Research conducted by Greenphire and the Society for Clinical Research Sites (SCRS) reveals over 60 percent of sites worldwide still rely on manual
Greenphire, the global leader in financial software for clinical trials, and SCRS released the results of a new survey of the challenges faced by sites around the invoicing and reconciliation processes for investigator payments. Nearly 500 sites worldwide participated in the survey, the results of which highlight sites’ ongoing need for more streamlined payment processes.
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“This study revealed that a majority of sites are still utilizing obsolete programs, such as spreadsheets, to manage clinical trial finances, which is alarming,” said Kyle Cunningham, Chief Product Officer at Greenphire. “It’s vital, now more than ever, that sponsors adopt technology that is modern and flexible enough to use with sites across the globe, regardless of country customs, currency or regulatory body. Utilizing solutions that are configured with regionalized capabilities, such as automating split payments across multiple payees can help sponsors address global workflow complexities, increase transparency, and support sites, so they have the funds needed to run a seamless trial with fewer distractions and maximum focus on patients.”
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The survey surfaced major challenges facing sites, including length of time to get paid, distraction from primary research activities, managing pass-through costs, and the lack of financial predictability.
Key challenges from the 491 sites surveyed include:
- More than 80% of site staff surveyed are involved in the invoice process, yet 70% indicated that accounting or finance is not their primary role
- 91% of sites indicated the length of time to get paid by a sponsor creates a challenge
- 77% note that reconciling invoiceables is challenging
- 73% feel that their current invoicing process is a distraction from their primary research activities
- 70% say that managing pass-through costs is a challenge
- 78% indicate that financial predictability is a challenge with their current process
“As we can see from the survey results, clinical trial site workflow needs a reboot. These findings shed a much-needed light on how these manual processes are impacting sites and affecting the efficiencies of studies,” said Casey Orvin, President of SCRS.
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