Press release

Censinet Launches Industry’s First Third-Party Risk Management Platform Designed Exclusively for Healthcare Providers

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Sponsored by Businesswire

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 To make matters worse, these assessments are often outdated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/

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 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/