Censinet Enters Third-Party Risk Management Market With a Focus on US Healthcare

Censinet, a new player in the third-party risk management market, is aiming to differentiate itself by focusing specifically on US healthcare vendors. However, healthcare providers will need to carefully determine if the service meets their compliance needs.

Censinet’s offering is a cloud-based solution that automates the process of sending risk questionnaires to vendors and storing responses for use by other clients. They also provide a repository for clients to store an inventory of their vendors. For US healthcare providers struggling to comply with HIPAA, any solution with the potential to take the pain out of third-party risk management is likely worth considering.

“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.”

Our Take

By relying solely on questionnaires to assess vendors, Censinet is not providing any risk data that healthcare providers can’t obtain on their own. This limits their value proposition to automating manual processes. Fortunately, this makes calculating the business case relatively simple, but the bigger question that organizations need to ask themselves is if using self-assessment questionnaires is adequate due diligence, especially for their most critical vendors.