A Prescription that Works: Analytics for Healthcare Companies
In a recent article in New Jersey Law Journal, FTI Managing Director Colleen Casey Voshell wrote about how analytics tools can boost information governance initiatives for healthcare companies and other corporations in highly regulated industries. Because healthcare organizations must juggle the tasks of maintaining compliance with regulations, dealing with a high volume of litigation and securing sensitive data that contains customer and/or patient information, information governance and overall data management are becoming exceedingly difficult to navigate.
Laws such as HIPPA (Health Insurance Portability and Accountability Act) require that in addition to data preservation, healthcare organizations must maintain security and privacy of their customers’ private data and personally identifiable information (PII). Earlier this year, the U.S. Department of Health and Human Services’ Office for Civil Rights struck two institutions with fines of $1.55 million and $3.9 million for HIPPA violations. However, a reactive approach has been the standard for many organizations to date, inviting significant risks.
However, analytics, used as part of proactive IG, provide a completely new way of looking at the data ahead of a matter, allowing regulated corporations and their counsel to get the ‘house in order’ before a security breach, regulatory investigation or lawsuit. For Ms. Voshell’s insight on using analytics at both ends of the spectrum to identify critical data and locate unimportant documents, as well as how to approach proactive IG, read her article in New Jersey Law Journal.