{"id":25939,"date":"2023-09-08T11:06:09","date_gmt":"2023-09-08T11:06:09","guid":{"rendered":"https:\/\/bna.content.cirrus.bloomberg.com\/blaw2023\/insights\/contracts\/how-medi-share-improves-consistency-and-efficiency-in-contract-drafting-with-contract-solutions\/"},"modified":"2025-05-22T15:45:31","modified_gmt":"2025-05-22T15:45:31","slug":"how-medi-share-improves-consistency-and-efficiency-in-contract-drafting-with-contract-solutions","status":"publish","type":[106],"link":"https:\/\/bna.content.cirrus.bloomberg.com\/blaw2023\/insights\/contracts\/how-medi-share-improves-consistency-and-efficiency-in-contract-drafting-with-contract-solutions\/","title":{"rendered":"How Medi-Share Improves Consistency and Efficiency in Contract Drafting"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor='row-6a08ae3e680d1'] {\n\t\t\t\tbackground-image: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&type=webp&url=https:\/\/assets.bbhub.io\/bna\/sites\/18\/2023\/12\/article-header-2.png);\n\t\t\t  }<\/style>\n    <section class=\"bbg-row bg--has-media       bg--eeeeee text--white bbg-row--full-bg-bleed\" data-anchor='row-6a08ae3e680d1'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/bna.content.cirrus.bloomberg.com\/blaw2023\/insights\/contracts\/\" rel=\"category tag\">\n                    Contracts\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/bna.content.cirrus.bloomberg.com\/blaw2023\/insights\/legal-solutions\/\" rel=\"category tag\">\n                    Legal Solutions\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">How Medi-Share Improves Consistency and Efficiency in Contract Drafting<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-jl-start bbg-row--full-bg-bleed\" data-anchor='row-6a08ae3e6f977'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-3 bbg-column--offset-1\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bbg_jumplinks-container vertical\"\n\tdata-link-color=\"#00d2b3\"\n\tdata-style=\"light\"\n\tdata-direction=\"vertical\"\n\tdata-mobile-behavior=\"dropdown\"\n>\n\t<style>\n\t\t.bbg_jumplinks-container .bbg_jumplinks-scroll:after {\n\t\t\tbackground: #00d2b3;\n\t\t}\n\t<\/style>\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a08ae3e717aa'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div>    <p class=\"bbg-metadata bbg-metadata--date\">September 8, 2023<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none row-jump-link-section bbg-row--full-bg-bleed\" data-jump-link-label='Challenge: Managing consistency across a large volume of contracts' data-anchor='row-6a08ae3e72c34' id='challenge'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 id=\"challenge\">Challenge: Managing consistency across a large volume of contracts<\/h2>\n<p>As the department\u2019s only in-house attorney, corporate counsel Suzanne Ferguson found herself struggling to maintain consistent language across the increasing volume of contracts. She spent countless hours comparing new agreements with previous ones, searching for clauses that work, and in many cases drafting agreements from scratch.<\/p>\n<p>\u201cEven when you\u2019re incredibly familiar with your client\u2019s business, when you review so many documents coming from so many different directions, you look at a lot of language,\u201d Ferguson said. \u201c[You have to] remember what is your client\u2019s position on all of these various terms and what is their preferred language, and be able to also synthesize it and make it analogous to their business model. It\u2019s challenging to keep everything organized.\u201d<\/p>\n<p>Ferguson also found that dealing with definitions in contracts was an area taking up too much of her time \u2013 a problem she\u2019s sure other attorneys can relate to. The location of definitions can vary by contract, resulting in a time-consuming hunt. Ensuring all your defined terms have definitions can also be tedious and prone to human error.<\/p>\n<p>\u201cThere is no efficient way to plan for that task,\u201d Ferguson said. \u201cEvery contract is different. It requires a laser focus, reading word for word.\u201d<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none row-jump-link-section bbg-row--full-bg-bleed\" data-jump-link-label='Solution: Automated clause comparisons and definition analysis with Contract Solutions' data-anchor='row-6a08ae3e746bb' id='solution'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 id=\"solution\">Solution: Accelerate document review and drafting without leaving Microsoft Word<\/h2>\n<p>Like many in her position, Ferguson first looked for help solving her contracts challenges in a contract management lifecycle (CLM) platform. However, she found that those tools don\u2019t do her any favors when it comes to streamlining her workflows.<\/p>\n<p><strong>[Download our <\/strong><a href=\"https:\/\/pro.bloomberglaw.com\/insights\/contracts\/a-buyers-guide-to-contract-management-software\/?trackingcode-cta=BLCS23109900\">Buyer\u2019s Guide to Contract Management Software<\/a><strong> for actionable insights to simplify your search for the right contract management software.]<\/strong><\/p>\n<p>\u201cMy experience is that even if it\u2019s an excellent tool and I\u2019m using the redlining and drafting function inside the tool, when I send [a contract] out to my counterpart, they\u2019re not going to use the tool and they\u2019re going to send it back to me as a Word document,\u201d Ferguson explained. \u201cAnd now I have to marry that up to what I was doing inside the tool.\u201d<\/p>\n<p>What immediately sold Ferguson on <a href=\"https:\/\/pro.bloomberglaw.com\/products\/contract-solutions\/\">Bloomberg Law Contract Solutions<\/a> was its integration with Microsoft Word. The tool provides a fast and easy starting point for drafting and revising contracts, offering the ability to find and open contracts in your library, insert preferred language and clauses, and access expert-drafted sample agreements and clauses \u2013 all without leaving Microsoft Word.<\/p>\n<p>\u201cFor the entirety of my legal career, I\u2019ve been working in Microsoft Word, but I&#8217;ve been having to leave Microsoft Word to find solutions to my contract drafting. The Contract Solutions tool gives me everything that I need inside the tool where I do my drafting,\u201d Ferguson said. \u201cWith the Word add-in, I don\u2019t have to switch between platforms while drafting and reviewing contracts. After 22 years, someone has finally built the product I\u2019ve always wanted.\u201d<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row row-low-padding  text--black row-padding--top-none row-padding--bottom-none row-jump-link-section bbg-jl-end bbg-row--full-bg-bleed\" data-jump-link-label='Results: More time to focus on higher-value tasks' data-anchor='row-6a08ae3e75d44' id='results'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div class=\"wpb_content_element bbg-card  quote\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><div class=\"noBackground\"\n><\/p>\n<div class=\"quote-content-wrapper\">\n<div class=\"quotebody\">\n<p class=\"large\">With the Word add-in, I don\u2019t have to switch between platforms while drafting and reviewing contracts. After 22 years, someone has finally built the product I\u2019ve always wanted.<\/p>\n<div class=\"cite\">\n<p>\n          <strong>Suzanne Ferguson, Corporate Counsel, Medi-Share<\/strong><br \/>\n          <span class=\"attribution\"><\/span>\n        <\/p>\n<\/p><\/div><\/div><\/div>\n<\/div>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 id=\"results\">Results: Time savings with expedited contract drafting and review<\/h2>\n<p>Not only was the implementation of <a href=\"https:\/\/pro.bloomberglaw.com\/products\/contract-solutions\/\">Bloomberg Law Contract Solutions<\/a> easy \u2013 \u201cit just loaded up on my computer as though it had always been there,\u201d Ferguson said \u2013 but she also started realizing the benefits right away.<\/p>\n<p>In particular, it fast-tracked the search for clauses that best support her organization\u2019s position. Now all she needs to do to find examples of similar clauses is select the text in the Word document, and the software will identify every similar clause, either from the millions of publicly available contracts attached as exhibits to SEC filings or from her company\u2019s own clause database.<\/p>\n<p>\u201cIf you go out to the web and look for sample clauses, you\u2019re looking at clauses that have nothing to do with the contract that you\u2019re reviewing,\u201d Ferguson said. \u201cBut in the Contract Solutions tool, you can sort by industry, you can sort by law firm, you can sort by all of these data points to find something that\u2019s really appropriate for what you\u2019re working on \u2013 and find it quickly.\u201d<\/p>\n<p>And what about Ferguson\u2019s constant struggle with searching for definitions? Bloomberg Law Contract Solutions will analyze every contract to identify the defined terms, highlight them, and find the definition for each. It also displays potential issues and errors to ensure no mistakes were made which could cause ambiguity or confusion. All of this happens without leaving Microsoft Word.<\/p>\n<p>Ferguson estimates that using Contract Solutions for this task saves her an hour of time on each contract, giving her back four to eight hours a week to focus on higher-value tasks.<\/p>\n\n<\/div>\n<style>#bloomberg-video-6a08ae3eaa04c .bloomberg-video__wrapper { background-image: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&type=webp&url=https:\/\/assets.bbhub.io\/bna\/sites\/7\/2023\/08\/Medi-Share_Suzanne_thumbnail-150x150.png); }@media (min-width: 150px) { #bloomberg-video-6a08ae3eaa04c .bloomberg-video__wrapper { background-image: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&type=webp&url=https:\/\/assets.bbhub.io\/bna\/sites\/7\/2023\/08\/Medi-Share_Suzanne_thumbnail-300x169.png); } }@media (min-width: 300px) { #bloomberg-video-6a08ae3eaa04c .bloomberg-video__wrapper { background-image: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&type=webp&url=https:\/\/assets.bbhub.io\/bna\/sites\/7\/2023\/08\/Medi-Share_Suzanne_thumbnail-768x432.png); } }@media (min-width: 768px) { #bloomberg-video-6a08ae3eaa04c .bloomberg-video__wrapper { background-image: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&type=webp&url=https:\/\/assets.bbhub.io\/bna\/sites\/7\/2023\/08\/Medi-Share_Suzanne_thumbnail-1024x576.png); } }<\/style><div class='bloomberg-video' data-aspect-ratio='16:9' data-service='vimeo-video' id='bloomberg-video-6a08ae3eaa04c'><div class='bloomberg-video__wrapper bloomberg-video__wrapper--core'>\t\t\t\t<a\n\t\t\t\t\tclass=\"bloomberg-video__link\"\n\t\t\t\t\thref=\"https:\/\/vimeo.com\/853089818\"\n\t\t\t\t\ttarget=\"_blank\"\n\t\t\t\t\trel=\"noopener\"\n\t\t\t\t\ttitle=\"\"\n\t\t\t\t\tdata-video-id=\"853089818\"\n\t\t\t\t\tdata-orientation=\"Horizontal\"\n\t\t\t\t\tdata-video-loop=\"0\"\n\t\t\t\t\tdata-video-title=\"Watch: Medi-Share Corporate Counsel Suzanne Ferguson shares how she saves time reviewing contracts with Contract Solutions. `{`0:31`}`\"\n\t\t\t\t\taria-label=\"Play Video\"\n\t\t\t\t><\/a>\n\t\t\t\t<\/div><\/div><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Watch: Medi-Share Corporate Counsel Suzanne Ferguson shares how she saves time reviewing contracts with Contract Solutions. [0:31]<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-jump-link-section bbg-row--full-bg-bleed\" data-jump-link-label='More value: Empowering the procurement team with due diligence research' data-anchor='row-6a08ae3eaf0fe' id='more'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 id=\"more\">More value: Cost savings and increased confidence in the due diligence process with Bloomberg Law<\/h2>\n<p>There were also inefficiencies to solve before contracts reached Ferguson\u2019s desk for review. In her role overseeing the procurement team, she identified the need for a more robust due diligence function.<\/p>\n<p>The team had a resource for legal news, but were frustrated by continually hitting paywalls and upcharges to gain access to certain information.<\/p>\n<p>Ferguson needed a cost-effective way to equip these teams to take on more of the research and due diligence work, so she chose <a href=\"https:\/\/pro.bloomberglaw.com\/products\/legal-research-and-software\/legal-research\/\">Bloomberg Law\u2019s flagship legal research platform<\/a>.<\/p>\n<p>With robust primary sources, including court opinions and dockets, and up-to-the-minute news and analysis, Bloomberg Law helps Medi-Share stay on top of litigation and other news that\u2019s critical to assessing their risk profile and strategy. They particularly appreciate the unmetered access and all-inclusive platform, meaning they\u2019ll never hit another paywall when catching up on the news.<\/p>\n<p>Empowering the procurement team with due diligence research has saved Ferguson significant time.<\/p>\n<p>\u201cI have to review a lot fewer things than I used to,\u201d Ferguson said. \u201cI used to feel like I had to have my hands on everything. Now I feel like this is something that they can do on their own, and as much as they have confidence in their work, I also have confidence in their work.\u201d<\/p>\n<p>She estimates that she previously received eight to 10 due diligence worksheets to review every month \u2013 work she completed in the evenings after caring for her child.<\/p>\n<p>\u201cIt\u2019s saved three hours a month out of my schedule already,\u201d Ferguson said.<\/p>\n<p><strong>[<a href=\"https:\/\/pro.bloomberglaw.com\/contract-solutions-demo-request\/?trackingcode-cta=BLCS23109900\">Request a demo<\/a> to see how Contract Solutions can simplify and streamline your contract workflows with AI-powered tools built into Microsoft Word.]<\/strong><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a08ae3eb09eb]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a08ae3eb09eb'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a08ae3eb2657'] = 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#card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">A Buyer\u2019s Guide to Contract Management Software<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Choosing the right contract management software is crucial. 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