Investigator Retention Pro Tip: Speed Clinical Trial Payments
By Henry Galio, Sr. Director, Vault CTMS, Veeva Systems, Inc.
Site Payment Pains in 2020: Late, Little Visibility
If you have to pay clinical research sites for conducting clinical trials, then you know the importance of on-time payments to retain good investigators for future studies. But many sponsors and CROs struggle to pay on time, with just 13% of sites receiving payment within the most common net 45 payment cycle.1
Why is it so challenging for sponsors and CROs to pay sites on time? There are two key reasons:
It’s clear the process needs to be improved. That’s why Veeva built Vault Payments – to simplify and standardize clinical trial payments.
- Outdated technology and Excel files break down with today’s complex global trials.
Sponsors and CROs must keep track of payments to different sites and investigators. Depending on the size of the study, this can amount to hundreds of sites. When those sites are located around the world, different currencies, payment methods, and regulations must also be taken into consideration. Legacy technology can’t handle these complexities. - Sponsors, CROs, and sites lack visibility and transparency to payments data.
For CROs and sponsors managing their trials in-house, accounting for what’s earned but not paid and accrued is a monumental challenge. With no visibilty due to outdated tracking methods, site payments become an afterthought. For CROs that need to communicate to sponsors the amount of funds to transfer to ensure timely site payments, lack of visibility causes delays and negatively impacts site satisfaction.
Discover a new way to speed payments and increase visibilty with Vault CTMS.
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