‘Leading health system to use new risk management and information security solution to better manage risk and regulatory compliance when working with innovative healthcare startups.’
Ostendio announced today that MedStar Health, the largest not-for-profit health system in Maryland and the Washington, D.C., region, will be harnessing Ostendio’s MyVCM™ platform to ensure its innovative health IT vendors are managing sensitive health data in a responsible and compliant manner. MyVCM will help MedStar assess vendors’ security risk, create and manage critical policies and procedures, and monitor continuous compliance with industry regulations.
This relationship was brokered by the MedStar Institute for Innovation (MI2), the division of MedStar that is focused on creative solutions to health care’s challenges. By harnessing Ostendio’s innovative tool, MedStar
will be able to view vendors’ compliance status in real-time and facilitate ongoing security assessments – a major priority for MedStar Health to ensure all information security and other regulatory requirements are met. “We know that embracing innovation comes with huge potential rewards, but it often comes with risks too,” said Mark S. Smith, MD, Director of MI2. “Ostendio’s MyVCM gives us an effective tool to help ensure we are working only with responsible health technology vendors who share MedStar’s commitment to the highest security and privacy standards.”
The MedStar-Ostendio relationship is one of the first to emerge under MedStar’s Founding Partnership with 1776, a Washington D.C.-based startup incubator and seed fund. Central to 1776’s unique approach to incubation is finding promising startups which are focused on solving the world’s most fundamental challenges and connecting them with existing enterprises, corporations, and government entities. “We have been impressed with MedStar’s commitment to the local startup community,” said David Zipper, Managing Director of 1776 Ventures. “Working with Ostendio, an early 1776 member, allows MedStar to extend that commitment to work confidently with even more early-stage companies which are tackling the greatest challenges facing healthcare delivery today and tomorrow.” Arlington, VA-based Ostendio was founded by Grant Elliott in 2013 to help small- and medium-sized businesses comply with data security regulations and standards in a simple and affordable way. The Ostendio MyVCM™ platform has quickly gained traction with Health IT vendors looking for a way to manage compliance with complex regulatory requirements – such as The Health Insurance Portability and Accountability Act (HIPAA).
“As a former CISO for a successful Health IT company, I know how hard it is for these types of companies to build an effective security and compliance program. Being able to demonstrate this to a regulator or potential customer can be even harder,” said Elliott. “MyVCM helps solve this problem by tracking their compliance activities in a way they can share with any relevant stakeholder, including their customers.” Dr. Mark Smith and David Zipper will be discussing how to create a vibrant health innovation community on Monday, December 8th, 2014 at the 2014 mHealth Summit.
Grant Elliott will be presenting at the Venture+ Forum on Tuesday December 9th, 2014 also at the mHealth Summit.
Ostendio delivers affordable compliance solutions to small and medium businesses. Ostendio’s MyVirtualComplianceManager™ (MyVCM™) is a cloud based compliance management platform that delivers an easy to use, cost-effective way for companies to improve their Information Security posture. MyVCM™ allows businesses to: assess risk; create and manage critical policies and procedures; educate and assess employees on their security awareness; and monitor continuous compliance against industry regulations. Visit us at www.ostendio.com
About the MedStar Institute for Innovation
The MedStar Institute for Innovation (MI2) was chartered by Ken Samet, President and CEO of MedStar Health, in 2009 to serve as a catalyst and seed crystal for innovation across the entire MedStar organization. Its mission–to catalyze innovation that advances health; its mantra–“Think Differently.” MI2’s first foundational premise is that a huge amount of untapped creative and intellectual capital exists at MedStar; Its second foundational premise is that the tyranny of the daily trumps the pursuit of the remarkable …in the absence of a countervailing force. MI2 aspires to be that countervailing force. The scope of activities at MI2 include initiatives in human factors engineering; simulation training; digital health and data science; technology development and commercialization; and systems of care delivery.
About MedStar Health
MedStar Health is a not-for-profit health system dedicated to caring for people in Maryland and the Washington, D.C., region, while advancing the practice of medicine through education, innovation and research. MedStar’s 30,000 associates, 6,000 affiliated physicians, 10 hospitals, ambulatory care and urgent care centers, and the MedStar Health Research Institute are recognized regionally and nationally for excellence in medical care. As the medical education and clinical partner of Georgetown University, MedStar trains more than 1,100 medical residents annually. MedStar Health’s patient-first philosophy combines care, compassion and clinical excellence with an emphasis on customer service. For more information, visit MedStarHealth.org.
1776 is a global incubator and seed fund that finds promising startups focused on solving the world’s most fundamental challenges and helps engineer their success. Visit us at www.1776dc.com
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