Button faced similar challenges in his earlier venture where he needed to manage their contracts and other legal documents like corporate governance, permits and insurance. Lack of a point solution to keep these documents organized made it difficult to find information when needed and increased the risk of non-compliance. In addition, there was no single source of truth, which led Button to look for a solution to address these common, important pain points. All the solutions he found were overbuilt for his needs and too expensive. After researching the market extensively, Button and co-founder Randy Bishop concluded that most companies have similar challenges and need for an easy and affordable solution to address these pain points. ContractSafe was born in 2015 to meet this need.
The core of the company is still the same - to provide an easy and affordable place to store and organize the organization’s contracts and associated information. ContractSafe acts as a central repository for all contracts -- patient, provider, vendor and insurance contracts – across departments and healthcare facilities. To make it easy and fast to find information, scanned contracts are run through Optical Character Recognition (OCR), making the contracts indexed and searchable. Also, ContractSafe addresses one of the biggest risk areas with contracts - date management. Missing an important day can have consequences from compliance and cost perspectives, and the ContractSafe platform makes it easy to ensure that organizations don’t miss a date.
While these are the fundamental CLM requirements, ContractSafe has gone a step ahead and introduced additional features to make healthcare companies audit-ready. ContractSafe’s solution addresses the need to capture legal, business, compliance and process information in a structured way, available at just the click of a button. “This capability wdill help organizations respond quickly and easily to audit requests,” says Button. “With ContractSafe, you can efficiently find and share information across a distributed team, while protecting confidentiality.” Security is paramount for all healthcare organizations, and ContractSafe is HIPAA compliant, SOC2 certified and keeps all healthcare agreements encrypted and secure in ISO 27000 and PCI DSS certified data centers.
With ContractSafe, you can efficiently find and share information across a distributed team and be audit-ready at all times, while protecting confidentiality
The ability to share information across distributed teams has been even more crucial during lockdown this year when companies were forced to operate remotely. One such organization approached ContractSafe at the beginning of March. The company was 700 employees strong, and ContractSafe helped implement their solution in just a day’s time with role-based access levels granted to all their employees.
ContractSafe has seen tremendous growth with healthcare companies around the world, and they continue to add new ‘game changing’ features to further improve their solution. One such feature is their AI tool, [AI]ssistant, which simplifies the organization and management of contracts by automatically detecting key contract information, including the contract name, party names, effective date, termination date, and auto renewal information. Button believes that no matter how much the current solution is easy to operate, there will always be scope to make it easier. The quantity of the contracts is not going to reduce. However, with ContractSafe, companies will be able to reduce their time spent on managing the same in an affordable manner.