In the digitally-driven landscape of financial services, cybersecurity is of paramount importance. In fact, its significance can’t be overstated. Financial
HIPAA vs. HITECH: Key Differences
HIPAA and the HITECH Act are two distinct laws. HIPAA
The Health Insurance Portability and Accountability Act was passed in 1996. It was the first U.S. law to regulate the management of protected health information.
HIPAA introduced a collection of security protocols and privacy rights meant to reduce the risk of fraud and waste in the healthcare sector. The act also clarified who was required to comply with its regulations (these groups are known as “covered entities”) and how they were required to comply.
The Health Information Technology for Economic and Clinical Health Act was passed 13 years after HIPAA in 2009. It was introduced as part of the American Recovery and Reinvestment Act (or ARRA) with the intent of encouraging HIPAA-covered entities to utilize electronic health records (or EHRs) to manage PHI.
The HITECH Act included financial incentives for four years, from 2011 to 2015, to transition to electronic health records and improve healthcare delivery. It also introduced a new set of technical security standards designed to complement and enhance HIPAA.