FARMINGTON, CT – The Electronic Healthcare Network Accreditation Commission (EHNAC), a non-profit standards development organization and accrediting body, and the Workgroup for Electronic Data Interchange (WEDI), a broad-based healthcare industry association, today released a new white paper, “Financial Services Current State in Healthcare.”

The analysis document, which addresses the current state of health data protection needs within the financial services industry, was developed by contributors from both organizations including specialists in financial services, healthcare, regulatory compliance, and privacy and security.

The white paper resulted from insights gathered at an industry forum, “Demystifying the Banking Exemption under HIPAA,” which was hosted by EHNAC and WEDI, and convened on Feb. 10, 2009. The forum addressed the current state of medical banking as it relates to HIPAA, American Recovery & Reinvestment Act of 2009 and HITECH Act and the impact on the financial services industry.

In addition, the forum focused on the requirements under legislation for financial institutions, management of various state protection regulations and the implementation practices of third-party accreditation and certification programs.

“We were very pleased to collaborate with EHNAC on this important initiative,” stated Jim Schuping, EVP/CEO of WEDI. “We anticipate a high level of interest and participation as we move forward in the coming months with additional resources and activities.”

“Recent federal legislative regulations such as the ARRA and related HITECH Act make it much more challenging for financial services firms looking to remain competitive in the healthcare arena,” said Lee Barrett, executive director of EHNAC. “Through a collaborative effort with the industry leaders at WEDI, EHNAC plans to continue to develop a series of educational pieces and seminars to provide more clarity to this growing, yet continually evolving sector.”

A financial services current state white paper titled “Financial Services Best Practices Guidelines for the Healthcare Sector” is expected to be released in the second quarter 2010. EHNAC and WEDI invite broad participation in providing feedback to both documents on the organizations’ respective Web sites.

About EHNAC

The Electronic Healthcare Network Accreditation Commission (EHNAC) is a voluntary, self-governing standards development organization (SDO) established to develop standard criteria and accredit organizations that electronically exchange healthcare data. These entities include electronic health networks, payers, financial services firms and e-prescribing solution providers.

EHNAC was founded in 1993 and is a tax-exempt 501(c)(6) nonprofit organization. Guided by peer evaluation, the EHNAC accreditation process promotes quality service, innovation, cooperation and open competition in healthcare. To learn more, visit www.ehnac.org or contact info@ehnac.org.

About WEDI
WEDI, a broad-based healthcare industry coalition, brings together a consortium of leaders within the healthcare industry to identify practical strategies for reducing administrative costs in healthcare through the implementation of EDI. WEDI’s mission is to provide leadership and guidance to the healthcare industry on how to use and leverage the industry’s collective knowledge, expertise and information resources to improve the quality, affordability and availability of healthcare. For additional information, visit www.wedi.org.