Profile: Founded in 2006, PolicyStat was created to fulfill one hospital’s need for a simple, efficient way to store its policies and procedures. After more than doubling its customer base by 2010, PolicyStat has become much more than a policy and procedure management software company. Through constant product development and ever-changing market needs, PolicyStat has expanded its offering into a full healthcare document management solution whose mission is to enhance healthcare through simple, powerful, and reliable web-based solutions that help people manage and disseminate vital information.
Challenge: PolicyStat’s steady six-year growth curve had resulted in fragmented office space with employees separated into different areas in a building that no longer met the needs of the company. As an early stage company, PolicyStat was conscious of the additional expense associated with larger, updated office space, moving costs, and office furnishings, but realized a move was necessary to improve employee efficiency and promote continued growth. PolicyStat engaged CARMEN to help locate cost-effective space along the north side corporate corridor of Indianapolis that would provide the company and its employees with the space and amenities necessary to continue its growth and compete for talent.
Strategy & Solution: After a thorough evaluation of the north side office market, CARMEN Commercial Real Estate Services identified office solutions that best met PolicyStat’s requirements and requested proposals from those building owners. Chris Carmen successfully leveraged his long-standing relationships within the Indianapolis real estate community and negotiated a deal for PolicyStat in a Class A building that included several months of free rent, a monthly rental rate well below market rate for the area, and the opportunity for PolicyStat to expand its space within the Landlord’s campus should its growth continue at the current rate.
Additionally, the CARMEN team assisted PolicyStat with the search and procurement of extremely cost effective furnishings to further reduce the costs incurred by the company due to the relocation.
Results: PolicyStat relocated from Class C to Class A office space, well within their targeted rental cost budget. They furnished the new space at a fraction of the cost usually associated with office furnishings. CARMEN met every criteria PolicyStat set forth for employee satisfaction, location, and pricing.