by Christine Woolstenhulme, QMC QCC CMCS CPC CMRS
Sep 9th, 2014 - Reviewed/Updated Jan 30th
Due to the increase of medical transactions stored online and in the cloud, cyber intrusions will only increase.
Cyber insurance also known as privacy and network security insurance can help cover the costs incurred if your computer system is compromised, or after a data breach which can include a HIPAA breach. Keep in mind breach notification is legally mandated in 47 states and regulations vary state by state to be sure you are aware of your states laws. This is a fairly new market, therefore, be sure the underwriter you chose has experience and understanding on the subject of Cyber Losses.
Cyber Policies like other insurance coverage’s can be tailored to fit your practice; it is not one-size fits all. Depending on the policy selected it can cover, fines, penalties and litigation expenses as well as investigation costs (to determine the extent and nature), as well as security breach remediation and notification expenses.
Some policies will include risk management support to prevent costly damages. Coverage is offered as a standalone policy or as a part of other management liability coverage’s, it can include first party as well as third party involvement.
About Christine Woolstenhulme, QMC QCC CMCS CPC CMRS
Christine Woolstenhulme, CPC, QCC, CMCS, CMRS, is a Certified coder and Medical Biller currently employed with Find-A-Code. Bringing over 30 years of insight, business knowledge, and innovation to the healthcare industry. Establishing a successful Medical Billing Company from 1994 to 2015, during this time, Christine has had the opportunity to learn all aspects of revenue cycle management while working with independent practitioners and in clinic settings. Christine was a VAR for AltaPoint EHR software sales, along with management positions and medical practice consulting. Understanding the complete patient engagement cycle and developing efficient processes to coordinate teams ensuring best practice standards in healthcare. Working with payers on coding and interpreting ACA policies according to state benchmarks and insurance filings and implementing company procedures and policies to coordinate teams and payer benefits.