What is HIPAA Security Risk Analysis For Your Business?

HIPAA Security Risk Analysis

Health Insurance Portability and Accountability Act (HIPAA), 1996 provides guidelines for the data security and the privacy of medical information. It is applicable to any medical practice, health insurance plan, third party clearing house and any other business involved with healthcare.

Being HIPAA compliant business makes sure that the patient’s information will be kept confidential and secure. Complying with it will help to reduce the risk of branches significantly. HIPAA security risk analysis requires a well documented approach to attain the compliance goals. It also requires a good execution plan along with milestones.

Being HIPAA compliant business will reduce the risk of breaches significantly and help you to avoid costly penalties imposed in case of a breach. The reputation of your business will not be negatively affected due to a breach. You will be able to demonstrate to everyone that their information is secure with you and this will help to build trust. Thus leading to increase in business.

HIPAA assessment process

The main processes followed in HIPAA assessment are as follows:

The scope of the assessment is defined as per the business requirements by assessing the key elements of the business.

Qualified approvers and auditors check the business closely for its processes, various controls implemented and existing and potential business requirements. They are compared with the requirements of HIPAA.

An internal audit is conducted to determine the status of the HIPAA controls implemented that are in compliance with the guidelines and organization policy procedure requirements.

HIPAA

HIPAA is divided into 5 Titles and Title 2 defines the policies, procedures and guidelines for maintaining the privacy and security of individual healthcare information. It also states the various offenses related to healthcare and sets the civil and criminal penalties if violated. The Title 2 states the following rules:

Privacy rule

This rule establishes a national standard for protection of certain healthcare information.

Security rule

This rule establishes security standards for protecting certain healthcare information held or transferred in electronic form.

Breach rule

This rule allows the HIPAA compliant entities and its associates to provide notifications in case of an unsecured protected health information breach.