A HIPAA risk assessment consultant usually works at a HIPAA consulting services company. He or she is typically a knowledgeable compliance expert with a thorough understanding of the HIPAA regulations and associated legislation. The consultant works with you and helps you become and remain HIPAA compliant. Third-party risk assessment is often necessary to get an unbiased view and approach on your operations and to help conduct a detailed and accurate assessment of any potential vulnerabilities and risks to the integrity and confidentiality of your Protected Health Information (PHI).
Is HIPAA risk assessment mandatory? The question is often thrown around a lot and the fact is that, in theory, no it isn’t. However, HIPAA risk assessment can easily be called HIPAA mandatory risk assessment because of how critical it is for the growth, profitability, and reputation of your healthcare practice. This is because the cost of a breach is too much whether in terms of monetary costs or in terms of reputation.
About how often is a HIPAA risk assessment required, the regulations state that they need annual audit documentation. But if the question is how often should a HIPAA risk assessment be done, it can vary from one organization to another. The recommendation is to review periodically whenever there is some major change in operations or workflow, or annually at the very least.
If you’re wondering how to do a HIPAA risk assessment, and not sure about it, you can always hire a HIPAA security risk assessment IT company to take care of it for you. But if you’re wondering what HIPAA risk assessment looks like, and what should be in the HIPAA risk assessment report, it’s fairly straightforward. The report consists of the following elements:
HIPAA risk assessment helps your healthcare company ensure compliance with the administrative, technical, and physical safeguards pertaining to HIPAA and its regulations. HIPAA risk assessment software pricing can vary between development companies and also between healthcare organizations because it would depend on the size of the organization and any specific requirements and procedures followed. In general, the average HIPAA risk assessment cost for a full HIPAA audit could start from as low as $30000 and go up to as high as $60000. Even so, if the question arises that what is the HIPAA security risk assessment cost that may be incurred, please bear in mind that it largely depends on a variety of factors as mentioned before.
Healthcare organizations of different sizes can’t work with the same standard risk assessment solution because it would never give accurate results. There is a different solution for HIPAA risk assessment for business associates just like there is a different HIPAA security risk assessment for a small physician practice. You can look for companies that have more experience in building solutions for healthcare organizations of a size similar to your organization. Folio3 has the experience of over a decade making custom HIPAA risk assessment solutions for companies of all sizes customizing the solution not only according to the size of the company but also according to your unique needs and challenges.