At Greenphire, we are committed to improving clinical trial processes to drive efficiency for all stakeholders, but especially for clinical trial sites.
That started with the advent of revolutionizing patient payments with ClinCard, which is currently in use by over 30,000 clinical trial sites globally. In our partnership with sites over the years, we’ve recognized there were many other administrative tasks which could be improved by providing access to better data.
The next frontier: study start up.
We are proud to announce that Greenphire has launched our Budgeting and Data Analytics solution for use by clinical research sites.
This industry-first is critical to solving the industry’s most pressing pain point faced by sites today. In the most recent 2024 Society for Clinical Research Sites (SCRS) Landscape Survey, “Budgets and Contracts” were cited as the top area that sites need to improve and address – with a specific focus on the desire to shorten budget and negotiation timelines.
The Problem with Clinical Trial Site Budgeting
It’s no secret that budget and contract negotiations are often lengthy. Each day spent going back and forth is a day not spent on actual trial conduct – an issue for both sites and sponsors.
But what’s at the core of the site – sponsor divide? Unrealistic cost estimations. In our partnership with sites, we’ve recognized many sites were at a disadvantage when negotiating CTA’s (clinical trial agreements) as they did not have access to inflation adjusted fair market value data – resulting in longer budget negotiation timelines and an average of 100+ days to contract with sponsors.
Sponsors often come to the table with budgets that are too low and may not account for overhead costs or regional variance. Additionally, sites today often do not have access to a reliable third-party dataset with inflation adjusted regional cost data. Imagine selling a house today without access to Zillow!? Without concrete data at their fingertips, sites frequently feel pressured to accept rates which don’t cover their costs. These factors, coupled with an inefficient negotiation process of spreadsheets, email and multiple layers of approvals, cause delays and frustration.
A New Solution: Bridging Site Budgeting with Data & Tech
No one wants a site to withdraw from a trial because their budget isn’t sufficient to cover their expenses. We also know sites that get paid on time at fair market value rates, recruit better than sites that don’t. Now it doesn’t have to be that way.
Our platform combines a streamlined budget development workflow with the most robust, industry-indicative data – the only solution in the market to include both grant payment data and patient payment data. Sites can build more accurate budgets by accessing real site costs, born out of our 10+ years of site payment execution across more than 30,000 payees. nses.– Ultimately, our goal is to help simplify and accelerate study startup and ensure that sites have access to the most trusted, up-to-date source data to support more fair and efficient negotiations. If you’re a site and have struggled with determining if your budget proposal is comprehensive and fair, I invite you to contact us for a conversation.
