BOSTON--(BUSINESS WIRE)--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 To make matters worse, these assessments are often outdated almost as soon as they are completed due to dynamic product updates, environmental configurations and cyber threats that change much more frequently than in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 Catalog™, 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 Assessment™ 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/
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 Assessment™ capabilities and Digital Vendor Catalog™, 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/