March 7, 2002
Patrick J. Martin
Chairman, President, and CEO
Be Ready for HIPAA Requirements
What is the history of your organization’s involvement in life sciences?
Martin: We have focused on developing healthcare-specific solutions for the health sciences community for the past five years. StorageTek has been providing the healthcare community with scalable, reliable, and protected storage and archival of vital patient information for more than 15 years. We recognize that healthcare information systems and data protection practices are moving toward electronic formats more rapidly than at any other time in our history. Recent federal regulations (HIPAA, the Health Insurance Portability and Accountability Act) and the visibility of Y2K concerns are driving the need for better or improved data management practices. The average image archive storage needs will double every 20 to 24 months. It would be difficult to find a more data-intensive industry than the healthcare enterprise.
What is your vision for the development of the life sciences market?
Martin: We know we can make a difference. We can help our healthcare clients provide reliable, secure storage that can impact care and treatment of patients. Our solutions are cost-effective and “care” effective. As medical center and hospital departments create more digital information, our lower cost per megabyte facilitates virtually lifetime healthcare patient records storage. We are pursuing strategic partnerships that will help us provide this “lifetime patient archive.” We have alliances with four of the leading PACS (picture archive and communications systems) providers for the archival of both radiology and cardiology image storage. AGFA, Kodak, Philips Medical Systems, and Siemens Medical Systems support and resell our solutions.
What products and services does your company provide to the life sciences market?
Martin: We realize that with the advent of the federal HIPAA security and patient privacy mandates the healthcare community faces a daunting task to achieve compliance. They must find a way to assure that the healthcare enterprise manages, protects, and maintains the privacy of patient information. We recognize that data backup and business continuity can be accomplished cost effectively by using automated tape systems. Our professional services organization helps with a needs analysis and the design of a disaster recovery plan that will assist in the hospital becoming compliant with the security and privacy requirements of HIPAA.
Our product portfolio spans the entire spectrum of needs in healthcare. We have 9176 and 9173 disk products for the short-term patient data access required by clinicians while the patient is in the hospital. We offer the 9840 and 9940 tape drives for cost-effective longer-term archival needs of the imaging departments and we provide assistance in designing and implementing HIPAA-enabled disaster recovery plans.
What new products and services do you have in development?
Martin: We will be introducing two new initiatives this year to the healthcare community: a new and focused disaster recovery and business continuity product line and a new e-mail archive product. HIPAA requires that medical facilities must be able to recover from a catastrophic loss of patient data. Our new initiatives will help hospitals become compliant with the security component of HIPAA.
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