Could your company afford to be out $8,000 a minute? Ours neither.
Long gone are the days of simple handshake agreements. Medicine is big business, and a focus on guarding patient privacy means the paperwork will stack up. A business associate agreement (BAA) is one of many parts of total HIPAA compliance, and an essential part at that.
Can your business afford a $1.5 Million fine; how about just $100K? Leave your sensitive health information vulnerable and you could be looking at a similarly costly HIPAA violation.
Last year one out of every three Americans had their protected health information (PHI) compromised during a healthcare data breach, according to the Hacking of Health Care Records Skyrockets report.
Early 2016 heralds Phase 2 of the Office for Civil Rights (OCR) HIPAA auditing program, according to the National Law Review. Covered entities will be scrutinized for their measures to protect patients’ privacy and security, and to fulfill breach notification requirements when necessary.
Storing sensitive patient health information in the cloud has great advantages, and great risks. But a huge portion of businesses are moving to the cloud because it’s by far the most efficient and scalable path for businesses to grow without focusing on maintaining a hardware infrastructure. The trick for individuals in the healthcare field is finding a safe, secure and HIPAA compliant cloud service that handles medical information properly.
While everybody knows that failing to comply with HIPAA brings consequences, many people don’t realize how severe they are. The good news is that no matter how bad your noncompliance is, there is a maximum annual civil penalty. The bad news – especially for small business owners -- is that the maximum annual civil penalty is $1.5 million. People who are found criminally liable may be imprisoned for up to 10 years.