Helping Customers and Sites by Smoothing the Clinical Trial Payment Process
We are dedicated to ensuring our customers obtain the quality clinical research data they need to get medical treatments to patients sooner, through meeting or exceeding enrollment goals and reducing costs. It’s essential that investigative sites are happy with the clinical trial payment process and we achieve this through automation, industry-leading transparency reporting capabilities, and integrated data management and site contracting.
- ~70% faster payments thanks to our integrated technology (vs. non-integrated)
- 78 countries where we manage investigator payments
- ~18K active payees
- 38 currencies used
- >$50m disbursed monthly to sites
Identifying Investigator Site Key Pain Points
In December 2015, with SCRS (the Society for Clinical Research Sites), we launched the first global SAG (Site Advocacy Group). This group is focused solely on streamlining and improving the payment process for clinical trial sites – otherwise known as the Investigator Payment (IP) SAG.
Through this forum, open and direct feedback was gathered from sites on their key pain points. We discovered that sites’ top three pain points, in terms of payments, were:
- Payment terms and contractual issues
This enabled us to create solutions to optimize payment for clinical trials.
How We Remove Pain Points Related to Investigator Payment for Clinical Trials
- We ensure a dedicated, single point of contact at the CRO or Sponsor to handle financial matters
- The payment escalation process is communicated at the beginning of a study
- Sites receive monthly clinical trial payment
- We make the process simple, fast, transparent and efficient through use of our proprietary online tool
- Top line simultaneous notification of payments received and pending is provided for speedier and more efficient reconciliation
- The number of invoices that sites are required to generate are reduced and holdback clauses are removed where possible
Simplifying and Streamlining Payment Reporting
We use the Medidata Payments Cloud – the only global site payment technology driven by an integrated Electronic Data Capture (EDC) and Clinical Trial Management System (CTMS). Medidata Payments automates the clinical site payment workflow, processing high volumes of invoices and complex payment requests quickly and accurately. In fact, current cycle time metrics show that payments through this solution are approximately 70 percent faster than through non-integrated technology.
Local Expertise, Global Scalability
We handle high payment value and volume – in excess of $50m disbursed monthly to sites and around 18,000 active payees. We manage investigator payments in 78 countries in 38 currencies, through Eastern Europe (including Russia and Ukraine), Latin America and Asia-Pacific (including Japan, China and South Korea) and have significant experience in, and knowledge of, country-specific tax regulations.
We have the capability to quickly set up new countries, currencies and flexible payment initiation, from the U.S., UK, India and/or through local countries.
We recently expanded our Functional Service Provider (FSP) services to include our new Investigator Payment (IP) offering. This enables us to help you by removing pain points related to investigator payment for clinical trials. As investigator payments is a highly specialized and somewhat independent function, utilizing an FSP model for this service has proven to be a highly effective and efficient solution for our clients.