rule contains Administrative, Management and technical safeguards that concern electronic protected health information (EPHI).
Why Is HIPAA Compliance Important?
Compliance with relevant regulation is obligation of all healthcare businesses (Covered entities and Business Associates) as they handle patient information. Failing to comply with HIPAA standards can result in severe consequences for healthcare businesses,
These factors mean HIPAA compliance is an absolute must. While these regulations won’t protect against all threats uenyour healthcare business might face, they pose a strong baseline which your business can build, including:
The moment it’s revealed that a company’s information was hacked or leaked or unauthorized access, that company’s reputation at the stake. This is particularly true for healthcare businesses due to the sensitive nature of the information they process or store or collect and transmit. Such reputational damage can negatively impact future business and can lead to loss of trust of patients and customers and new business opportunities.
Since HIPAA compliance is a federal law requirement of all healthcare businesses, failure to comply with HIPAA requirements can result in law suits, severe fines, or civil or criminal penalties. These fines multiply if a breach occurs as a result of HIPAA noncompliance. Patients may even sue the business because of their negligence or non-compliance.
Between the reputational and legal damage done to a healthcare organization due to HIPAA noncompliance, financial damages can be steep. Often, these damages are enough to bankrupt entire healthcare enterprises.
IT Risk management plays a very important role in (HIPAA) compliance. It imposes certain safeguards that covered entities should implement to ensure the confidentiality, integrity, and availability of protected health information (PHI). The HIPAA Security Rule contains Administrative, Management and Technical safeguards that concern electronic protected health information (EPHI).
HealthDox offers healthcare-related IT Risk management consulting to protect security and privacy compliance solutions designed to help you understand: