In the long run, HIPAA regulations may save time and money, but the upfront costs to some organizations are enormous, says Laura Koballa, senior manager at Deloitte and Touche.
* The largest health plans are paying close to $100 million to become compliant with HIPAA regulations ranging from the Electronic Transaction Standards to the privacy and security regulations, Koballa says.
* For providers, some health systems and major hospitals, the final cost will be “upward of several million dollars.”
* For employers, “the cost is going to be in the couple hundred thousand dollar range. Some are paying close to $100,000 in consulting fees alone,” Koballa says.
* Smaller doctors’ offices may come up with different solutions, including the continued submission of paper documents for small offices that qualify, and the cost for them “may be several thousands of dollars, but certainly not $1 million,” she says.
