PHI and PII Definition and Data Elements. Protected Health Information: The Privacy Rule protects all individually identifiable health information held or transmitted by a covered entity or its business associate, in any form or media, whether electronic, paper, or oral. The Privacy Rule calls this information protected health information (PHI). “Individually identifiable health information” is information, including demographic data, that relates to: 1  the individual’s past, present or future physical or mental health or condition,  the provision of health care to the individual, or.