Author: Lori Read, LoRead@profitstars.com
Have You Covered Your Tracks on HIPAA and HITECH?
More and more banks are developing vertical markets in the medical industry and classifying themselves as a medical bank. However, some banks have not covered the bases on HIPAA and HITECH with what I call the “base rule”: people, products and processes. Banks, aka “Business Associates” now have specified audits and notification plans they must follow and can be held accountable for. It is the bank’s duty to educate employees on HIPAA and HITECH rules and the personal liability associated with violations. So, if you do not have a clearly defined HIPAA and HITECH policy and appropriate procedures in place to mitigate or eliminate risk, I would highly suggest pushing this to the top of your list!
Here are five items to consider:
Many banks do not understand the effects of a potential or classified breach from both a legal and financial perspective. As an employer, you have an obligation to educate your employees on the individual fines and potential jail time enforced under both laws.
Medical banking is definitely a way to differentiate yourself from your competition, and with proper due diligence, you can create a niche market with a peace of mind!
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