Censinet - Taking the Risk Out of Healthcare

Today, the biggest risks to patient care come from disruptions or downtime to clinical applications and medical devices caused by cyberattacks such as data breaches and ransomware. The Department of Health andHuman Services Office for Civil Rights has received notices of data breaches from more than 70 organizations so far this year. Many of these incidents originate from third party suppliers of technology products.

In September of 2017, we founded Censinet with a vision to take these third-party risks out of healthcare. Our mission is to become the trusted network for third-party vendor risk management in healthcare by 2022.

With input and guidance from a broad cross-section of healthcare providers and leaders, we set out to understand how big the issue really was for providers and vendors. We realized quickly that the old processes, workflows and technical approaches that were being used were part of the problem.

Simply put, conventional thinking is putting healthcare at risk.

As an industry, we spent more than 20 billion dollars to digitally transform healthcare from paper-based to electronic health records over the last 10 years. Unfortunately, the "first mile" of protection, risk management, is still operating on decade-old assumptions, technologies, and practices. In fact, a HIMSS 2019 Cybersecurity survey found that less the 50% of healthcare providers assess third-party vendor risk. Tight budgets and lack of cyber security personnel continue to hinder progress.

So, we’ve taken on the status quo and disrupted how third-party risk is managed. We created the healthcare industry’s first collaborative cloud platform for third-party vendor risk management, built exclusively for healthcare providers by providers and healthcare experts.

Today we officially launch Censinet and announce $7.8 million in Series A funding co-led by HLM Venture Partners and Cedars-Sinai Health System with participation from seed investors Schooner Capital, LRVHealth and Excelerate Health Ventures. Censinet will use the funding to continue to build out the Censinet Platform, scale our go-to-market team, and accelerate adoption of Censinet by healthcare providers and an ever-expanding ecosystem of third-party vendors.

This would not have been possible without the passion, persistence and relentless execution of our engineering and product teams working with a cohort of early adopters and design partners that include Partners Healthcare, Intermountain Healthcare, Baystate Health, Cedars-Sinai, Atrium, Licking Memorial, Boston Children’s, Boston Medical Center, and others. The time spent early on collaborating with these design partners has helped us deeply understand the problem and made Censinet a better product for it.

I would also like to thank my board of advisors: Jigar Kadakia, Dr. John Halamka, Meg Aranow, Aaron Miri, Chris Logan, and Joe Petro. Their balanced and insightful perspectives from both the provider and vendor sides of the problem have been invaluable in driving changes to some initial but incorrect assumptions.

Lastly, Censinet would not be possible without the shared vision and passion of co-founder and executive chairman Keith Figlioli, partner of LRVHealth, and guidance and support from the Censinet Board of Directors and seed investors LRVHealth, Schooner Capital and Excelerate Health Ventures.

In closing, let me share a few of our fundamental beliefs:

• Our customers should always be one click or less away from realizing value.
• Risk is not a technical problem, it’s a business problem.
• Risk never sleeps. It hides patiently in infusion pumps, quietly lurks on hospital networks and in the cloud, and says good morning at the end of every shift.
• The enemy of risk is transparency.

These beliefs define who we are and drive why we are. They’re foundational to our values and DNA. They drive us to create a better way for third-party risk management – one that is transparent, immediate, and always on.

Please feel free to reach out to me or anyone at Censinet with any comments, questions, or ideas – we’re always available at info@censinet.com. See the resources below to find out more information about our product and funding announcements. We look forward to learning more about your third-party vendor risk management challenges and discuss how Censinet can help.

To view today’s press release announcing Censinet’s launch,
please go to https://censinet.com/press-release/censinet-launches-industrys-first-third-party-risk-management-platform-designed-exclusively-for-healthcare-providers/

For more information on today’s funding news and Censinet’s
investors, please go to https://censinet.com/press-release/censinet-raises-7-8m-in-series-a-funding-to-transform-third-party-risk-management-for-healthcare-providers/