The failure of steps 1 and 4 in health care—and with most of the industry’s third-party risk management—is that outside vendors are so integrated into the daily workings of the industry. Unlike other industries, outside vendors in health care are often interacting directly with customers (patients) and their most sensitive data. Health care organizations rely on these vendors, and few have the internal personnel, bandwidth or skill set to monitor their vendors constantly. Most health care organizations don’t know they’re at risk until it’s too late. Simply put, they need help.
The third-party risk management solution
It’s nearly impossible for any health care organization to have the “unicorn” resource that knows it all. Working with an outside risk management company provides a health care organization with the knowledge and experience they may lack, providing an outside perspective and the benefits of a team focused solely on managing risk.
TPRM as a service takes the workload off of understaffed departments that don’t have the bandwidth to keep up with the ongoing management of third-party vendors and can take a broader lens to evaluate the holistic…
