To better serve its growing customer base in the healthcare industry, financial software provider Trintech is working with Lazarus Alliance to make its cloud environment HIPAA-compliant in 2017.
Scottsdale, AZ, April 10, 2017 (Newswire.com) - Lazarus Alliance, a leading cyber security, governance, risk, and compliance (GRC) firm, announces its partnership with Trintech, which provides financial corporate performance management (FCPM) software to optimize the record to report process. Trintech is enlisting the help of Lazarus Alliance to make its cloud environment compliant with the Health Insurance Portability and Accountability Act (HIPAA).
HIPAA mandates data privacy and security standards to protect patients’ private health information (PHI). These standards apply to both healthcare providers and other companies that do business in the healthcare industry and have access to PHI, which are known as “business associates.” Compliance with HIPAA has become especially important for business associates in light of a federal government crackdown on HIPAA violations. To date in 2017, the U.S. Department of Health and Human Services Office of Civil Rights has levied $11.4 million in penalties on healthcare providers and their business associates, a continuation of an enhanced enforcement effort that began in 2016, which saw $23.5 million in fines; these figures are in stark contrast to the $6.1 million levied in 2015.
Just as Trintech's software automates financial processes, ITAM automates GRC processes such as HIPAA compliance, risk management, and security policies.
Michael Peters, CEO, Lazarus Alliance
“Trintech has numerous partners in the healthcare industry, and the demand in that sector is growing as healthcare organizations seek to automate their financial processes,” explained Michael Peters, CEO of Lazarus Alliance. “Trintech has always made data security a top priority. By making their cloud environment HIPAA-compliant, they are eliminating the need for their healthcare partners to have to take extra compliance management steps when utilizing Trintech’s cloud solutions.”
A key challenge of HIPAA compliance is that achieving it is not a one-time event, but a continuous, time-consuming, expensive process involving regular risk assessments and yearly audits. Many organizations find that they spend so much time on HIPAA compliance, they are unable to fully focus on their core competency. This is one of the reasons why Trintech decided to obtain expert help from Lazarus Alliance, which is making use of Continuum GRC’s proprietary IT Audit Machine (ITAM), a cloud-based governance, risk, and compliance automation solution. “Just as Trintech's software automates financial processes, ITAM automates GRC processes such as HIPAA compliance, risk management, and security policies. It helps eliminate 96% of cybercrime potential and nearly 100% of the headaches associated with compliance audits,” said Michael Peters, CEO of Lazarus Alliance. “One thing we bake into every service contract is that we will reduce our clients’ service costs by a solid 20% over time, just because of ITAM’s automation and efficiency.”
“We decided to go with Lazarus Alliance because they provided quick responses, were easy to work with, and offered reasonable pricing. They were really flexible about meeting our budget without sacrificing service quality,” said Debi Lohr, Information Security Officer at Trintech. “I am especially impressed with the user-friendly ITAM web portal and the software’s HIPAA templates. It’s going to make the compliance process go much more smoothly.”
After the HIPAA compliance process is completed, Trintech will sign HIPAA Business Associate Agreements (BAA) with its partners in the healthcare industry that have been dynamically created by ITAM. “We are excited about offering this new feature to our valued customers in the healthcare industry,” Lohr added.
Source: Lazarus Alliance
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