Implemeting Continuous Monitoring for Healthcare Technologies Company

Supply Wisdom Enhances Third-Party Management at Fortune 500 Healthcare Technologies with Greater Process Efficiency and ROI

Introduction

For over 50 years, a leading healthcare technology company with over 10,000employees has been dedicated to improving the health, safety, and well-being of society’s most vulnerable populations.Their innovative programs have achieved positive health outcomes and cost savings, effectively addressing inequities and benefiting communities, states, and the nation as a whole. In addition, they manage third-party risk through comprehensive oversight and robust compliance measures. However, they face challenges due to the absence of continuous monitoring and the dynamic nature of the healthcare industry.

Challenges

• Lack of an efficient TPRM program

• Absence of a risk assessment process

• No established master vendor list

• Non-utilization of questionnaires

• Absence of continuous monitoringAt

Choosing the Solution:

Decision Process: At our on-site collaboration in Dallas, Supply Wisdom partnered directly with the team from a Fortune 500 healthcare company to seamlessly integrate our three key products into their internal audit processes. Our approach was proactive, leveraging Comprehensive Risk Intelligence reports to evaluate vendors prior to onboarding. This initiative not only enhanced our client's vendor assessment capabilities but also solidified the dynamic partnership between the Fortune 500 healthcare company, our Sales team, and Customer Experience group, further enriching our collective efforts.

Results and Benefits:

1. Significant ROI Achieved: Utilizing Supply Wisdom, we established a Tactical Vendor Risk Management (TPRM) program that is not only actionable but also repeatable, delivering significant return on investment.

2. Streamlined Onboarding Process: Our approach has eliminated the outdated questionnaire method, enabling Procurement to expedite the supplier onboarding process efficiently without compromising on risk assessment quality.

3. Leadership and Collaboration: Our TPRM Champion has become a pivotal figure in this initiative, building a strong rapport with the CISO. Together, with support from Procurement, they have successfully funded and advanced the project.

   
   

   
   

The implementation of Supply Wisdom's tool improved risk management and led to significant time and cost savings. The tool enhanced risk visibility by continuously monitoring critical targets and identifying a full spectrum of potential risks in real-time.