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Manage Third-Party Risk in Healthcare and Protect Your Organization

The healthcare industry is facing an increasingly complex and enduring challenge to manage and monitor its many third-party vendors. As one example of the depth of risk, healthcare is the costliest industry, averaging $7.42 million per breach. This massive network of external partners, often spanning up to 1,000 vendors, creates significant financial, regulatory, and reputational pitfalls if a third-party incident occurs.

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Master third-party risk

Managing third-party risk is a challenge, streamline how you screen, onboard and monitor your partners.

Strengthen your program

Learn best practices for rigorous vetting and critical ongoing monitoring.

Protect financial health

Proactively mitigate risks and avoid costly reputational damage and financial pitfalls.

Four medical professionals, including a doctor in a white coat and three nurses in scrubs, sit around a table with a laptop and tablet, smiling and having a discussion in a bright room.

Why third-party risk management (TPRM) is essential for healthcare

Digital transformation, like the trend of moving sensitive patient data to secure, off-premise cloud services, means third-party involvement is growing. Effectively managing third-party risk is a non-negotiable obligation for every organization, and especially important in healthcare. TPRM is crucial not just for compliance, but because it safeguards the people your organization serves. 

Download the white paper to learn: 

  • The seven crucial risk domains to assess in vendor vetting, including legal/regulatory, tech/cyber, and human capital 
  •  Key questions to ask when subjecting new vendors to a rigorous vetting process 
  •  Why ongoing monitoring is critical, even for “lower-risk” vendors 
  •  How to build a strong foundation for your healthcare TPRM program
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A healthcare worker in blue scrubs and a mask uses a stethoscope and blood pressure cuff to check an elderly mans blood pressure. The setting appears to be a medical facility with a window in the background.

Initial vetting is just the first step

Subjecting new vendors to a rigorous vetting process at the beginning of the relationship is crucial. This should be a cross-disciplinary exercise involving Procurement, Legal, Human Resources, IT and cybersecurity, and other teams working to streamline the process. 

Effective, comprehensive initial vetting should determine the level of risk across a number of domains and answer key questions, such as: 

  • Strategic: How critical is this vendor to your organization’s operations and objectives? 
  • Legal/Regulatory: What legal and regulatory risks could you face from the vendor’s actions or failures? 
  • Tech/Cyber: Does the vendor have adequate cybersecurity controls in place in respect to the sensitivity of its working relationship with your organization?
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Don't wait for a third-party incident to force you to act.

Download this white paper now to build a more secure, compliant and confident vendor ecosystem.

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