Financial Institutions Must Comply with HIPAA too?
HIPAA, FINRA, SEC, SOX, FRCP. If you’re in business, you most likely face one of these compliance regulations. Sometimes, companies have to comply with more than one law – for instance, financial institutions.
In 2009, the courts passed the Health Information Technology for Economic and Clinical Health Act (HITECH), requiring financial institutions that manage healthcare company profits to meet strict security and privacy guidelines mentioned in the Health Insurance Portability and Accountability Act (HIPAA.) These guidelines require all healthcare institutions, and also healthcare banking financial services, to preserve email messages, attachments and files, containing all patience health information. The courts may also request these documents be presented by a certain time. Failure to retain these documents and collective data can result in hefty fines.
A recent article from FierceHealthIT recommends guidelines on how to achieve HIPAA compliance for financial institutions. Some of these guidelines mentioned setting up an infrastructure that will help you achieve compliance, and reviewing and updating your technology systems. In other words, anyone required to comply with the HITECH and HIPAA acts should have an archiving system in place.
By implementing an archiving system, a business can easily address the compliance rules of HIPAA. Take Sonian for instance, Sonian’s cloud-powered archiving service streamlines compliance with its fast implementation process and compliance and eDiscovery feature set. Using a cloud-powered solution, you can have your archive up and running within a matter of minutes. Once your data is stored in the archive, it is accessible and searchable for forever.
The Sonian Archive also allows you to set administrative rights, also giving end-user access. Once access is allocated to the users of the archive, you can use the advanced compliance features to search through the archive for the requested data. Filters and legal hold can be set on any given search – easing the compliance search process.
Rather than spending a large amount of money on on-premise servers and paying large maintenance fees, you can leverage the cloud and have your archive up and running, ready to search through within hours. It will save your budget, and give you the compliance results you need.