HHS Finalizes Medical Privacy Rules

August 12, 2002 (PLANSPONSOR.com) - The first-ever federal protections for patient privacy will give patients some additional protections, but critics say they don't go far enough.

As promised last March (see Health And Human Services Revises Patient Privacy Rules ), on Friday the Department of Health and Human Services formally set aside rules drafted in the waning days of the Clinton Administration that would have required a patient’s written consent before information about their health could be shared between doctors, hospitals, and insurance companies.  Critics of the Bush approach are concerned that, absent a guarantee of privacy, some patients might keep important data from doctors (see Privacy Proposal Prompts Concerns ).

Good Faith

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However, under the new rules doctors and other health-care providers will have to notify patients of privacy policies and make a “good faith effort” to get written acknowledgment. Health-care providers had argued that requiring written permission could slow or thwart needed treatments.

In addition, health-care providers are prohibited from disclosing patient information for reasons unrelated to health services under the final rules, which also establish civil and criminal penalties for violations. The final rules also give patients the right to inspect and copy their records and ask for corrections.

The regulations take effect April 14, 2003.

Conflicting Opinions

The Clinton version of the proposal, which was never put into effect, would have required signed consent forms from patients even for routine matters such as billing statements to insurance providers. 

Health care providers were enthusiastic about the final version.  However, Senator Edward Kennedy (D-Massachusetts), chairman of the Senate Health, Education, Labor and Pensions Committee, says he plans to introduce legislation to reinstate the mandatory consent forms.

See also:

Privacy Pleas

Info posted on HHS Office for Civil Rights Privacy Web site

  Pre-publication of final changes to Privacy Rule  (will be published in the Federal Register on August 14) 

Average Finance Pay Soars in 2001

July 24, 2001 (PLANSPONSOR.com) - Total average compensation for treasury and financial management professionals increased by 8.1% in 2001 from the previous year, according to a new survey.

The Association for Financial Professionals’ 13th Annual Compensation Survey also found that nearly 90% of the practitioner respondents received an increase in salary this year.

The survey found that financial officers’ average total compensation, comprising base salary, bonus and deferred compensation, was $122,170, compared with $112,986 in the 2000 survey.

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Why Ask Why?

Survey participants were asked to select factors that contributed to their salary increases,

  • 54%, of practitioners cited merit as the chief contributor,
  • 38% said individual performance,
  • 24% benefited from “general increases”
  • 13% cited cost-of-living adjustments

“Check” It Out

The highest total compensation packages are taken home by:

  • President?s or CFO?s who receive average compensation packages of $241,841
  • followed by CFOs who earn $190,933 on average,
  • Vice-presidents of Finance who get $178,724, and
  • Treasurers who receive $158,404

Location, Location

Across industries, the highest compensation gains were recorded in:

  • banking-related financial services, where compensation increased by15%,
  • followed by the software and hardware industries which rose by13.6%, and
  • the non-petroleum energy sector, where remuneration was up by13.5%.

At the other end of the scale, were:

  • the hospitality industry, where compensation rose by 6.9%
  • the non-profit sector which increased by 7%, and
  • compensation in the petroleum sector, which increased by 7.1%

Further, the survey found that practitioners in the Northeast received higher packages than their peers, with average total compensation of $137,112, an increase of 8.5% on 2000 numbers. In other regions,

  • those in the southeast received $108,923, up 7.2%
  • followed by practitioners in the Midwest who received $114,822, an increase of 7.2%,
  • while their counterparts in the West received $113,318, an increase of 8%

Other Benefits

Over two-thirds (68%) said their firms offered a flexible workday, while 21% have flexible workweeks. Nearly three-quarters (74%) have casual dress codes.

More than 60% of bankers and nearly half (45%) of corporate practitioners “experienced” a merger in the last two to three years. Of those, nearly three-fourths of the bankers and half the practitioners saw layoffs in their department as a result.

Most popular recruiting tools were moving expenses and temporary living allowances, followed by hiring bonuses and the purchase of a former residence.

The survey gauged the responses of to over 150 questions on the career development, compensation and benefits, of 2,980 financial professionals.

Go to http://www.AFPonline.org for a summary of the survey results.

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