Censinet Accelerates Healthcare Vendor Adoption of Advanced Third-Party Risk Assessment Processes
Censinet, the leading collaborative risk network for healthcare providers, today announced an open invitation for vendors across the healthcare industry to join Censinet's growing database of over 5,000 risk-assessed healthcare suppliers and products. Those that complete an assessment on the Censinet platform are able to reduce third-party risk assessment times from weeks to seconds, differentiate on security, and become a trusted partner to buyers in healthcare.
Recent data from the Ponemon Institute and Censinet detail the challenges vendors face when responding to risk assessment requests. Fifty-five percent of vendors feel that risk assessments are costly and time consuming, spending an average of $2.5 million annually complete. In fact, as many as 43% of vendor respondents are still using only manual, spreadsheet-based processes, which become out-of-date within three months or less of completing the ambiguous and confusing risk questionnaires.
"It's no seret that third-party risk assessment processes within healthcare are systematically broken," said Ed Gaudet, CEO and Founder of Censinet. "Vendors not only struggle with the process of completing risk assessments, but they are penalized with lost time and delays in revenue recognition."
Healthcare vendors can now easily claim their vendor profile and beginning using Censinet for all of their risk assessments at no cost. As an active participant in the Censinet Digital Vendor Catalog™, organizations have the opportunity to leverage security rating across the Censinet network and jump to the front of the line as an approved vendor that complies with industry-leading security frameworks for healthcare such as NIST CSF 1.1.
Censinet and MassChallenge also today announced a partnership to curate the Together.Health Security Assessment (THSA), and enable digital healthcare vendors to manage their assessments within Censinet at no cost. The two organizations will also provide digital healthcare vendors with an educational program that includes best practices, policies, procedures and controls for managing risk, starting with MassChallenge HealthTech's current cohort of digital health startups.
For more information on Censinet and how it is helping healthcare organizations mitigate third-party risk, please visit: https://censinet.com/for-health-care-organizations/.
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