During a clinical trial, one of the several complex tasks involved with operations is managing account payables to investigator sites. To mitigate the process, organizations would often place tens of millions of dollars into escrow as a matter of expediency. However, modern technologies have reduced this need, that anymore, tends to hinder the achievement of the very goals for which it was first begun.
According to the authors, new technology has been able to solve the accrual and forecasting—and visibility—challenges that have plagued the investigator payment process for decades. Serving as an on-demand, escrow-free payment system, trial sponsors are able to retain their working capital, Contract Research Organizations (CROs) can focus on trial execution, and investigators can be paid accurately and on time.
Review current grant payment practices and understand how new software tools can transform the process, efficiently solving the problem that first gave rise to sponsor-funded escrow accounts.