PharmaSeek launches clinical research sites payment solution
PharmaSeek, an investigative site network, has launched a new service aimed at eliminating the burden of slow payments for clinical research sites. This service, called PS Pays, is unique to the industry and allows sites to get paid for their work in as little as 72 business hours, instead of waiting for sponsor payments which can take up to 150 days.
PharmaSeek, who has partnered clinical research sites with sponsors and CROs for over 20 years, launched PS Pays in 2017 after seeing the effects of the significant payment lag in the clinical research industry first hand. PharmaSeek believes that PS Pays will help clinical research sites fill in revenue gaps caused by delayed sponsor payments, as well as improve cash flow and give sites access to more working capital. PharmaSeek expects that PS Pays will help clinical research sites establish more efficient financial reporting and tracking, which will empower sites to make more effective business decisions.
PS Pays is available for select high-performing research sites in the PharmaSeek Network. The service is free for approved sites when enrolling on a PharmaSeek study. For non-PharmaSeek studies, sites have the option to utilize PS Pays for a small portion of the study budget.
PS Pays has already experienced success, and has started to help clinical research sites become more efficient by combating the industry-wide payment lag. “PS Pays is the exact type of service that independent clinical research sites need in order to help offset slow payments from sponsors. In addition to immediate access to capital, the financial reporting provided by PharmaSeek allows our site to know exactly what procedures we have been paid for,” said Jon Ward, CEO of Aspen Clinical Research, based in Orem, Utah.