Important Due Diligence
Anyone involved in buying or selling any type of business understands the critical role of adequate due diligence. This complex process is designed to not only validate the value of a business, it is vital to establishing any contingent or real liabilities. Fully assessing any issues relative to HIPAA in mergers & acquisitions is particularly essential for covered entities or related healthcare businesses.
Getting it in Writing
As with all business deals, the agreements in a business purchase or sale involve the creation of extensive written contracts. A company will be purchased either as a corporation or as a collection of assets. In either case, the due diligence and final contract normally address all existing business contracts and relationships.
Many law firms today are alert to the many recent changes in HIPAA and health care related laws and regulations. These changes make it necessary to pay special attention to the status of HIPAA compliance of the business that is being acquired. Additionally, the very process of due diligence and business transition must be planned to avoid any actual or reportable breach.
HIPAA in Mergers & Acquisitions: Planning the Process
Because of the nature of the HIPAA regulations and the clear transferability of liabilities, it is important to take steps in planning to protect all private records and information during and after any acquisition. These plans will include secure storage or shredding of any patient and financial records that are old and/or outdated discovered during the due diligence or business integration process.
We have the capability at Sergeant Shredder to respond to any special needs and help deal with any immediate or near-term shredding needs related to business purchase. Just one call and our experienced team members will respond and assist with both planning and execution of any disposal needs. We’re particularly knowledgeable on HIPAA compliance issues relative to record disposal, as well as all California privacy and disposal laws and regulations.
We’ll work with you in all aspects of managing sensitive paperwork or electronic media resulting for a merger or acquisition. Our shredding protocols ensure that all necessary documents are discarded and disposed of with methods that are fully compliant.
How do you remain compliance related to HIPAA in a merger?