Horizon Financial Management, a team of professionals providing revenue enhancing partnerships to healthcare providers while maintaining the highest standards in positive patient relations,today announced that it has successfully completed a Service Organization Controls (SOC) 2 Type I examination for their Medical Billing and Accounts Receivable Management Services System. Horizon Financial Management retained international business advisory firm Skoda Minotti for its SOC audit work. Horizon Financial Management selected Skoda Minotti after an intensive search based on Skoda Minotti’s reputation as a leading assurance solutions and compliance company.
According to Tony Coffman, Director of IT for Horizon Financial Management, “Skoda Minotti is a leader in SSAE 16 and Service Organization Control (SOC) reporting and IT advisory solutions.”
Ben Osbrach, CISSP, CISA, QSA, partner-in-charge of Skoda Minotti’s risk advisory group says, “We were excited to work with Horizon Financial Management from the very start, they are an intriguing organization delivering high quality software services and this adds to our growing SOC reporting practice. Software as a Service providers continue to be a key industry for SOC reporting.”
SOC is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants. A SOC 2 report is performed by an independent auditing firm and examines the controls and processes involved in storing, handling, and transmitting data securely. The successful completion of the voluntary engagement illustrates Horizon Financial Management’s ongoing commitment to create and maintain the most stringent controls for the protection and security of its customers’ confidential information. More information about Horizon Financial Management and their services can be found at horizonfm.wpengine.com.
The rigorous SOC 2 Type I examination, which included detailed testing of Horizon Financial Management’s controls, was performed by an independent licensed Certified Public Accounting firm that specializes in conducting SOC reports, PCI DSS Compliance, FISMA, NIST and other regulatory information security assessments. The auditor examined Horizon Financial Management’s controls related to network connectivity, firewall configuration, secure software development life cycle, computer operations, database access, data transmissions, backup, disaster recovery, fire suppression, physical security, and more. Following the examination, Horizon Financial Management received a Service Auditors’ Report with an unqualified opinion, demonstrating that Horizon Financial Management’s policies, procedures, and infrastructure for data protection, security, and confidentiality met or exceeded the stringent SOC 2 criteria.
“The successful completion of our SOC 2 Type I examination audit provides our customers with the assurance that the controls and safeguards we employ to protect and secure their data are first-rate,” said Frank P. Termini, Managing Partner.
SOC reports have become increasingly important for data-handling service providers since the passage of the Sarbanes-Oxley legislation, which requires a company’s business partners to have adequate internal controls. Horizon Financial Management’s customers can easily incorporate its Service Auditors’ Report in their Sarbanes-Oxley compliance programs as proof that appropriate controls are in place. The SOC 2 report can also help Horizon Financial Management’s customers to comply with other regulations, including HIPAA (Health Insurance Portability and Accountability Act), GLBA (Gramm-Leach-Bliley Act of 1999), and ISO 27001.
About – Horizon Financial Management
Horizon Financial Management, based in Crown Point, Indiana, is a healthcare management and revenue enhancement team consisting of a unique group of seasoned healthcare finance professionals. Their experience encompasses the hospital, physician, and administrative sector of healthcare, as well as the patient accounts outsourcing agency-side of the industry. Our mission at Horizon Financial Management is to provide revenue enhancing partnerships to healthcare providers while maintaining the highest standards in positive patient relations.