Vendor Risk Management Software

Need Help with Vendor Risk Management?

The HIPAA-HITECH Omnibus final rule makes business associate (BA) monitoring a required component of your HIPAA risk analysis and management process. Did you know that a typical healthcare facility can have hundreds of BA agreements? That makes vendor risk management quite a daunting task, especially if you’re doing it manually with limited resources.

There is an easier, more efficient way to handle your facility’s vendor risk management process – with ComplyAssistant healthcare vendor risk management software. Our healthcare vendor risk management can help your organization manage a high volume of BA audits with management by exception. Using our software makes it easier to manage the process on your own, or our healthcare cybersecurity consultants can perform vendor risk management services on your behalf.

Read on to learn more on how vendor risk management software with ComplyAssistant works.

Manage Unlimited BAs

Yes, you read that right. Unlimited. With ComplyAssistant’s cloud-based healthcare compliance software, you can collect data and communicate securely with an unlimited number of BAs to assess risk. With our software, your BAs can complete surveys and upload them directly into the online portal.

No more Excel spreadsheets, massive binders of contracts or documents scattered in various departments. With ComplyAssistant, all of your vendor risk management documentation is housed in one place, making it easy for your staff to access. The best part? You don’t lose files, documentation or knowledge when staff leave your organization

Focus Where It Counts And Mitigate Risk

Even with hundreds of BAs, not all of them are high risk for HIPAA breaches. Each BA’s level of risk depends on its scope of service. For example, do they create or host protected health information (PHI)? Or, do they access, use or disclose PHI?

ComplyAssistant’s vendor risk management software solution identifies BAs as high, medium or low risk, depending on the scope of service as it relates to PHI. It also includes a filtering feature, which allows you to manage your BAs based on how they rate from a risk perspective.

By analyzing risk level, you can focus your resources on managing the most high-risk vendors and create action items for mitigation. After your initial assessment, ComplyAssistant will even help you calibrate future assessments to be even more efficient. With your personalized vendor risk management program, vendor due diligence can be done right.

Get Automatic Email Notifications And Delivery Logs

Have you tried manually sending email reminders to all of your BAs? With so many vendors to keep track of, this is a nearly impossible task in your vendor risk management process. Unless you have ComplyAssistant.

Our vendor risk management software for healthcare reduces operational time and cost by automatically reminding BAs to update their assessment information. For even more accountability, we audit email delivery success and bounces, so you can keep track of who received reminders.

Generate Detailed And Summary Reports

Want to analyze trends and follow up on action items your risk management lifecycle? You can export detailed reports and summary reports for each BA in your system. These visual reports make it easy for you to manage the assessment process with each vendor.

FAQs About Third Party Vendor Risk Management

• Why is health care risk management software important for healthcare organizations?

  Third party risk management software is important for healthcare organizations because compliance is a top priority. With HIPAA and other regulations and frameworks, ensuring compliance can become complex quickly. On the other hand, healthcare risk management solutions streamline your efforts.

• How can third party risk management software improve patient safety??

  Patient safety benefits greatly from risk management software for healthcare. It helps to prevent PHI from falling into the wrong hands or being used improperly. This means that patient data remains secure within your system, while improving health services and patient outcomes.

• Are third-party risk management solutions suitable for all types of healthcare organizations?

  Risk management software for healthcare is indeed suitable for any healthcare organization. Quality healthcare risk management solutions help you with risk management, regulatory compliance, efficiency, and patient security. These tools also assist in lowering costs, time, and resources needed to achieve compliance.

• How does healthcare risk management software work?

  Healthcare risk management solutions that are delivered digitally offer increased speed, functionality, security, and organization. For instance, you can enhance your third party risk management, HIPAA compliance, tasks, risk maturity levels, and more within seconds. This software identifies areas that need attention to minimize the risk of violating regulations.