Gaining Financial Transparency in Clinical Trials
In order to gain a competitive edge and advance the development of new drugs, sponsors are constantly looking for areas to introduce efficiencies and strengthen their collaborations with their research site partners. With that, there is an increased need for sponsors and CROs to better plan and budget for their trials. Trials have countless unpredictable expenditures – particularly related to study start up and manual processes. The ability to plan, project and gain insight into these costs from financial data can be extremely beneficial for the business as well as the trial.
The first step is realizing that you can, and should be demanding clean, consistent and comprehensive data.
Centralized site payment solutions are available that can provide control and financial transparency into the process. This type of technology improves site satisfaction and optimizes workflow efficiencies by eliminating administrative burdens for both sites and sponsors by:
- Automating and streamlining global site payment processes
- Directly connecting clinical trial activity data to financial teams
- Generating site invoices
- Providing a path for pass-through expenses
- Delivering financial visibility to all parties with unprecedented levels (which includes line of sight for sites)
- Leveraging a consolidated data set to drive comprehensive business intelligence
Centralized payment solutions like the eClinicalGPS not only impacts site and patient engagement, but it can also provide sponsors and all financial stakeholders with peace of mind that their financial data is clean, consistent and comprehensive. In turn, revealing financial transparency.
Upon finding financial transparency in a clinical trial, sponsors/CROs and sites are able to focus on the research, patients, and the ultimate goal of a clinical trial, bringing new drugs and therapies to market.
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