Record Growth in Customers and Product Capabilities Drives Significant Increases in Annual Recurring Revenue, Assessment Throughput, and Overall Network Scale
— Ed Gaudet, CEO and Founder of Censinet
BOSTON, MA, USA, October 25, 2022 /EINPresswire.com/ — Censinet, the leading provider of healthcare risk management solutions, today announced record customer momentum and corporate performance in Q3 2022. In its third quarter, the Company achieved significant gains across all business metrics, including customer acquisition, new product offerings, industry partnerships, and network growth with Censinet RiskOpsTM.
“I am extremely proud of our team’s execution this quarter, delivering exceptional performance in Q3 and contributing to unprecedented results and momentum throughout 2022,” said Ed Gaudet, CEO and Founder of Censinet. “As healthcare organizations modernize their business and third-party cyber risk programs, Censinet continues to help keep their patients safe. We enter the final quarter of our fiscal year with the strongest momentum to date in our Company’s history, and with a shared vision and commitment to eliminate the cyber and enterprise risks that threaten patient care.”
Significant achievements in Q3 2022 include:
Record Year Over Year Growth ARR, Customers, Partners, and Network
Censinet increased its third quarter 2022 annual recurring revenue (ARR) by more than 100% year-over-year. The Company also grew the number of healthcare delivery organization (HDO) customers by 49% year over year. Additionally, the Company has seen tremendous growth in the size, scale, and use of Censinet RiskOpsTM, the healthcare industry’s only purpose-built risk exchange, which enables HDOs and their third parties to share and manage of cyber risk data.
The Censinet Digital Risk Catalog has grown from 26,000 to over 34,000 vendors and products, a 31% year-over-year increase from Q3 2021. It includes a rapidly expanding list of technical and non-technical products and services specific to healthcare healthcare such as medical devices, IRB/research, affiliate practices, and supply chain vendors. The number of risk assessments processed through Censinet RiskOps exceeded more than 100,000 at the end of September 30, 2022, while the number of 1-Click AssessmentsTM and automated corrections managed through the Censinet risk exchange grew of 194% and 173%, respectively, year. over the years.
In addition, the Company announced new and expanded partnerships with Fortified Health Security, InsiteOne, Clearwater Compliance, and ServiceNow to expand and accelerate the delivery of third-party risk management services powered by Censinet RiskOpsTM to their respective customer bases.
Delivering Next Generation Capabilities and Workflow Automation
In Q3 2022, the company announced the delivery of Censinet RiskOpsTM 5.0, a landmark update of its flagship product with next-generation capabilities and workflow automation that sets a new bar for risk management and cybersecurity across the healthcare industry. health
Censinet RiskOps 5.0 key capabilities include:
Portfolio Risk Management – Provides real-time context so risk professionals can manage risk across all organizational levels (system, regional, enterprise), business processes, and assets including supply chain, procurement , clinical care, technology, operations, BioMed, third parties, medical devices, research, data exchange, and institutional review boards (IRBs).
Healthcare Peer Benchmarking – Provides HDOs with the ability to understand their own cybersecurity performance and see how their organization’s coverage, program maturity, and productivity compares to peer organizations against key organizational benchmarks, the NIST Cybersecurity Framework ( CSF), and Health Industry Cybersecurity Practices (HICP). ).
Censinet Cybersecurity Data Room™ – Provides third-party vendors with a highly secure, HIPAA-compliant environment to manage and share risk assessment data with customers for all their products and services. With Censinet’s 1-Click Assessment™ capability, vendors maintain complete control and can instantly share data and documentation on demand. HDO can access risk data on 34,000+ vendors and products (as permitted) with the most up-to-date security data, documentation, and evidence.
No-Cost, Value-Added Services Delivered Through Industry Partners and Events
Throughout the last quarter, Censinet delivered new value-added value-added products and services to healthcare organizations through our industry partners, industry-sponsored events and workshops, and solution-focused content .
Highlights include:
Announced a new, free Cybersecurity Service available exclusively to American Hospital Association (AHA) members designed to help protect patient safety from the top five healthcare cybersecurity threats. Delivered as Censinet RiskOps™ for HICP, the solution streamlines the implementation of Health Industry Cybersecurity Practices (HICP) with automated workflows, coverage reporting, and peer benchmarking.
Increased participation in KLAS Research’s “Cybersecurity Transparent” initiative, which continues to set the standard for cybersecurity preparedness across the healthcare vendor landscape. The “Cybersecurity Transparent” badge demonstrates vendors’ continued commitment to communicating cyber maturity to providers seeking Best in KLAS solutions.
Certified and delivered a new product module, the Censinet RiskOps Workflow Connector for ServiceNow, now available in the ServiceNow App Store. The Workflow Connector synchronizes critical risk data between Censinet RiskOps™ and ServiceNow IT Ops, Security and GRC Workflows, accelerating the adoption of innovation. Healthcare organizations gain real-time visibility into proactive risk assessment workflows, from start to finish, giving Business, GRC, and IT leaders the real-time visibility they need to drive innovation adoption – safe and secure – to improve care delivery and business performance.
Sponsoring and participating in a series of State Hospital Association conferences and AHA cybersecurity workshops, including the Arkansas Hospital Association’s Cyber Workshop “Cyber Risk is Enterprise Risk”, led by John Riggi, National Advisor for Cybersecurity and Risk, American Hospital Association.
Launched “The Healthcare Cybersecurity Benchmarking Study”, jointly by AHA and KLAS Research, to establish collaborative, trusted healthcare cybersecurity benchmarks across key operational indicators, NIST CSF, and HICP.
About Censinet
Censinet®, based in Boston, MA, enables healthcare organizations to de-risk their business with Censinet RiskOps™, the first and only cloud-based risk exchange that integrates and integrates enterprise risk management and operational capabilities in critical clinical and business areas. RiskOps will build on the Company’s foundation of success in third-party risk management (TPRM) for healthcare. Censinet transforms healthcare risk by increasing productivity and operational effectiveness while eliminating risks to care delivery, data privacy, and patient safety. Learn more about Censinet and its RiskOps platform at censinet.com.
###
Justin Thompson
Censinet
[email protected]
