How can organizations leverage their information security program to amplify their growth? Here are three ways a HITRUST certification can expand business opportunities.
The Case for a HITRUST Certification
As organizations continue to become more interconnected globally, there is an increasing emphasis on third-party risk. Before agreeing to form a business relationship, entities want to ensure that service providers and other third parties can safeguard data entrusted to them.
Business-to-business (B2B) technology providers have discovered that having a solid information security program is no longer just a means of mitigating risk. It has evolved into a business enabler.
Obtaining a HITRUST certification can help organizations gain customers’ trust, expedite their sales process, and enter new markets.
Security as a Differentiator
Historically, organizations looking to outsource a business component had two primary concerns when evaluating potential vendors: cost and performance. However, a third concern has now become relevant: security.
Although organizations can outsource certain business functions to third parties, that does not fully relieve them of the risk associated with those functions.
For example, suppose a physician’s office outsources their patient billing. In that case, that office may still be partially liable if patients’ data within the billing system is breached.
Given this dynamic, organizations that can demonstrate superior information security programs can differentiate themselves from other vendors offering similar services. In many cases, this can make the difference in which vendor an organization will partner with.
Expediting the Sales Process
As previously alluded to, vendor due diligence is a significant part of the sales cycle for B2B SaaS (Software-as-a-Service) providers attempting to onboard new customers.
It is common for the due diligence process to be a long and tedious part of the sales cycle. Many organizations require their vendors to complete lengthy questionnaires or on-site visits before executing a business agreement.
In many cases, such organizations will accept a HITRUST certification instead of the completed questionnaires or on-site visits. This allows B2B SaaS companies to expedite a sales cycle that otherwise would take exponentially longer.
As an added benefit, the HITRUST certification allows organizations to save on time and costs since they don’t have to dedicate resources to completing the questionnaires and on-site visits that were previously required.
New Markets
Many B2B SaaS companies offer services and solutions that appeal to covered entities like hospitals or pharmacies. In such arrangements, the B2B SaaS companies serve as business associates (BAs) to their customers.
Few industries have been as mindful of vendor management as healthcare. Due to considerations such as relevant laws, regulations, and the value of protected health information (PHI), third-party risk has long been top-of-mind for buyers in the healthcare field.
Consequently, many B2B SaaS companies adopt HITRUST to demonstrate their superior security posture to potential customers in the healthcare space.
Other industries have also come to view HITRUST as the gold standard and have eased the traditional scrutiny they apply towards prospective vendors if the organization is HITRUST certified.
Conclusion
As organizations increasingly leverage B2B SaaS companies to outsource business functions, the importance of third-party risk management has never been greater.
B2B SaaS companies looking to build trust with existing and future customers need to demonstrate the robustness of their information security programs.
A HITRUST certification allows organizations to demonstrate their commitment to information security. This, in turn, enable such organizations to differentiate their offering, expedite their sales process, and enter new markets.
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