ROI Calculator
Think you know what you’re spending on TPRM? Think again.
For healthcare systems that manage third-party risk internally, the total cost of ownership, or TCO, can quickly add up. With a few simple inputs, let us help you optimize your TPRM costs and calculate the potential return of the right outsourced approach.
$130,000
is the annual value of a 1% reduction in risk.
$1,300,000
is the annual value of a 10% reduction in breach risk.
53%
is the estimated increase in the cost of a healthcare breach since 2020.
Find out what in-house TPRM is really costing you with our free ROI tool.
Managing TPRM internally might seem like the most efficient option, but it can come with hidden financial costs and vulnerabilities that you may not be aware of. The complexity of compliance, monitoring, and manual processes for health systems often results in higher-than-expected expenses, operational inefficiencies, and missed opportunities for cost savings.
With just a few inputs, our free ROI tool will help you understand what your current TPRM approach is costing you.
Uncover hidden costs associated with manual or in-house TPRM processes
Calculate the Total Cost of Ownership (TCO) of your current TPRM setup
Discover potential savings from automating and optimizing your risk management strategy
See how other health systems are reducing costs and increasing efficiency through TPRM solutions
Questions on third-party risk management? We have answers.
What are the pros and cons of managing TPRM in-house?
While managing TPRM in-house gives you full control, direct oversight, and the ability to tailor the process to your unique requirements, it comes with several key shortcomings. In particular, it demands significant resources and has limited scalability, making it difficult to keep pace with the evolving threat landscape and the inherent fluctuations in your contracting lifecycle. Since TPRM isn’t your information security team’s core focus, managing time-intensive TPRM workflows can lead to team burnout, and consume essential cybersecurity resources that would be better allocated to other initiatives. More still, because it is constrained by a payor or provider’s in-house resources, handling TPRM on your own can result in increased risk as some vendors fly under the radar.
Why is it so expensive to manage TPRM in-house?
The outsized cost of internal TPRM stems from several factors. First is the need for skilled cybersecurity personnel, who are competitive to recruit and expensive to employ. Second is the sheer volume of vendors the average payor or provider is working with. Based on our experience, this number often eclipses $1,000. Healthcare’s threat landscape is also intense, adding complexity and cost to the process. Together, these challenges make TPRM one of the most resource-intensive and costly aspects of a healthcare organization’s cybersecurity program.
What benefits, in addition to cost savings, does an outsourced approach to TPRM deliver?
Outsourcing your TPRM gives you more than just cost savings—it offers adaptability to meet fluctuating demands, hastens the pace of the contracting cycle, and enables you to access rich perspective and meaningful insight from outside of your organization. When working with an outsourced partner, your internal information security team can finally focus on key strategic initiatives, enhancing your organization’s protection against evolving threats. Additionally, outsourcing enables standardization. Outsourced partners have perfected their TPRM workflows and often bring the added benefit of using non-assessment data to affirm contract suitability and avoid administering lengthy questionnaires altogether.
Is outsourced TPRM the same as staff augmentation?
No. Staff augmentation provides generalized skills, whereas outsourced TPRM delivers specialized cybersecurity expertise tailored to healthcare. Outsourced solutions also harmonize human expertise with advanced technology, offering comprehensive threat analysis and risk mitigation that a standard staff augmentation partner simply cannot provide. It’s a holistic approach to solving the core challenges of vendor risk management.