Risk Analysis Simplified: How To Win at HIPAA and Comply with Meaningful Use
HIPAA compliance is a must for healthcare organizations. They have to ensure that all the PHI is completed safe and secure. They have to make sure that even their business associates follow the HIPAA guidelines properly. The failure to comply with HIPAA can result in the breach and this can lead to penalties. One of the most important things when it comes to HIPAA compliance is risk analysis. Failure to do proper HIPAA Risk Analysis can result in serious repercussions.
Risk analysis- One of the First Important Security Requirement of HIPAA:
What covered entities need to understand here is that risk analysis is one of the most important safeguards of HIPAA. It is of utmost importance that the risk assessment is done by the covered entity at regular intervals and appropriate measures are taken to make sure that any security issues that can lead to problems are addressed on priority.
The Consequences of Failure to do Risk Analysis:
The healthcare providers need to understand that there can be serious consequences if they fail to do proper risk analysis. When the audit is done and it is found that proper risk analysis is not carried out then it can lead to denial of meaningful funds. The healthcare providers need to understand that if a post-payment audit is done and it is found that they have not taken proper compliance measures then they will have to return the funds.
What the Covered Entities Need to Do in Risk Analysis?
The covered entities need to analyze each and every minute aspect of their business. They need to check if there are any loopholes in their policies and procedures and they need to check if this can lead to a breach. They need to modify these procedures and see to it that the breach does not occur. It is better if you take the services of a person who has HIPAA Certification for the risk analysis.
Here is How Risk Analysis Helps Covered Entities:
Risk analysis will help the provider understand what policies and procedures they must follow in order to ensure complete protection of PHI. It also tells them about the security controls that one needs to implement. It also gives an idea of the type of training that the employees must get in order to ensure that sensitive data is protected. It also gives you an idea of what resources you must use for better safeguards of data. It also gives you an idea about the budget that you need to have in order to arrange for these resources.
All covered entities thus need to understand that risk analysis is one of the important tools for HIPAA compliance. If you fail to achieve this then it can lead to financial loss for the organization as you may lose funds at the time of an audit. For better growth of your organization financially it is important that you follow proper HIPAA guidelines and carry out risk analysis from time to time.