What does the abbreviation HIPAA stand for? What is the purpose of HIPAA? 1) Health Insurance Portability and Accountability Act; To protect patients' medical records and personal health information 2) Health Insurance Portability and Accountability Act; To regulate the healthcare industry 3) Health Insurance Portability and Accountability Act; To provide affordable healthcare to all citizens 4) Health Insurance Portability and Accountability Act; To improve the quality of healthcare services