Getting the Budget Right for Site and Study Success
In the ever-evolving landscape of clinical trials, sites are continuously faced with outdated and unrealistic budgets that fail to account for modern financial pressures. Inflation has significantly impacted the cost of goods, services, and overall business operations, making it more crucial than ever for sponsors and CROs to establish budgets that reflect current economic conditions.
We advocate for the use of industry-indicative benchmarking data to inform site budgeting and negotiations. When sponsors and CROs leverage contemporary data that aligns with inflationary trends, they enter negotiations with a realistic foundation—reducing negotiation cycle times and minimizing the risk of sites declining participation due to financial constraints.
The Impact of Payment Frequency on Sites
One of the most striking insights from our research is the stark contrast between site and sponsor preferences when it comes to payment frequency. While sponsors and CROs tend to favor quarterly payments, 83% of sites prefer payment terms of 30 days or less. Why the disconnect? A significant factor is the administrative burden associated with manual payment processes.
Greenphire is a strong proponent of monthly payments for all sites globally. More frequent payments play a crucial role in reducing aged receivables, helping sites maintain financial stability and focus on delivering high-quality patient care. By automating site payments—including triggering payments directly from EDC and auto-generating tax-compliant invoices—sponsors and CROs can minimize administrative hurdles while ensuring timely and frequent payments.
Optimizing Clinical Trial Operations for Faster, More Efficient Studies
At Greenphire, we understand that financial and administrative complexities can derail clinical trials, causing stalled timelines, strained resources, and bloated budgets. That’s why Budgeting & Contracts consistently ranks as the #1 area in need of improvement.
So, how can you keep your study moving forward? By leveraging automated financial solutions and data-driven insights, sponsors and CROs can:
- Accurately forecast and budget
- Get sites paid faster
- Reduce site burden & improve relationships
- Accelerate study timelines
Tangible Value of Financial Workflow Automation
Adopting technology-driven financial solutions isn’t just about improving efficiency—it delivers measurable business value. The following stats were generated based on Greenphire client averages.
In an industry where every delay can cost millions, optimizing financial and administrative processes isn’t just a convenience—it’s a necessity. By addressing traditionally manual, time-consuming and resource draining budgeting and payment challenges head-on, sponsors and CROs can create a more sustainable, efficient, and site-friendly clinical trial ecosystem.
Greenphire remains committed to empowering sites with the financial tools they need to operate efficiently and effectively. By bridging the gap between site needs and sponsor/CRO priorities, we help ensure that clinical trials remain on track, on budget, and optimized for success.
Want to learn more about how site payment automation can transform your clinical trial operations?
- Learn more about our site payments platform
- Or connect with an expert to discuss your trial needs
