KING OF PRUSSIA, Pa., May 17, 2018 /PRNewswire/ -- Greenphire, the global leader in financial software for clinical trials, today released key findings from meetings with nearly a dozen Clinical Research Organizations (CROs) from its Site Payment Advisory Group on the topic of investigator payment processes. The focus of the group was to discuss key hurdles in the adoption and innovation of site payment solutions that address the unique requirements of the evolving clinical research landscape.
The Site Payment Advisory Group was initiated by Greenphire in the spring of 2017 with the goal of empowering CROs to play a more active role in shaping the rapidly evolving payment automation market.
The CRO industry continues to flourish, with recent reports indicating that the market is expected to reach $51.3 billion by 2024. In this competitive, growing, and highly specialized environment, the success of CROs and their sponsors resides in their ability to attract and retain top performing sites.
A group of CROs with exposure to various site payment approaches was convened to discuss the persistent roadblocks to optimizing site partnerships.
Key findings from the group include:
- Software flexibility is critical to support efficient study start up and adapt to the changes in protocols and associated contracts
- Complex trial designs are forcing more error-prone, manual site payment processes
- Invoice adjudication drains resources, slows payments, and impacts site performance
- Comprehensive data that can be exported and manipulated is critical
- Site payment automation approaches need to deliver a measurable ROI on a global scale and accommodate region-specific clinical research site methodologies
"As a critical stakeholder in the transformation of site payments, CROs are an integral part of the adoption of automation technology," said Dave Espenshade, VP of CRO Partnerships at Greenphire. "We look forward to continued collaboration with the industry leaders in our Advisory Group to drive the evolution of payment technology forward."
Greenphire's Dave Espenshade discusses the findings of the advisory group with April May, a senior finance director with nearly 20 years of experience in corporate finance and accounting, operations and organizational development, with companies in technology, clinical research & life sciences in this on-demand webinar.
Greenphire is the global leader in clinical trial payment software. Greenphire is exclusively focused on optimizing clinical trial performance by streamlining payment processes from sponsors and CROs to sites and patients. The choice of industry leaders worldwide, Greenphire supports site centricity and sustainability, increases patient engagement and retention, and provides more comprehensive financial data, resulting in better trials. Learn more at www.greenphire.com.