Protecting personal client information is more complex today than ever before. And while PCI security standards and HIPAA actively ensure that consumer information is kept safe and secure, these regulations mean organizations and programs must actively work to comply with the constant changes and updates that arise out of program audits. Failure to comply with HIPAA standards, for example, can have serious implications; in fact, the American Recovery and Reinvestment Act of 2009 set up a tiered system of penalties designed to ensure compliance.
A HIPAA violation due to willful neglect that goes uncorrected can result in a maximum fine of $1.5 million. Similarly, merchants who fail to comply with PCI security standards may face lawsuits, fines and loss of accounts. According to the PCI Security Standards Council, financial penalties due to non-compliance are defined by individual companies and will vary.
However, PCI security breaches and HIPAA violations cause more than financial disasters. Such problems can ruin a company’s reputation and create serious mistrust amongst consumers. Violations today do not blow over in time; due to the prevalence of information on the Internet, these problems tend to live on and affect businesses well into the future.
When considering ways to prevent potential problems like these, an objective third party, experienced in program management, data integrity and regulations, can help. Organizations often spend time and money trying to comply while being unaware that the policies being implemented are outdated or incorrect. Also, due to the vulnerability of patient information and the infinite ways privacy can be breached in today’s digital and paper-based environment, these standards are constantly changing.
When you choose to outsource your program management you are placing the trust of personal client information into the hands of well-trained US-based professionals who are well informed of the most up-to-date procedures and policies. You are also freeing up your team to focus on other critical business responsibilities.
To learn more about outsourcing your program administration, take a look at our Solutions.