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50 Innovative Companies to Watch 2020

Innovative Contract Management Solutions Drive Success for Ecteon

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Strategic thinking accelerates innovation, imagination and the next generation of technology. For 30+ years Ecteon has been focused on just this. And doing so repeatedly – and successfully at each turn.

Leading-Edge Technology and Best-in-Class CLM

The latest innovation from Ecteon is their patented Artificial Intelligence (AI) technology in the module called Exxtractor-AI™. Contraxx 9.0™ is the core software platform which can now be combined with either or both of two powerful modules (Exxtractor-AI™ and Connect-API™) to greatly accelerate the reach and value across the full enterprise for companies with complex contracting business environments.

Ecteon’s full platform is a comprehensive enterprise-wide solution. Connect-API enhances transaction and information integration across the enterprise. Exxtractor-AI empowers the Contraxx solution for more effective legal contract management processes like drafting, review, negotiation assistance, compliance management, and information analysis. The latest update version of Contraxx 9.0 added some easy-to-use administrative support enhancements, including updated dashboards, eSignature integrations, and security upgrades to its already strong software capabilities and functions.

Complexity Made Simple with Our Enterprise-Wide Solutions

Innovation and problem-solving enables Ecteon to provide effective contract management solutions for clients whose business requirements can be ever-changing and organizational structures that might in and of themselves also pose challenging situations.

For example, the increasing regulations in healthcare, growing healthcare treatment options and costs, and the changing expectations from managed-care groups, and physician service providers, all come together in contracting processes. Contraxx is the CLM solution that has been helping large multi-state healthcare organizations manage the complete contract lifecycle. “Our objective is to help organizations manage the information and the financial and regulatory risk associated with these contracts, automate processes which have often been tedious or labor-intensive, and make policy and process oversight more accessible,” says Richard Eckerstrom, CEO of Ecteon.

Ecteon’s noteworthy contract management software system helps companies in many industries besides healthcare. The system can manage all stages of contracts from request and negotiation through to post signature obligation management. “Ecteon has built the software to evolve with our customers’ changing requirements to reduce contract lifecycle times, increase contract creation efficiency, customize complex workflows, and to ensure compliance and meeting contract obligations,” says Eckerstrom.

History of Innovation

Ecteon is currently a national leader in the contract management space especially among mid- to large-sized corporations. When established in 1986 they delivered contract management software solutions for the entrainment industry. During those early days, Ecteon worked with entertainment behemoths like Sony, Universal, and Warner Bros. Ecteon made a major shift from customized re-programming to configure-to-policy software over time which gave it the opportunity to expand to other industries.

Today, Ecteon delivers specially tailored software solutions to manage complex contracting practices to many companies in industries including healthcare, entertainment, energy, higher education, banking, pharmaceutical, and insurance, among others. “Our ability to configure tailored software solutions to manage complex contracting practices helped us stand out in the industry,” emphasized Eckerstrom.

Vital Relationships

Ecteon has become the preferred software solutions provider because the company places special emphasis on maintaining a long-term relationship with its customers. “As part of maintaining those long-term relationships, the company is continuing to invest steadily in the further development of our contract management software and their artificial intelligence engine to keep up with the rapidly changing environments faced by our healthcare customers, and others,” says Eckerstrom.

Ecteon’s marquee customers today include leaders in several verticals such as Healthcare and Healthcare Insurance including Anthem Health, Kaiser Permanente, Blue Cross Blue Shield, Delta Dental, Mayo Clinic, Johns Hopkins, and University of Pittsburgh Medical Center.

Streamlining Contractual Processes

The Contraxx platform offers a full array of process automation management, timely alerts, language standards, negotiation, and collaboration features. Furthermore, the solution also creates a structured process that fits well with the information-based culture of healthcare by configuring every solution to individual company information needs. Regulatory change leading to increased contracting cycle time can lead to loss of revenue and profitability and Ecteon helps deal with this. With Ecteon’s automation and improved policy control, contracting cycle time is reduced with dramatic step-change improvement. “Ecteon’s extensive experience with complex contracting processes, competitive pricing and rapid implementation timeline made them the obvious choice,” said a Project Manager of Blue Shield.

Today, Ecteon continues to be a leader in strategy, solution-solving approaches, technology development as well as corporate culture. It is a 100% employee-owned private U.S. corporation, with a long-tenured group of professional staff dedicated to being in the forefront of contract lifecycle management, delivering high-quality software solutions to simplify and streamline contracting processes, and achieve efficiencies for their clients.

Meet the Innovative Leader

Richard Eckerstrom, CEO: Richard established Ecteon in 1986. Under his leadership, Ecteon became an established company in contract management. Prior to founding Ecteon, he worked in corporate finance, strategic planning, software marketing, and new product development.

Richard holds an A.B. from Yale University and an M.B.A. from Columbia University.

“Today, Ecteon delivers specially tailored software solutions to manage complex contracting practices to many companies in industries including healthcare, entertainment, energy, higher education, banking, pharmaceutical, and insurance, among others.”