Ken Button, CEO, ContractSafe
Managing contracts in a heavily regulated industry like healthcare is challenging. Healthcare contracts are complicated - they often span multiple departments and facilities, involve dozens of stakeholders, and govern multi-million dollar transactions. Healthcare companies must also be prepared for frequent audits and adhere to strict regulatory requirements around privacy and data security. Still, many healthcare companies attempt to cut costs by managing contracts through a combination of email, spreadsheets, and shared folders, but the truth is these practices usually lead to the opposite result - wasted hours and costly errors.
In order to successfully manage contracts, healthcare companies need a cost effective, easy-to-use solution to store and organize all their contracts and related information. By introducing an organized, enterprise-wide approach to contract management, healthcare companies can mitigate risk, reduce operating costs, and maintain compliance. And the people responsible for managing these contracts can rest easy knowing that they have the tools they need to get the job done.
Understanding this, ContractSafe provides an easy and affordable cloud solution that has become popular with healthcare companies of all types. “It is difficult for healthcare companies to effectively manage their contracts and remain in compliance, and they often don’t have the time or budget to address these challenges. That’s why we offer healthcare companies an easy and affordable way to efficiently manage their contracts and stay in compliance,” says Ken Button, CEO, ContractSafe.
All contracts are automatically indexed with Optical Character Recognition (OCR) for full-text search so its customers can quickly find contracts and provisions. “It’s just like doing a Google search across your whole contract portfolio,” Button comments. There is full date management to ensure never missing a key date. And ContractSafe has robust reporting capabilities so their customers are audit-ready.
They can download or share contracts and related data with auditors with just a single click.
We offer health care companies an easy and affordable way to efficiently manage their contracts and stay in compliance
Furthermore, ContractSafe offers a proprietary AI tool, [AI] assistant, that automates contract organization. It automatically extracts the most important information from newly-added contracts, even scans, to avoid someone manually finding and entering this information.
Getting started with ContractSafe is easy - even for a large healthcare companies with thousands of contracts. Every customer is assigned a dedicated Customer Success Manager (CSM) that is tasked with ensuring a successful implementation, including the onboarding of the company’s existing contracts.
When it comes to healthcare contract management, streamlining operations is only half the battle. Unlike many other industries, the manner in which healthcare companies store confidential information is highly regulated. This is why ContractSafe deploys bank-level security to keep contracts and data safe. Its platform is SOC2 certified, HIPAA compliant, and hosted on Amazon’s secure AMS ISO 27001 certified data centers.
But security threats don’t just come from the outside - contracts must be protected from unintended internal access as well. With ContractSafe’s user roles and permissions, business leaders can ensure that employees are only seeing the right contract information.
When combining a secure, centralized cloud solution and powerful search tools, ContractSafe’s platform gives healthcare companies a way to effectively manage contracts across a distributed team. And with so many employees forced to stay home due to the Coronavirus pandemic, the need to drive productivity across a remote workforce has never been greater.
ContractSafe is on a mission to help companies streamline contract management, while enabling legal and procurement teams to be more efficient. With a wide range of features and an easy-to-use platform, ContractSafe has carved a niche in the contract management space. Looking ahead, the company is working to further expand upon the capabilities of [AI]ssistant to help companies further automate contract organization. “We know that simplicity and ease of use are critical for our customers. That’s why we focus on this in everything we do,” Button concludes.