Greenphire, a global leader in clinical trial payment automation, has established an Advisory Group for the growing CRO community. The goal of this group is to empower CROs to play a more active role in shaping the rapidly evolving payment automation market.
The Global Healthcare CRO industry is expected to reach $45.2 billion by 2022, according to a new report by Grand View Research. As this market continues to expand, CROs are looking for ways to differentiate and gain a competitive edge. Technology that empowers CROs to attract and retain top performing sites while delivering more efficient services is critical in this competitive environment.
“We have found that the needs of our CRO clients vary significantly based on size, specialization and region,” said Jim Murphy, CEO of Greenphire. “As our clinical payment solutions evolve, we are committed to ensuring that CROs have the tools necessary to efficiently support any trial, regardless of sponsor, geography or technical requirements.”
The demands for payment automation are growing. Monthly payments, financial transparency, streamlined invoice management, and increasing global compliance standards are putting more pressure on CROs. Even if a CRO has assembled a dedicated payments team, technology is critical to optimizing and automating the fragmented and manual payment process.
“We have seen a significant increase in demand across the CRO community for our payment solutions to support a better trial experience for both sites and patients,” said David Espenshade, VP of CRO Partnerships at Greenphire. “This advisory group will serve as a forum for CROs to collaborate and understand how to truly take advantage of the automation opportunity with a best-in-class solution, without sacrificing quality or competitive edge.”