Censinet® Launches Industry’s First Third-Party Risk Management Platform Designed Exclusively for Healthcare Providers
Post Summary
The Censinet Platform is a third-party risk management system designed exclusively for healthcare providers, enabling real-time vendor risk assessment and management.
It automates vendor risk assessments, reduces assessment time from weeks to minutes, and provides real-time updates to mitigate risks to patient care.
Censinet centralizes vendor information, offers real-time risk intelligence, and uses tools like the Virtual Vendor Catalog™ and One-Click Assessment™.
It addresses inefficiencies caused by manual processes, outdated tools (e.g., spreadsheets), and delayed risk assessments while ensuring continuous security updates.
It was developed in collaboration with over a dozen U.S. healthcare systems to ensure it meets the unique needs of the industry.
Visit https://censinet.com/third-party-vendor-risk-management-software/ for more information.
Censinet today announced the launch of the Censinet Platform, the first and only third-party risk management platform designed and developed in partnership with more than a dozen U.S. healthcare providers to manage the threats to patient care.
Transformative platform developed in partnership with leading healthcare systems enables real-time third-party risk management
Boston – April 23, 2019 – Censinet today announced the launch of the Censinet Platform, the first and only third-party risk management platform designed and developed in partnership with more than a dozen U.S. healthcare providers to manage the threats to patient care. The launch comes in conjunction with a $7.8M Series A funding round co-led by HLM Venture Partners and Cedars-Sinai with participation from seed round investors Schooner Capital, LRVHealth, and Excelerate Health Ventures (please see “Censinet Raises $7.8M in Series A Funding to Transform Third-Party Risk Management for Healthcare Providers,” issued April 23, 2019).
Hospitals today work with 700 vendors on average, each requiring a risk assessment that can take eight weeks or more to complete. Due to the lack of resources, manual processes and antiquated tools such as spreadsheets, only a fraction of vendors are regularly assessed, if ever at all. To make matters worse, these assessments are often outdated almost as soon as they are completed due to dynamic product updates, environmental configurations and cyber threats that change much more frequently than in the past. This wasted time and inadequate third-party vendor coverage increase risk of breaches to patient data, regulatory fines, reputational damage and, most importantly, disruption to patient care.
“At Censinet, we believe risk never sleeps in healthcare: it’s in infusion pumps, lurks on hospital networks and in the cloud, and says good morning at the end of a shift,” said Ed Gaudet, CEO and Founder of Censinet. “That is why we created a better way to manage risk exclusively for healthcare providers – one that is transparent, immediate and always on. Censinet’s unique cloud-based collaborative platform puts healthcare providers in control with real-time intelligence for rapid and accurate decision making.”
The Censinet Platform enables healthcare organizations to manage all vendors in their third-party ecosystem in one place with immediate access to each vendor’s risk profile and risk rating. With the Censinet Virtual Vendor CatalogTM, providers know all of the active vendors they’re doing business with and can easily access the information they need to make decisions based on accurate, real-time data. Censinet One-click AssessmentTM reduces the time it takes to assess vendor risk from weeks to minutes, while automating inefficient workflows and providing continuous, real-time updates to risk. Comprehensive dashboards and reporting make Censinet the only real-time platform to deliver a 360-degree view of vendor risk across a health system’s entire third-party ecosystem.
“Vendor risk assessment in healthcare has suffered from spreadsheets and ad-hoc processes,” said Jigar Kadakia, Chief Information Security and Privacy Officer, Partners HealthCare. “We worked closely with Censinet to design a platform that solves immediate workflow and automation challenges when managing third-party vendor relationships.”
The Censinet Cloud Platform is available immediately. To learn more and get started, please go to https://censinet.com/third-party-vendor-risk-management-software/
About Censinet
Censinet provides the first and only third-party risk management platform built by and for healthcare providers to manage the threats to patient care that exist within an expanding ecosystem of vendors. With its unique Censinet One-click AssessmentTM capabilities and Digital Vendor CatalogTM, the Censinet Platform reduces the time to assess vendor risk from weeks to seconds, while automating inefficient workflows and providing continuous real-time insights into the changing risk profile of each vendor. Censinet is based in Boston, MA and can be found at https://censinet.com/.
Contact:
Dan Gaffney
fama PR for Censinet
(617) 986-5036
censinet@famapr.com
Key Points:
What is the Censinet Platform, and why is it significant?
The Censinet Platform is the first third-party risk management platform designed exclusively for healthcare providers. Developed in collaboration with over a dozen U.S. healthcare systems, it addresses the unique challenges of managing vendor risks in healthcare, such as dynamic cyber threats, outdated tools, and manual workflows. The platform provides real-time vendor risk intelligence, automation, and centralized management to protect patient care and enhance cybersecurity.
How does the Censinet Platform transform vendor risk management?
The platform centralizes vendor data through the Virtual Vendor Catalog™, which provides real-time risk profiles for all vendors in a healthcare provider’s ecosystem. Its One-Click Assessment™ feature reduces assessment times from weeks to minutes, automates inefficient workflows, and ensures continuous updates to vendor risk profiles. This allows healthcare organizations to make rapid, informed decisions based on accurate, up-to-date data.
Why is real-time risk management critical in healthcare?
Healthcare providers work with an average of 700 vendors, and traditional risk assessment methods, such as spreadsheets, are slow and outdated. These inefficiencies leave gaps in security, increasing the risk of data breaches, regulatory fines, and disruptions to patient care. Real-time risk management ensures that healthcare organizations can proactively address threats and maintain compliance.
What are the key features of the Censinet Platform?
The Censinet Platform offers:
- Virtual Vendor Catalog™: Centralized vendor data and real-time risk profiles.
- One-Click Assessment™: Reduces vendor assessment times from weeks to minutes.
- Real-Time Risk Intelligence: Continuous updates to vendor risk profiles.
- 360-Degree Dashboards: Comprehensive visibility into vendor risks across the healthcare ecosystem.
Who supported the development and funding of the Censinet Platform?
The platform was developed in collaboration with over a dozen U.S. healthcare providers. It was funded through a $7.8M Series A round co-led by HLM Venture Partners and Cedars-Sinai, with contributions from Schooner Capital, LRVHealth, and Excelerate Health Ventures.
Where can healthcare providers access the Censinet Platform?
The platform is available immediately. Providers can learn more or get started by visiting Censinet’s official website.
