HIPAA stands for the Health Insurance Portability and Accountability Act. Enacted by the U.S. Congress in 1996, its primary purpose was twofold. First, it aimed to ensure that individuals could maintain their health insurance between jobs, addressing the 'portability' aspect. Second, it introduced measures to manage the confidentiality and security of patient's health information, hence 'accountability'. It marked a fundamental shift in the healthcare industry, emphasizing patient privacy and data security.