Here is Your First Edition of The Vitals Report

Information for your Financial Health

Welcome Friends!

We are excited to share with you the first edition of the MHCS Vitals Report. Each quarter, we will highlight important information that we think is vital to share with you and your company as you grow and navigate in the healthcare field. In this issue, you can find details on the HIPPA Risk Assessment, Business Succession, the Great Iowa Treasure Hunt, The Secure Act of 2019, and a MHCS Client Spotlight from Iowa Kidney Physicians. As always, if you have any questions or would like additional information, please feel free to reach out.

HIPPA Risk Assessment
The requirement for Covered Entities to conduct a HIPAA risk assessment is not a new provision of the Health Insurance Portability and Accountability Act. The requirement was first introduced in 2003 in the original HIPAA Privacy Rule, and subsequently extended to cover the administrative, physical and technical safeguards of the HIPAA Security Rule. In 2013, the Final Omnibus Rule updated the HIPAA Security Rule and breach notification clauses of the HITECH Act. The new regulations further extended the requirement to conduct a HIPAA risk assessment to Business Associates, and also, increased the amount a Covered Entity or Business Associate could be fined for non-compliance with HIPAA regulations. Click here for the full article.

Business Succession
During the life cycle of a business, goals can be drastically different. Early on the goal may be just to survive. After a while, the focus may shift to items like growth, efficiency, and better financial performance. Then one day the business owner may realize they aren’t going to be around forever, so the goal becomes a successful transition of the business. Often, this goal is somewhat reluctantly undertaken. An owner may be uncomfortable with no longer owning and managing the business they have spent years growing. However, not embracing change can prevent the business from a successful transition and may also limit financial benefits to the owner. Click here for the full article.

Great Iowa Treasure Hunt
We all have heard of the Great Iowa Treasure Hunt and maybe even found some money with our name on it! But where does this money come from and how does it affect you in your medical practice? Click here for the full article.

The Secure Act of 2019
On December 20th, President Trump signed into law the Secure Act, a funding bill that also included several tax ramifications. The legislation included the renewal of 34 expired or expiring provisions, along with various healthcare tax repeals, changes for not-for-profit organizations, and changes for retirement savings, among other provisions. A few highlights of the bill are discussed below. Click here for the full article.

Health Care Client Spotlight: Dr. Mark Belz, Iowa Kidney Physicians
The Iowa Kidney Physicians has provided comprehensive care to adolescent, adult, and geriatric renal patients for over 40 years. We sat down with Dr. Mark Belz to learn more about his story with the Iowa Kidney Physicians. Click here for the full article.

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