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New Study Finds Global Clinical Trial Sites Continue to Face Financial Constraints, Directly Impacting Study Efficiencies
Wednesday, April 15, 2020
Research conducted by Greenphire and the Society for Clinical Research Sites (SCRS) reveals over 60 percent of sites worldwide still rely on manual, outdated invoicing and payment processes, straining resources; current COVID-19 puts sites at further financial risk
KING OF PRUSSIA, Pa., April 7, 2020 /PRNewswire/ -- Greenphire, the global leader in financial software for clinical trials, and SCRS today released the results of a new survey of the challenges faced by sites around the invoicing and reconciliation processes for investigator payments. Nearly 500 sites worldwide participated in the survey, the results of which highlight sites' ongoing need for more streamlined payment processes.
"This study revealed that a majority of sites are still utilizing obsolete programs, such as spreadsheets, to manage clinical trial finances, which is alarming," said Kyle Cunningham, Chief Product Officer at Greenphire. "It's vital, now more than ever, that sponsors adopt technology that is modern and flexible enough to use with sites across the globe, regardless of country customs, currency or regulatory body. Utilizing solutions that are configured with regionalized capabilities, such as automating split payments across multiple payees can help sponsors address global workflow complexities, increase transparency, and support sites, so they have the funds needed to run a seamless trial with fewer distractions and maximum focus on patients."
The survey surfaced major challenges facing sites, including length of time to get paid, distraction from primary research activities, managing pass-through costs, and the lack of financial predictability. Key challenges from the 491 sites surveyed include:
-- More than 80% of site staff surveyed are involved in the invoice
process, yet 70% indicated that accounting or finance is not their
primary role
-- 91% of sites indicated the length of time to get paid by a sponsor
creates a challenge
-- 77% note that reconciling invoiceables is challenging
-- 73% feel that their current invoicing process is a distraction from
their primary research activities
-- 70% say that managing pass-through costs is a challenge
-- 78% indicate that financial predictability is a challenge with their
current process
"As we can see from the survey results, clinical trial site workflow needs a reboot. These findings shed a much-needed light on how these manual processes are impacting sites and affecting the efficiencies of studies," said Casey Orvin, President of SCRS.
Greenphire's Dave Hine, Director of Client Experience and Education, will present and discuss these startling findings, as well as new Greenphire research detailing how the current COVID-19 epidemic exacerbates site financial sustainability and opportunities for process improvement, during a webinar on Tuesday, April 7 at 12:00 p.m. ET.
To learn more and register for the webinar, "Survey Says: Investigator Insights Reveal Global Challenges in Site Grant Payments," click here.
About Greenphire
Greenphire is the leader in global clinical trial financial process automation. Greenphire's best-in-class solutions optimize clinical trial performance by streamlining payment and logistical workflows from sponsors and CROs to sites and patients. Greenphire's ClinCard, eClinicalGPS and ConneX solutions easily handle any type of trial design and complexity, resulting in more accurate and compliant payments and simplified travel globally for both sites and patients. The choice of industry leaders worldwide, Greenphire provides better performance and better data, resulting in better trials. Learn more at www.greenphire.com.
About SCRS
Founded in 2012, SCRS is a global organization that unifies the voice of the clinical research site community to create greater site sustainability. Representing over 9,500 sites in 47 countries, SCRS membership provides sites with a community dedicated to advocacy, education, mentorship and connectivity. SCRS is an influential voice for sites and an active partner in industry-wide initiatives and dialogues focused on improving the clinical research enterprise. Our Voice. Our Community. Your Success. Join the community. Visit MySCRS.org.
Media Contact
Amy Sitnick
215-609-4315
amy.sitnick@greenphire.com
View original content:http://www.prnewswire.com/news-releases/new-study-finds-global-clinical-trial-sites-continue-to-face-financial-constraints-directly-impacting-study-efficiencies-301036385.html
SOURCE Greenphire
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