Compare and Contrast HIPPA and PSQLA federal laws Research Paper

Compare and Contrast HIPPA and PSQLA federal laws - Research Paper Example To support discussions and reporting of dangerous conditions and adverse events, the act also advocates for confidentiality shielding for Patient Safety Work (HHS, 2012). Similarities between HIPAA and PSQIA Federal Laws Some of the similarities between these two laws are that, firstly, they deal with matters regarding the health care field. Looking deeper into the two acts, they also advocate for patient privacy and safety. The effective compliance date of the Privacy Act of the two laws was 14th April, 2003 and 16th May, 2006, for HIPAA and PSQIA laws respectively (Hiltzik, 2012). Both HIPAA and PSQIA Privacy Rule regulates the disclosure and use of Protected Health Information held by health care clearinghouses, health insurers, employer sponsored health plans and medical service providers, who engage in various transactions. PHI refers to any information held by covered entities that concern the provision of health care, health care status and payment for health care, which can b e associated to an individual (HHS, 2012). According to the two health acts, PHI comprises of any element of a person’s health record and payment history. The laws, therefore, urge cover entities to disclose PHI to the person being protected within a month or 30 days upon request (Hiltzik, 2012). The two laws urge PHI to facilitate payment, treatment or health care operations even when lacking a patient’s express written authorization (Clancy, 2008). Also, according to the two laws, any disclosure of Protected Health Information (PHI) needs the covered entity to acquire written authorization from the individual for the disclosure. Nevertheless, in case a covered entity reveals Protected Health Information, it should make a logical effort to just the minimum vital information needed to achieve its purpose (HHS, 2012). The Privacy Rule, with regards to the two acts, offers people the right to request that a covered entity to correct any incorrect information. The rule al so, according to the two principles, urges covered entities to incorporate reasonable steps in ensuring that confidentiality of their individuals is met with regards to communications (Hiltzik, 2012). For instance, a person can ask to be called from his or her home or cell phones instead of the work number. It is the duty of the covered entity to grant this to the individual. Differences between HIPAA and PSQIA Federal Laws Some of the main differences that could be draw out of the two laws are with regards to their security regulations. The HIPAA Federal Law incorporates administrative, physical and technical safeguards to ensure that their individuals are protected (Clancy, 2008). The PSQIA, on the other hand, incorporates a Patient Safety Organization (PSO), which certifies that the list of requirements, according to the Agency of Healthcare Research and Quality, are met. Patient Safety, with regards to PSQIA Federal Law, includes any reports, data, records, analyses, memoranda o r written statements, which can improve patient health care quality, safety and health care outcomes. However, in the HIPAA Federal Law, the security rule compliments the privacy rule such that it incorporates the three types of security safeguards, administrative, physical and technical safeguards (HHS, 2012). Administrative safeguards refer to the procedure and policies created to show how the

Discussions Essay Example | Topics and Well Written Essays - 500 words - 13

Discussions - Essay Example This is because the power of choices is in their versatility, and it enables the investor to adjust their position as per the prevailing situation or circumstances. However, this versatility has its cost and, therefore, the investors should assess this extra cost based on their knowledge and skills. Options also involve a risk which is not suitable for all investors. One should, therefore, be in a position to evaluate the risk associated and develop measures for managing such risks. Being ignorant of such risks will place the investor in a weak position. Stock options are the agreement between two parties to sell or buy an asset. It is the contract that gives one party the right. It does not give the responsibility to buy or sell an asset in the future at a pre-set price known as the strike price or exercise price (Fabozzi, 2008). There are two types of options; call option and put option. Call option is the financial contract that gives the buyer the right but, not the obligation to acquire a given number of assets in the future at a predetermined price. On the other hand, put option gives the right but not obligation to sell a specific number of underlying securities at some future date (Fabozzi, 2008). It is essential to review the proforma quantification in the footnotes periodically in order to access more information concerning the options. Even though the expense is expected not to persist, it changes as the situation changes and as investors, one should continually assess the information to be able to adjust the value or the cost of the option. Consumer spending theory states that, people spend their money at a level that is consistent with their expected average income. The steady average income which is long term is referred to as permanent income. Any individual will only save if his or her current income is higher than the expected permanent income (Thaller, 1981). This implies that people will only