Clearwater Compliance Co-Sponsors Innovative Report on Financial Cost of a Data Breach

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Report to be published on March 5th

Clearwater Compliance LLC

Clearwater Compliance is proud to announce its participation in a pending new report initiated by ANSI (American National Standards Institute) that provides useful information regarding the inherent threats to PHI and unveils a practical method for health care organizations, and those that support them, to evaluate the financial impact of breached PHI specifically for their organizations.

Health care organizations are entrusted with safeguarding patient privacy and protected health information (PHI), but their security efforts are not keeping pace with the growing risks of exposure of PHI as a result of electronic health record (EHR) adoption, the number of organizations handling PHI, and the growing rewards of PHI theft. In order to sustain delivery of quality health care and ensure patient safety, the health care industry and its service providers must implement adequate processes and resources to protect PHI.

The free report, entitled The Financial Impact of Breached Protected Health Information: A Business Case for Enhanced PHI Security, presents a 5-step method – PHIve (PHI Value Estimator) to assess specific security risks, determine the potential cost of a breach to the organization and build a business case for enhanced PHI security. The report will be published on March 5th and announced in Washington D.C. with a press event at the National Press Club and a Congressional staff briefing on the hill at which Mary Chaput, Clearwater Compliance’s Chief Financial Officer and Compliance Officer will be participating. The paper will be downloadable from this website: webstore.ansi.org/phi.

Ms. Chaput said “It’s been an honor working with over 100 leaders in the health care industry to produce this innovative and valuable report.”

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Bob Chaput
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Clearwater Compliance DataSheet