business news report

Can Your Practice Afford a Data Breach?

Probably not.

A recent study found that the total average cost of a healthcare breach is $10.10 million.

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Can your healthcare practice afford a breach? Most healthcare entities cannot.

Since 2020, healthcare breach costs have risen by 42%.

As we know healthcare breaches are incessant, it is important to understand trends.

The trends that have emerged over the past few years are:

Repeat attacks. Many healthcare entities have seen repeat attacks. Organizations with automated security systems were able to shorten the breach lifecycle and mitigate the damage caused by the breach.
Consistent causes. The most common cause of data breaches were stolen credentials. Ransomware also continues to plague healthcare entities, with ransomware increasing by 41% in the last year.
Consistent place. The most common place for data breaches to occur is in the cloud.

While data breaches can be threatening, there are also good trends that have emerged over the past few years. These include:

Automated security shortens breach lifecycles. When possible, make sure that your updates are automated and all security patches are up to date. Having sufficient security measures in place is your first line of defense for a cyber attack or breach.
Shorter breach lifecycles mean lower costs. The quicker your practice is being able to audit the damage and get up and running after a breach, the less money the breach will cost.
Having appropriate policies and procedures with well-trained employees leads to shorter lifecycles. When your staff knows how to handle a breach, they can act quickly and mitigate the damage caused by the breach. This is essential when trying to get your practice back online and keep your patients’ protected health information unaffected.

So how can you protect your practice?

Work with your healthcare attorney to ensure that your HIPAA risk assessment is up to date and your security measures are sufficient.
Test your breach readiness plan often.
Make sure your policies and procedures clearly detail how to proceed in the event of a breach.
Train your employees. We help our clients train their employees to know what to look for and what steps to take to respond to a breach right away.

If you have questions or need help with your healthcare breach readiness and response or HIPAA risk assessment, contact Rickard & Associates today.

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Physician Contracting 101 – Rickard & Associates

Physician contracts are often complicated and have unique terms. We help our clients understand the terms and negotiate their contracts.

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Many of our clients are physicians who are negotiating or renegotiating their employment contracts with their employers. Sometimes these are with health systems, hospitals, or small physician offices.

We also have clients come to us with issues after they negotiated their own contracts.

Physician contracts are unique, as they have standard employment terms, healthcare terms, and a variety of terms from the employer related to the employer, the specialty, productivity and more.

When reviewing your physician contract, make sure that you fully understand the following:

Termination provisions. How can your employer terminate your agreement and how much notice are you entitled to? 90 days? more? It is essential that you know how you can be terminated and what other provisions are then invoked. If you are terminated, does that trigger repayment or non-compete provisions? Make sure you fully understand all potential consequences of termination.
Breach provisions. Some physician contracts spell out a variety of breach remedies that are in addition to the remedies under the law. We have seen some extreme remedies, such as specific performance and paying liquidated damages. It is essential that you know of any potential remedies that they have.
Repayment provisions. Upon expiration or termination of the agreement, are you required to repay anything? Sometimes there are requirements to repay moving bonuses, signing bonuses, etc. This could be a large amount that is due very quickly. Make sure that you know and plan for any potential repayments.
Non-compete provisions. We always caution physicians against entering into agreements with non-compete provisions. While this isn’t always possible, non-compete provisions can impact your ability to work in the future. You need to know what triggers a non-compete, if there is anything you can do to work around the non-compete, and how broad the non-compete is.
Compensation provisions. Compensation is often the most important provision for our clients. However, these sections are often muddled and confusing. Sometimes contracts are even silent as to how compensation will be determined in future years of the contract. Other physician contracts have productivity based compensation, which can be concerning as it leaves a lot of discretion to the employer. We recommend getting a guaranteed compensation amount for as long as possible, depending on your circumstances.

And more.

We have seen a trend of physician contracts becoming more and more complex and burdensome on the physicians.

It is essential that you negotiate your contract fully before you start work and that you fully understand your agreement.

We recommend working with an experienced healthcare attorney so that you do not tarnish your relationship with the employer and so that you are made aware of any potential pitfalls.

If you need help reviewing or negotiating your physician agreement, we can help. Contact Rickard & Associates today.

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We publish vital information on health law topics and news every Wednesday and Friday. To get this important information delivered directly to your mailbox, subscribe today!

What is the Cost of a Data Breach?

A recent study found that the total average cost of a healthcare breach is $10.10 million. Can your healthcare practice afford a breach?

We can help you stay on top of the latest news that affects your everyday life. Subscribe to stay up to date. (To subscribe to our blog click here).

Can your healthcare practice afford a breach? Most healthcare entities cannot.

Since 2020, healthcare breach costs have risen by 42%.

As we know healthcare breaches are incessant, it is important to understand trends.

The trends that have emerged over the past few years are:

Repeat attacks. Many healthcare entities have seen repeat attacks. Organizations with automated security systems were able to shorten the breach lifecycle and mitigate the damage caused by the breach.
Consistent causes. The most common cause of data breaches were stolen credentials. Ransomware also continues to plague healthcare entities, with ransomware increasing by 41% in the last year.
Consistent place. The most common place for data breaches to occur is in the cloud.

While data breaches can be threatening, there are also good trends that have emerged over the past few years. These include:

Automated security shortens breach lifecycles. When possible, make sure that your updates are automated and all security patches are up to date. Having sufficient security measures in place is your first line of defense for a cyber attack or breach.
Shorter breach lifecycles mean lower costs. The quicker your practice is being able to audit the damage and get up and running after a breach, the less money the breach will cost.
Having appropriate policies and procedures with well-trained employees leads to shorter lifecycles. When your staff knows how to handle a breach, they can act quickly and mitigate the damage caused by the breach. This is essential when trying to get your practice back online and keep your patients’ protected health information unaffected.

So how can you protect your practice?

Work with your healthcare attorney to ensure that your HIPAA risk assessment is up to date and your security measures are sufficient.
Test your breach readiness plan often.
Make sure your policies and procedures clearly detail how to proceed in the event of a breach.
Train your employees. We help our clients train their employees to know what to look for and what steps to take to respond to a breach right away.

If you have questions or need help with your healthcare breach readiness and response or HIPAA risk assessment, contact Rickard & Associates today.

We know you’re busy. Subscribe to our blog to get updates and news sent directly to your inbox!

We publish vital information on health law topics and news every Wednesday and Friday. To get this important information delivered directly to your mailbox, subscribe today!

Do I Need an Emergency List?

We frequently have questions related to the practical and financial panic after a death in the family when accounts, passwords, and assets are unknown. Sometimes, a family knows an estate plan was done but they cannot find the plan and don’t even know the law firm that drafted the plan. An emergency list can help to avoid these issues.

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We often see people lose their spouse, and have no idea how to access bank accounts, pay their bills, or even know what retirement accounts exist.

Because of this, we often recommend that clients compile a list of important assets, passwords, locations of important documents, etc.

In the event of an emergency, incapacitation, or even death, this list can help.

So what should you have on this emergency list?

If you work with any professional, such as your lawyers, physicians, financial advisors, etc., put their contact information on the list so that your loved ones can reach out to them, if necessary.
A list of all of your assets and how you can access them. Don’t forget to include pension information, retirement accounts, bank accounts, etc.
Put information about the location of your estate firm and contact information from the lawyer that drafted it.
Put information as to where all of your important documents are kept, such as your vehicle titles, deeds, Social Security cards, etc.

In an emergency situation, people don’t want to be scrambling to find important documents.

Life is full of uncertainties, but careful planning can help lessen the burden when you are already going through a tough situation.

Having a complete list can be incredibly helpful to your loved ones. It also ensures that your estate plan will be placed and carried out as intended.

It is also important to remember to update the list as your assets change. Keep the list current to eliminate confusion.

If you need help with your estate plan or creating an emergency list, we can help.

Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.

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Breaking: New Self-Disclosure Policy – Rickard & Associates

The Department of Justice (“DOJ”) announced a new Voluntary Self-Disclosure Policy to be used by US Attorney Offices throughout the country.

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The new policy helps to encourage early and voluntary self-disclosure of corporate criminal misconduct. It reinforces the importance of having an effective compliance plan that identifies misconduct.

To be a voluntary self-disclosure, the disclosure must be voluntary, timely and must contain all relevant facts of misconduct.

If the disclosure is all of the above, the government will not seek a guilty plea against the companyso long as the company also fully cooperates with investigators and appropriately remediates the criminal conduct.

However, even if the disclosure counts as a voluntary self-disclosure, if the misconduct:

poses a grave threat to national security, public health or the environment, or
if it is deeply pervasive throughout the company, or
involved current executive management of the company,

then there may still be a guilty plea.

As always, it is essential to be proactive about your compliance plan.

If you need help updating your compliance plan, auditing, or training staff, contact us today.

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US Industrial Production Unexpectedly Unchanged In February

A report released by the Federal Reserve on Friday showed US industrial production was unexpectedly unchanged in the month of February.

The Fed said industrial production was unchanged in February following a revised 0.3 percent increase in January.

Economists had expected industrial production to rise by 0.2 percent compared to the unchanged reading originally reported for the previous month.

Industrial production came unchanged as a 0.1 percent uptick in manufacturing output and a 0.5 percent advance in utilities output were offset by a 0.6 percent drop in mining output.

Oren Klachkin, Lead US Economist at Oxford Economics, predicted industrial production will lose momentum later this year as the economy suffers a mild recession.

“Industrial output will struggle amid the challenges of weakening domestic demand, frail overseas demand, rising interest rates, and a strong US dollar,” Klachkin said.

“Turmoil in the banking sector corroborates our view that the economy is starting to feel the effects of monetary policy tightening,” he added. “We think more Fed rate hikes in the pipeline, so the risks to the outlook are tilted to the downside.”

The report also said capacity utilization in the industrial sector came in at 78.0 percent in February, unchanged from the revised figure for January.

Economists had expected capacity utilization to inch up to 78.4 percent from the 78.3 percent originally reported for the previous month.

Capacity utilization in the utilities sector crept up to 68.9 percent, while capacity utilization in the manufacturing and mining sectors dipped to 77.6 percent and 87.3 percent, respectively.

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Business News

3 Things You Should Know About Irrevocable Trusts

A trust is an estate planning tool that allows a person to control their assets during their lifetime and make provisions for incapacity and death.

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One thing you should know about irrevocable trusts is that, unlike revocable or living trusts, irrevocable trusts cannot be changed or amended. They are set in stone.

A second thing that you should know about irrevocable trusts is that they have significant advantages, and also unique disadvantages.

Irrevocable trusts are often used as a person advances in age. Once they know that their circumstances are unlikely to change, we sometimes recommend the use of an irrevocable trust for their estate plan.

Why would someone want an estate plan that they cannot change?

Irrevocable trusts offer many advantages. These include:

Reduction of estate tax complications and reduction of taxes,
protection against creditors,
They can utilize special features to build wealth for future generations,
They can prevent loss of assets if long-term care is necessary,
and more.

However, there are many drawbacks of an irrevocable trust as well. Some of these include:

They cannot be changed, so no revisions will be allowed
They are very costly
A tax return will need to be added each year.
There is some loss of control.

The third thing that you should know about irrevocable trusts is that many of the drawbacks can be remedied by careful drafting.

We help our clients decide if an irrevocable living trust is right for them. If it is we find ways to draft around potential issues and downsides, such as putting in language allowing the grantor to replace the trustee if they are not acting appropriately.

Let us know if you have questions as to whether an irrevocable living trust is right for you or your loved ones.

Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.

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Competitors Bureau has ‘considerations’ with WestJet’s plan to take over Sunwing

The federal Competitors Bureau has raised important considerations about WestJet Airways Ltd.’s proposed acquisition of Sunwing Holidays and Sunwing Airways, saying the deal will doubtless end in greater costs and decreased service for Canadians.

In a report delivered to Canada’s transport minister on Wednesday, the regulator mentioned eliminating the rivalry between the 2 corporations is more likely to end in a considerable lessening or prevention of competitors within the sale of trip packages to Canadians.

“The proposed transaction will end in certainly one of Canada’s largest built-in tour operators being acquired by certainly one of its major rivals within the provision of trip packages,” the report acknowledged.

“General, WestJet and Sunwing account for about 37 per cent of continuous capability between Canada and solar locations and 72 per cent of continuous capability between Western Canada and solar locations.”

WestJet introduced a plan in March to purchase Sunwing, a transfer that may bolster its vacation tour enterprise. Monetary phrases of the settlement, which might see Sunwing’s shareholders develop into fairness holders within the WestJet Group, weren’t disclosed.

Monopoly on 16 routes

In its report, the Competitors Bureau famous {that a} merger of the 2 carriers would create a monopoly on 16 routes between Canada and Mexico or the Caribbean, and would reduce or stop competitors for the supply of trip packages on 31 whole routes between Canada and Mexico or the Caribbean.

However in an emailed assertion Wednesday, Sunwing spokeswoman Melanie Anne Filipp mentioned the routes recognized as considerations are predominantly in Western Canada and account for a really small portion of Sunwing’s operations — simply over 10 per cent of all seats — and are primarily seasonal routes.

“Additionally of notice, Sunwing not operates six of the routes talked about within the report,” Filipp mentioned. “We stay assured that this transaction is nice information for Canadians.”

In a information launch, WestJet mentioned the proposed Sunwing transaction is a central piece of the Calgary-based airline’s dedication to prioritize leisure and solar journey from coast to coast and improve inexpensive air and trip package deal choices for all Canadians.

Transport Canada can also be conducting a public curiosity overview of the proposed transaction. The ultimate determination concerning the deal will probably be made by cupboard, based mostly on a advice from the minister.

Closing determination not till December

WestJet mentioned that call will contemplate further components, together with WestJet’s promised preservation of Sunwing’s model, its dedication to take care of Sunwing’s Toronto and Montreal workplaces, new flying that will probably be created by retaining Sunwing’s plane in Canada year-round and the ensuing new employment alternatives.

“We thank the Competitors Bureau and welcome their report,” WestJet government vice-president Angela Avery mentioned within the launch. “We look ahead to bringing this transaction to life for the good thing about Canadian vacationers, communities and staff.”

The businesses have mentioned they count on the transaction to shut by spring 2023, pending remaining regulatory and authorities approvals.

Robert Kokonis, president of Toronto-based consultancy AirTrav Inc., mentioned he wasn’t shocked that the Competitors Bureau flagged points with the proposed Sunwing-WestJet deal.

“You knew earlier than this entire course of began that in fact WestJet is the dominant participant in Western Canada and Sunwing is the most important package deal trip firm within the nation, and the 2 collectively could be a extra dominant pressure within the West,” Kokonis mentioned.

“However I might desire to see the federal government selling competitors in different methods. For instance, creating the proper regulatory atmosphere for the creation of latest carriers,” he mentioned.

Kokonis mentioned there’s nothing stopping one other provider from beginning service on any of the routes that had been flagged by the regulator for lack of competitors.

He added the proposed acquisition of Sunwing is a significant a part of WestJet’s plan to refocus its enterprise in Western Canada, and mentioned the deal will create a big variety of jobs within the West since it’s going to flip seasonally operated plane into year-round jets. Presently, Sunwing meets seasonal demand by leasing the majority of its fleet by means of the winter.

“The Competitors Bureau’s place right here is probably going going to be perceived as a swipe at Western Canada by the central powers in Ontario and Quebec,” Kokonis mentioned.