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CynergisTek Announces Contract Renewal for Patient Privacy Monitoring Services with Expansion to 5 Years
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CynergisTek (CTEK) announces a renewed five-year, six-figure contract with a prominent academic medical center for monitoring user access to electronic Protected Health Information (ePHI) and Electronic Health Records (EHR). This renewal highlights the company's commitment to long-term contracts and its capability to enhance data privacy and compliance with HIPAA regulations. CynergisTek’s services aim to reduce costs and resource allocation for healthcare clients, boosting operational efficiency. The company emphasizes its expertise in privacy monitoring, contributing to significant resource savings for its clients.
Positive
Secured a six-figure 5-year renewal contract with a recognized academic medical center.
Demonstrated ability to enhance client privacy compliance and reduce operational costs.
Established track record of analyzing data effectively, resolving a minimal percentage of false positives.
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None.
Highly regarded academic medical center continues CynergisTek’s invaluable ongoing monitoring and analysis of user access activity
AUSTIN, Texas--(BUSINESS WIRE)--
CynergisTek (NYSE American: CTEK), a leading cybersecurity, privacy, compliance, and IT audit firm helping organizations in highly regulated industries navigate emerging security and privacy issues, announces a six-figure 5-year renewal contract with a nationally recognized academic medical center to provide user access monitoring in ePHI and EHR records.
“This renewal reflects our renewed focus on larger long term managed services contracts and the market’s continued priority on partnerships and consolidation of services under key strategic vendors. The confidence this client has shown in our team is evidence of the value this service provides,” said Mac McMillan, President and CEO of CynergisTek. “This program was designed to not only provide customers with the support they need to do this job right, but to also create cost savings in personnel and time. Our healthcare clients have shared with us that this support has allowed them to reduce or repurpose resources to other high priority tasks ultimately saving them valuable resources. Creating positive ROI is a hallmark of CynergisTek’s approach to its managed services.”
CynergisTek’s Patient Privacy Monitoring Services help organizations comply with HIPAA and state patient privacy laws by increasing the visibility into potential policy violations of unauthorized access to patient records. In 2020, CynergisTek’s privacy analysts analyzed millions of lines of data and hundreds of thousands of user/patient access and escalated less than five percent of accesses reviewed saving the medical center a significant amount of time and resources chasing false positives. By partnering with CynergisTek, healthcare organizations can rely on its deep expertise in privacy monitoring while they focus on other vital privacy initiatives.
The highest rates of applied sanctions in 2020 involved same household, user self-access, and same last name case types. A user access monitoring program with a clearly defined privacy policy helps protect patient privacy, educate users on the importance of patient privacy, and reduce the number of incidents that could result in sanctions. “We are very excited to continue our partnership. Our team has spent thousands of hours reviewing and analyzing alerts, performed analysis, and provided actionable reports for our client saving them both time and resources, but more importantly building organizational confidence in their program. We are honored that our client has chosen us again and will lean on our expertise for the next five years to lift a heavy burden that would otherwise have taken their team away from strategic and urgent privacy and security issues,” says Andrew Mahler, Director of Privacy and Compliance Services at CynergisTek. “Working with the CynergisTek team, that combines years of user monitoring application and privacy experience helps organizations focus on patient care delivery while preventing unauthorized access that could result in a privacy breach costing millions and a significant impact to their brand reputation in the community.”
About CynergisTek, Inc.
CynergisTek (www.cynergistek.com), is a top-ranked cybersecurity consulting firm helping organizations in highly-regulated industries, including those in healthcare, government, and finance navigate emerging security and privacy issues. CynergisTek combines intelligence, expertise, and a distinct methodology to validate a company's security posture and ensure the team is rehearsed, prepared, and resilient against threats. Since 2004, CynergisTek has been dedicated to hiring and retaining experts who bring real-life experience and hold advanced certifications to support and educate the industry by contributing to relevant industry associations. For more information, visit www.cynergistek.com or follow us on Twitter or Linkedin.
This release contains certain forward-looking statements relating to the business of CynergisTek, Inc.. These forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and can be identified by the use of forward-looking terminology such as “believes,” “expects,” “anticipates,” “would,” “could,” “intends,” “may,” “will,” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including but not limited to uncertainties relating to product/services development; long and uncertain sales cycles; the ability to obtain or maintain proprietary intellectual property protection; future capital requirements; competition from other providers; the ability of the Company’s vendors to continue supplying the Company with supplies and services at comparable terms and prices; the Company’s ability to successfully compete and introduce enhancements and new features that achieve market acceptance and that keep pace with technological developments; the Company’s ability to maintain its brand and reputation and retain or replace its significant customers; cybersecurity risks and risks of damage and interruptions of information technology systems; the Company’s ability to retain key members of management and successfully integrate new executives; the Company’s ability to complete acquisitions, strategic investments, entry into new lines of business, divestitures, mergers or other transactions on acceptable terms, or at all; potential risks and uncertainties relating to the existing and ultimate impact of COVID-19, including the geographic spread, the severity of the virus, the duration of the COVID-19 outbreak, actions that may be taken by governmental authorities to contain the COVID-19 outbreak or to treat its impact, and the potential negative impacts of COVID-19 on the global economy and financial markets, and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission, which are available at http://www.sec.gov. Given the risks and uncertainties, readers should not place undue reliance on any forward-looking statement and should recognize that the statements are predictions of future results which may not occur as anticipated. Many of the risks listed above have been, and may further be, exacerbated by the COVID-19 pandemic, including its impact on the healthcare industry. Actual results could differ materially from those anticipated in the forward-looking statements and from historical results, due to the risks and uncertainties described herein, as well as others not now anticipated. CynergisTek is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
What is the significance of CynergisTek's contract renewal with a medical center?
The renewal demonstrates CynergisTek's ongoing commitment to user access monitoring and compliance with healthcare regulations, indicating client trust and service effectiveness.
How does CynergisTek's service impact operational costs for healthcare clients?
CynergisTek's services help healthcare organizations to save time and resources, allowing them to redirect their efforts toward more critical privacy initiatives.
What type of data does CynergisTek monitor?
CynergisTek monitors user access to electronic Protected Health Information (ePHI) and Electronic Health Records (EHR) to ensure compliance with HIPAA and other regulations.
What has been the impact of CynergisTek's monitoring services in the past?
In 2020, CynergisTek significantly reduced the time spent on false positives, contributing to better resource management and operational efficiency for its clients.
What does the renewed contract imply for CynergisTek's future?
The renewed contract indicates growing demand for CynergisTek's managed services, showcasing the company's crucial role in ensuring data privacy in healthcare.
