PolicyStat

PolicyStat, established in 2006, operates as a specialized provider of web-based software for managing policies and procedures, primarily serving the healthcare sector. The company originated from a consulting project for an Indiana hospital, which highlighted a need for an efficient method to manage vital information. This initial engagement led to the development of a software-as-a-service (SaaS) platform designed to centralize and streamline the entire lifecycle of policy documents.

The business was significantly shaped when Steven Ehrlich and Wes Winham joined in 2007. Winham, a recent graduate and entrepreneur, took the lead on product and engineering, while Ehrlich, with a background in management at companies like Software Artistry and Aprimo, became president. Their leadership guided the company through a period of bootstrapping before securing investments in 2009 from backers including HALO Investor Group and Elevate Ventures. This capital injection fueled a period of substantial growth. The company was acquired by iContracts in May 2017, which was subsequently acquired by RLDatix in May 2019, positioning PolicyStat within a larger suite of governance, risk, and compliance (GRC) tools for healthcare.

PolicyStat's core offering is a cloud-based platform that converts static policy documents into searchable, web-accessible pages, ensuring that healthcare professionals can access up-to-date information from any internet-connected device. Key features include powerful search functionality, version control, automated review and approval workflows, and tools to track staff acknowledgment. The platform is designed to help healthcare organizations maintain compliance with regulatory standards, prepare for audits, and reduce risks associated with outdated policies. The business model is based on subscriptions to its SaaS solution, which has proven effective with a reported 99% customer renewal rate prior to its acquisition. While its main client base consists of hospitals, the system is also utilized by outpatient clinics, surgery centers, and home healthcare agencies.

Keywords: policy management, procedure management, healthcare compliance, document lifecycle management, GRC software, healthcare SaaS, regulatory compliance, document control, hospital administration, clinical policies, accreditation standards, iContracts, RLDatix, Steven Ehrlich, Wes Winham, policy workflow, document governance, healthcare risk management, compliance automation, web-based policy software