Beginning January 1, 2012, all U.S. Health Insurance Portability and Accountability Act (HIPAA)-covered entities must transition from the current HIPAA 4010/4010A standards for the transmission of healthcare transactions to HIPAA 5010 standards. As of this date, transactions that were accepted electronically under the 4010/4010A version must be submitted in the 5010 format. Any transaction that does not meet the criteria of the 5010 standards will be rejected by commercial and private insurers.
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I use the term “legisgulator” as proxy for “legislator and regulator,” but also perhaps because it has a nice guttural ring to it. Legisgulators are modern-day emperors unable to appreciate their nakedness, or, in other words, unable to see that their well-meaning rule-making is, to put it bluntly, worthless.
The digital wallet is coming. Just to name a few, Google, Isis, Visa, PayPal, Square, Serve, Apple, SparkBase, TabbedOut, Level Up, and ProPay have all launched or announced intentions to launch retail digital-payment solutions. While they all have their own unique approaches to the market, they also have major commonalities. First and foremost, they all seek to provide value-added services in addition to payments. Each intends to transform not only the way consumers pay, but also the way consumers shop.
Transforming the way consumers shop is a lot bigger than transforming the way they pay. Doing so will require a variety of value-added services:
A flurry of articles have been written this year on the poor track record of U.S. high-net-worth families in successfully transferring their family fortune to the next generation, and on the attempts of top advisors and firms to reverse this phenomenon (see this American Banker article on merging wealth and psychology). This is a timely topic as firms and advisors endeavor to retain the US$ trillions in assets that are expected to transfer to the next generations over the next four decades.
The ongoing issues surrounding the Greek bond market might be downright dangerous for capital-building and -hedging endeavors -- even for those on the right side of the trade. In late October 2011, the European Union came to an agreement with banks for a voluntary 50% write-down on their Greek bond holdings. The key term in the agreement is “voluntary.” Market participants that purchased credit default swaps (CDSs) in order to be insulated from credit-related principal losses of Greek sovereign debt must now reconsider the efficacy of buying protection.