While most U.S. healthcare providers see few European patients on a regular basis, stiff fines for failure to comply with new privacy rules under the EU’s General Data Protection Regulation has the sector rushing to prepare. By several accounts, companies of all stripes are not ready for the arrival of GDPR on May 25. The regulation, adopted by the EU in April 2016, requires all companies to gain “explicit consent” for any data collected from the 511.5 million citizens of the European bloc. Compliance should be on the minds of U.S. healthcare companies, if only to avoid the hefty price tag that comes with a failure to do so. For the highest level of violation, companies risk getting fined up to $24 million (20 million euros) or 4% of their worldwide annual revenue, whichever is greater. “The penalties for non-compliance are pretty substantial,” Bernadette Broccolo, a healthcare attorney at McDermott Will and Emery in Chicago, told Healthcare Dive. Healthcare organizations that treat, target or collect data belonging to patients from any of the EU’s 28 nations fall under the regulation. Data concerning health, genetic data and biometric data are all protected and require explicit patient consent, in addition to any identifiable information such… Read full this story
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