Clinical Research IO (CRIO) has just released its Financial Management module, which makes it one of the first eSource systems with integrated receivables and payables tracking for clinical research sites.
Managing receivables is a significant pain point for clinical research sites. Some contracts pay by the visit while others pay by the procedure. Some specify that certain visits or procedures must be invoiced to be paid, while others are paid automatically upon entry into the Electronic Data Capture (EDC) system. Each contract may have different holdback amounts, invoiceable activities, and screen failure caps. In addition, many sites have the added burden of paying providers or vendors based on procedures performed.
All of this complexity poses challenges to sites. “We spend about 20 hours a week juggling our budgets and keeping track of receivables and payables,” said Dr. James Greenwald, owner and Medical Director of Medex Healthcare Research, Inc. “Even then, we likely leave some money on the table because we can’t keep track of everything owed us.”
To combat the problem, a category of software known as Clinical Trial Management Software, or CTMS, has become popular with sites. However, with source data still largely populated in paper, sites are forced to update the CTMS systems manually to indicate when visits and procedures are done. This manual entry process is subject to error and delay.
The CRIO system eliminates this manual entry process. Using the Financials module, sites can configure budgets so that the system generates receivables, invoiceable items, or payables as the visit or procedure is being completed in eSource. This means that sites have an accurate, up-to-date view of their financials at all times. “A site can know what they generated in revenue today,” stressed Raymond Nomizu, co-founder of CRIO. “This level of transparency is unprecedented.”
Dr. Greenwald of Medex agrees. “I’ve been electronic for 5 years, and I’ve been looking for a solution like this the entire time,” said Dr. Greenwald. “There are so many challenges to running a site,” he said, “that anything that frees up time and helps sites better collect revenue is a huge step forward.”