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Great-West Healthcare Completes Transaction-Related Requirements Within HIPAA Compliance Initiative
DENVER, CO, November 7, 2003 —Great -West Healthcare, a national employee benefits provider that specializes in self-funded plans, announced today that it has completed the electronic transaction-related requirements associated with the Administrative Simplification provisions of the Federal Health Insurance Portability and Accountability Act (HIPAA).
The Administrative Simplification provisions under HIPAA mandate standards for the electronic exchange of health care data, including information such as eligibility and benefit inquiries, claims status inquiries, precertifications and referrals, and claims submissions. The HIPAA-mandated standards are designed to improve the efficiency and effectiveness of the nation’s health care system by encouraging providers, payors and employers to transfer information electronically. In October 2003, Great-West Healthcare concluded its multi-year effort to achieve compliance with the transaction–related requirements mandated by HIPAA. Great-West Healthcare continues to support its trading partners’ efforts to implement fully compliant HIPAA transactions.
Julie McCarter, compliance officer for Great-West Healthcare, said management and staff are pleased that the compliance effort has gone so well.
"Great-West Healthcare recognizes the importance of the HIPAA regulations, and has devoted the resources needed to achieve compliance. The Act affects everyone involved in the American health care system, and we’re doing our part to make it work," said McCarter.
Last April, Great-West Healthcare passed several important privacy-related milestones in its HIPAA compliance initiative. Achievements included the designation of a privacy officer and a HIPAA operations committee; the implementation of policies and procedures related to HIPAA requirements; the completion of employee training on HIPAA policies and procedures; and the mailing of privacy notices.
With privacy and electronic transaction-related processes now in compliance, Great-West Healthcare is working diligently on adherence with HIPAA’s standards for the security of electronic protected health information. The use of the security standards will improve the effectiveness and efficiency of the health care industry by establishing a level of protection for certain electronic health-related information. Great-West Healthcare is confident that it will be in compliance by the deadline, which is April 21, 2005.
Great-West Healthcare, a division of Great-West Life & Annuity Insurance Company, is a national employee benefits provider with expertise in self-funding and health care management solutions. Nationally, the division operates a health care network that includes over 400,000 physicians and 4,600 hospitals, and provides health care coverage to approximately 1.95 million people. Visit www.greatwesthealthcare.com for more information.
Great-West Life & Annuity Insurance Company, headquartered in metro-Denver, serves its customers through a full range of health care, life and disability insurance, annuities, and retirement savings products and services. It is an indirect, wholly owned subsidiary of Great-West Lifeco Inc. and a member of the Power Financial Corporation group of companies.
Great-West Life & Annuity Insurance Company is not licensed to do business in New York. Products are old in New York by its subsidiary, First Great-West Life & Annuity Insurance Company, Albany, New York.
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