EHNAC Enhances Financial Services Accreditation Program
FSAP Program strengthens focus on risk and exposures of PHI while introducing new FSAP-Lockbox accreditation pricing model
FARMINGTON, Conn. – April 18, 2012 – The Electronic Healthcare Network Accreditation Commission (EHNAC), a non-profit standards development organization and accrediting body, announced today that it is enhancing its Financial Services Accreditation Program (FSAP) to further address diminishing the risks associated with inadvertent disclosure of protected health information (PHI) for all financial institutions, including community banks. Additionally, the improved program features a more cost-effective pricing structure specific to lockbox services accreditations.
Beyond the larger financial institutions and vendors that process protected health information, manage insurance payments, or provide revenue cycle management services that involve PHI, EHNAC’s enhanced FSAP accreditation program will focus on the needs of mid-tier and community banks serving consumers and small businesses. Many of these banks are directly involved with healthcare entities such as community hospitals, doctor practices and home health organizations. They may not be aware of the increased regulatory requirements for privacy and security under HIPAA, HITECH and state regulations. As a result, these changes introduce financial, reputation and client risks if organizations are not properly prepared to support the increased requirements.
FSAP addresses these entities’ concerns regarding health care reform legislation, in particular the impact of HIPAA rules and regulations. The program reduces accredited organizations’ compliance risks through the demonstration of a risk management program with effective policies and controls that appropriately minimize privacy, security and confidentiality threats; therefore also preparing these financial institutions for third party audits including HIPAA/HITECH compliance reviews, trading partner audits and state compliance.
“Discussions with our current and prospective financial services accredited organizations encouraged us to form an advisory committee of industry and accreditation stakeholders to evaluate ways in which we can consistently improve the FSAP programs,” said Lee Barrett, executive director of EHNAC. “We believe the enhanced program offers substantial benefits of established trust, lessened security and privacy risk, and enhanced compliance, and now also offers affordable pricing for financial institutions when accrediting their lockbox services.”
EHNAC offers two distinct accreditation programs—FSAP for Electronic Health Networks (FSAP-EHN) and FSAP for Lockbox Services (FSAP-Lockbox)—to meet the unique needs of this market niche. Each FSAP program ensures that accredited organizations follow HIPAA security and privacy rules, support ANSI ASC X12 835 for electronic remittance advice transactions, and meet a range of criteria applicable specifically to financial electronic health networks, including timeliness of transactions and federally mandated reporting requirements.
Through the enhanced FSAP program, EHNAC is introducing a new pricing and ROI model to better align the program costs with the scope of covered services in each organization. “It is critical that these organizations recognize their expanded responsibilities and the risks associated with non-compliance in order to respond accordingly,” said Barrett. “In these difficult economic times, EHNAC has adjusted its model to serve this important sector and ensure that intuitive and cost effective programs are available.”
The Electronic Healthcare Network Accreditation Commission (EHNAC) is a voluntary, self-governing standards development organization (SDO) established to develop standard criteria and accredit organizations that electronically exchange healthcare data. These entities include electronic health networks, payers, financial services firms, health information exchanges, medical billers, outsourced services and e-prescribing solution providers.
EHNAC was founded in 1993 and is a tax-exempt 501(c)(6) nonprofit organization. Guided by peer evaluation, the EHNAC accreditation process promotes quality service, innovation, cooperation and open competition in healthcare. To learn more, visit www.ehnac.org or contact email@example.com.