Which of the following best describes the Privacy Rule?

The Privacy Rule is a key component of the Health Insurance Portability and Accountability Act (HIPAA) that establishes national standards for the protection of certain health information. It specifically aims to safeguard an individual's medical records and personal health information, ensuring that sensitive data is properly protected from unauthorized access or disclosure. This regulation gives patients more control over their health information while setting boundaries on the use and release of such information by healthcare providers and other entities.

Other options describe concepts that lack direct relevance to the core purpose of the Privacy Rule. For example, controlling healthcare costs, improving patient wait times, and protocols for medical billing do not encompass the fundamental objectives of protecting patient health information, which lies at the heart of the Privacy Rule. This makes the choice that focuses specifically on patient information protection the most accurate representation of the Privacy Rule.