The U.S. Health Insurance Portability and Accountability Act (HIPAA) was introduced in 1996 to protect the privacy and security of health information. It was one of the first sectoral security and privacy legislations in the United States. According to the Act, compliance guidelines had to be developed and regulated by the Secretary of the U.S. Department of Health and Human Services (HHS) and enforced by its Office for Civil Rights (OCR) with voluntary compliance activities and civil money penalties.
SOX - an overview Serious financial fraud was never considered a real risk while investing in U.S.-listed stocks until 2001, when energy giant Enron Corporation, which held $63.4 billion in assets, collapsed. It was revealed that the company had been misleading investors for years and the company’s stock price quickly plummeted from $90 to less than $1 per share. It was the largest bankruptcy in US history, followed by a $40 billion lawsuit and imprisonment for the corporation’s executives.
Anyone not living under a rock in the last 25 years knows that the US healthcare and health insurance industries are required to safeguard patient data under the Health Insurance Portability and Accountability Act (HIPAA). This includes anyone who deals with protected health information (PHI), such as healthcare providers, health plans, healthcare clearinghouses, and business associates like vendors, contractors, and subcontractors. It’s crucial to remain compliant, or else you could face some hefty fines and penalties allowable by the law.
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