HIPAA compliance can quickly become an ugly beast when you start digging through the weeds without the proper tools and expertise by your side. HIPAAEx helps provide a transparent look into the HIPAA compliance practices of an organization/entity before ink meets paper, ensuring due diligence before the transaction is complete.
Some business owners simply overlook specific regulations without knowing it. Others may elect to shut their eyes to the issue in hopes of not getting caught until a merger or acquisition is complete, in which case the "compliance problem" then shifts to the new ownership - an issue that they may have not known about before heading into the deal. Either way, the new owner is burdened with, at the very least, having to quickly reach compliance or, in a worst case scenario, facing violation fines and/or a costly breach.
HIPAAEx is here to provide compliance due diligence throughout the transaction process and ensure no party is on the receiving end of a negligent offer. You should know exactly what you're getting!
As a buyer, your focus should be on the details. Any seller that can confidently disclose their HIPAA compliance history, procedures, policies and documentation has mostly likely done their due diligence. You should also pay close attention to the spectrum of liabilities - what are the biggest risks to the practice and has it been hit with fines/penalties/breaches in the past?
As a seller, your focus should be on transparency and preparation. Have all of your official documentation in order and be prepared to answer some in-depth, hypothetical questions regarding a potential breach or violation. If a representative from the selling party asks questions, you'll be ready to answer. If no one digs deeper, you can provide your documentation as a token of transparency, instilling further confidence with the transaction.
For more information regarding our services surrounding HIPAA Compliance and Merger/Acquisition Due Diligence, contact HIPAAEx today.