Often, the top hindrances in clinical trials are not “clinical” in nature – but rather related to finances and administrative work. Site payments is a key example of an area that creates a significant headache across sponsors, CROs, sites and can even impact the participant experience. The problems typically boil down to manual processes, payment delays and lack of transparency. By implementing a built-for-purpose site payment solution, these hurdles can be overcome, leading to smoother operations, greater financial visibility and control and better outcomes for everyone involved.
Addressing the Site Pain Points with Timely and Accurate Payments
Sites play a crucial role in clinical trials, and their engagement is often tied to how quickly and accurately they receive payments. Delays can impact the site’s ability to conduct trials effectively and efficiently. In some cases, sites might even decide to pull out of a trial due to unreliable payments—a situation that no sponsor wants to face.
Imagine a world where sites don’t have to chase after payments, manually fill out endless forms, or face cash flow issues because of delays. According to a recent Greenphire survey, 85% of sites stated that they prefer to work with sponsors/CROs who invest in technology that alleviates challenges with invoice creation, distribution and reconciliation.
A reliable site payment platform ensures that payments are made to sites around the world on time, accurately, in accordance with agreed upon payment terms – all while eliminating much of the associated manual effort. In fact, sites can see a staggering 90% reduction in effort.
This reliability not only boosts site morale but also strengthens the relationship and trust between sponsors and sites. When sites are confident that they will be paid promptly, they’re more likely to remain committed to the trial, resulting in smoother operations and fewer disruptions.
The Sponsor’s Big Picture
While enhancing the site experience is a major benefit in itself, a built-for-purpose site payment solution delivers more than just a simplified site process. Sponsors can achieve measurable benefits across their business – from gaining financial transparency and control and minimizing non-recoverable leakage to reducing time, effort and resource drain.
Managing site payments becomes not only more efficient but also more predictable. Sponsors and CROs can better manage their budgets, control cash flow and payment schedules and allocate resources effectively. Data-driven insights can also help identify trends and opportunities for improvement, resulting in further efficiencies.
Measurable Return on Investment
When interviewing clients on the benefits they have seen using Greenphire’s site payment solution, we found that on average they experienced:
- 50% reduction in time spent on site payments
- 20% reduction in time spent on financial reporting
- 50% reduction in non-recoverable leakage
- 80% reduction in time spent on payment inquiries
- 1-month reduction in study timeline
These quantifiable benefits demonstrate how workflow automation can deliver tangible value across various clinical trial areas.
The Future of Clinical Trial Site Payments
The clinical trial industry is evolving, and so must the systems that support it. Whether you are a sponsor or CRO, it is crucial to consider the benefits of adopting a powerful site payment platform. The results speak for themselves: fewer delays, fewer errors, cost savings and a more engaged network of trial sites.
Learn how Greenphire’s Site Payment Solution can deliver significant value across your clinical trial ecosystem.
- Watch the replay of our latest Phireside webinar, Get More out of Your Site Payments Platform
- Connect with Richie, Head of Global Sales – Site Payments & Budgeting at Greenphire
Take the next step – Request a demo
