As competition for clinical trial sites escalates, effective site payment systems are more essential for securing and retaining sites, as well as optimizing their performance and satisfaction. All trial stakeholders rely on timely, accurate payments to continue operating; yet, many studies still depend on manual or minimally-automated Excel-based payment processes to manage the financial aspects of increasingly complex studies that incorporate globalization, complex protocols and adaptive study designs.
As a result, inaccurate and delayed payments remain the norm, with less than 13% of sites receiving payment within 45 days.1 It is no surprise that 40% of sites drop out of FDA-regulated clinical trials due to lengthy delays in payments.
Sponsors and contract research organizations (CROs) can resolve this long-standing challenge through business processing outsourcing (BPO) and advanced technology. A full-service, highly qualified partner who uses effective technology-enabled financial management services helps ensure efficient site payments, greater transparency into payments on all sides and satisfied investigators.