Clinical payment managers are struggling to track visits and procedures completed at the clinical site combined with a high administrative burden in reconciling invoices and executing payments.
By increasing the data transparency there is an opportunity for both the sponsor and the clinical site to reduce the administrative burden around managing your clinical payments and for your key study personnel to focus on the essential activities.
Increased investigator retainment is one of the main benefits of implementing a clinical payment solution for sponsors.
By retaining high-performing clinical sites, sponsors will also benefit from faster recruitment including higher efficiency of resources.
In addition, sponsors can often realize financial benefits in terms of a reduction in VAT leakage and overpayments.
The financial side of performing a clinical trial is often not the priority at the clinical sites, hence why an easy and simple process is a preference.
From clinical sites’ perspective, having a clear overview of what is to be paid is very valuable.
- Increased payment data transparency
- Reduced invoice reconciliation activities
- Increased regulatory compliance
- Improved site relationships
- Reduction of VAT leakage and overpayments
- Becoming the preferred sponsor
- Retainment of high-performing clinical sites
Clinical Sites benefits:
- Improved payment data transparency
- Accurate and timely payments
- Adjustable payment frequency
Our Clinical Payment Services
A project in the area of clinical payments will typically cover three phases: initiation, implementation, and closure. Initiation of the project will entail outlining of the business case, mapping of processes, gathering of requirements, and selecting the vendor, best fit to support the organization’s need. During implementation, the focus will be on configuring/customizing the selected tool to be fit for purpose as well as executing relevant organizational change management activities.
When closing out the project, it is important operational procedures are put in place to ensure a smooth transition over to business and IT support.
Your partners in implementation
At HERAX, our consultants have extensive knowledge in the clinical space. This understanding of the trial initiation and execution process provides a solid foundation for performing assessments of clinical payment processes. This is ideal for supporting a potential vendor selection and guiding the process for implementing a tool to support the process.
We can implement fast and ensure successful adaptation of a clinical payment solution by combining a proven Life Science specific project methodology with a “best-in-class” knowledge of the core clinical development and study finance processes.