HIPAA Risk Assessment: 5 Essentials

Risk analysis is the cornerstone of HIPAA compliance because it allows providers to safeguard against vulnerabilities to prevent data breaches or other serious security events. Performing risk analysis provides better security for patient health data. It is also a key requirement of the HIPAA Security Management Process Standard and a major requirement for organizations seeking payment through the Meaningful Use Program.

Providers found guilty of violating HIPAA standards face both financial devastation and reputational risk. Willful neglect violations that are not corrected can be anywhere from $10,000 to $50,000 - for each violation.

These five risk analysis essentials will help you ensure that your organization is on the right track to compliance:

Perform an annual risk assessment: Performing an annual risk analysis is ideal for HIPAA compliance and required for Meaningful Use.

Complete your risk assessment on time: Every year it’s crucial to complete your risk analysis before the given, end-of-year deadline. The deadline for conducting your 2016 Risk Analysis is December 31, 2016.

Know the difference between a full review versus a full risk analysis: A review requires the assessor to document updates and changes that have occurred since the last risk analysis.

Know the difference between a Meaningful Use risk analysis and a HIPAA risk analysis: Current rulemaking could narrow the scope of the risk analysis requirement for Meaningful Use purposes. Specifically, it would allow a covered entity to restrict the scope of its “Meaningful Use risk analysis” to its Electronic Health Record and supporting assets.

Follow accepted standards: It is necessary to follow accepted standards and best practices related to conducting a risk analysis. The most common reference is NIST Special Publication 800-30, a Guide for Conducting Risk Assessment.

For more information on  risk analysis best practices and guidelines that will help your organization remain HIPAA compliant, prevent data breaches, and damage to your bottom line, download our eBrief, "Five Risk Analysis Essentials For HIPAA Compliance", by clicking the button below: