Rigorous, independent audit certifies RazorMetrics has the highest level of data security measures
AUSTIN, Texas, July 12, 2022 /PRNewswire/ — RazorMetrics, a SaaS-based drug cost solution platform earned a Service Organization Control 2 (SOC 2) Certification, which is based on five trust service principles: security, availability, processing integrity, confidentiality, and privacy. SOC 2 compliance is only awarded to tech companies after they pass a painstaking, third-party audit.
RazorMetrics pursued the voluntary security audit because the company strives to be the best-in-class drug savings technology solution and to demonstrate their commitment to data security, maintaining the availability of its service, and protecting the confidential information of its customers. The company is receiving the certification for the second year in a row, showing its commitment to HIPAA, data security, and patient privacy.
“Data security is essential in our modern, highly connected world. But in the healthcare tech space, where companies work with private health information, there is no room for error,” said Gary Epple, Chief Technology Officer for RazorMetrics. “While the certification itself is important, the security culture that we’ve installed since the start of the company is what differentiates us from others in the space.”
SOC 2 Audit compliance is a stringent security audit program for service organizations developed by the American Institute of Certified Public Accountants (AICPA). The purpose of the SOC 2 audit and certification is to provide industry-recognized and verifiable third-party assurance that RazorMetrics has protective security controls to safeguard federally regulated electronic Protected Health Information (ePHI), as well as other confidential or private data.
RazorMetrics’ SOC 2 report was issued by an independent CPA firm, A-LIGN. During the examination, the independent auditors evaluated and tested controls over the following domains:
- Control environment
- Risk Assessment
- Communication and Information
- Risk Mitigation
- Monitoring Activities
- Control Activities
- Logical and Physical access controls
- System operations
- Change management
- Additional Criteria for Availability
RazorMetrics is a healthcare technology company whose SaaS-based platform uses AI and ML to lower drug spend for health plans, self-insured employers, and consumers. RazorMetrics unique, physician-first approach process that is simple, requires no extra clicks in the EHR and no external programs or apps to access. Switches are straightforward, easy to make, and the entire process stays within the normal clinical workflow. The platform is complementary to existing pharmacy initiatives and works with PBMs and other drug cost savings solutions to optimize results. RazorMetrics is fully scalable and customizable to each client’s unique variables and formularies. For more information, visit www.razormetrics.com.
Casey DeMoss, RazorMetrics