• What is the Price of Medical Practice Breach?

  • No matter what the size of the medical practice is, growth continues in using computers with on-line systems, portable tablets, laptops and mobile devices to transmit Protected Health Information (PHI).

    According to Vormetric and Wakefield Research, most health care providers remain unaware of their vulnerability to a medical data theft and the fact that a breach could be far more damaging than a stolen credit card or social security number.

    With the FBI reporting that black market prices for PHI are four to 12 times higher for medical records than credit card data, people's healthcare data is a primary target for hackers. 

    A recent study by the Ponemon Institute stated that over two-thirds of medical record victims said that they had paid an average of $13,500 to resolve the theft of their PHI.

    What is the price of a medical practice breach?

    • Regulatory Investigation(s)

    • Engagement of professional specialist(s)

    • Changed focus from patient care to an internal emphasis

    • Fines and Resolution agreements

    • Possible lawsuits 

    Fallout from a breach can be devastating to the company that experiences the breach and to their patients. Early estimates for both the Anthem and the Community Health Systems breaches put their cost north of $100 million, with the possibility of facing potential class-action lawsuits.

    The foundation of a medical provider and patient relationship is trust. What is the price of losing that trust? 

    Judith Lindsay, CEO of JAL Consult tackles all the elements of HIPAA compliance puzzle. Successfully assisting organizations to make sense of it all by implementing the correct policies and procedures that are reasonable and appropriate for their entity. Judith provides consulting, training and is available for speaking engagements. To read more about the world of compliance subscribed to JAL’s insightful newsletter at www.jalconsultantsaz.com OR follow JAL on Twitter @ judithconsult