Article | November 16, 2023

5 Tactics For Sites To Improve On-Time Payments

Source: Greenphire

By Justin Vega, Sales Engineer

GettyImages-1464245432 payments

The latest findings from the 2023 SCRS Site Landscape Survey indicate a positive shift from quarterly to monthly payment standards. However, there is room for further enhancement. While improved payment terms are crucial, sites must also establish efficient compensation processes.

Concerns persist regarding accounts receivable aging, with 42% of sites noting that almost a third of their receivables are over 90 days old. Considering that 79% of sites have less than 6 months of operating capital, cash flow challenges remain evident. Financial issues may compel sites to decline study opportunities or, worse, lead to operational shutdowns, jeopardizing treatment availability for patients.

Recently, author Justin Vega moderated a panel discussion at the SCRS Global Summit, where sites shared challenges and successful strategies for achieving timely payments. Despite the complex power dynamics between sponsors/CROs and sites, here are five tactics that sites can implement immediately to enhance on-time payments.

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