Although our financial lifecycle solutions are powerful on their own, they provide even greater benefits when used together. This is especially true of ClinPay and ClinPlan; the recent integration of these two products streamlines the financial lifecycle of clinical trials from end to end.
With ClinPlan, you can consolidate budgets from all sources into one location, reduce forecasting time and maintain a rolling forecast and increase the accuracy of financial expectations. Using ClinPlan, financial managers can create baseline budget forecasts in only a few hours and quickly generate and compare multiple planning scenarios, including the number of subjects, number of sites, estimated expenses and other variables. The optimal model based on the financial requirements can then be saved as a baseline to compare with actual expenses.
ClinPay automates the entire financial lifecycle of a clinical trial, seamlessly integrates with Bioclinica's Express EDC or any other EDC, accesses trial data and audit trail in real time from your EDC, receives real-time messaging about site status and provides answers to sites about their payment questions right at their fingertips. With the integration of ClinPay and ClinPlan, the model from ClinPlan and actual expense data from ClinPay can be used to reforecast and automatically allocate cash flow throughout the entire trial, from start up to close out. The rolling cash flow forecasts are based on when the work will actually be performed.
Together, ClinPay and ClinPlan allow sites to view and track payments, to communicate and interact with the sponsor and to review study contracts. Sites can be confident that their payments are timely and accurate, based on completed work. Because of this visibility and transparency into payments, they can focus on conducting the study and the wellbeing of their patients.
The seamless integrated solution provides the following benefits, and more:
- No more duplicating invoices
- Less manual labor
- Faster payments for motivated sites who complete data entry sooner
- Better, more accurate budgets and payments based on EDC data entry
- Faster, better financial decisions based on visibility into your entire financial status
- Increased site and investigator satisfaction
- Compliance with the Sunshine Act and SOX
The particularly powerful feature of this integration is the ability to reforecast the budget on demand. Gone are the days of having to re-compile spreadsheets.
You can make accurate and timely financial decisions and projections based on the relevant financial and operational data. Lags between expenses and associated payments are easily visible, and it is much easier to determine if actual expenses match the budget and negotiated costs. If you'd like to learn more about us and our Financial Lifecycle Solutions, drop me a line at Lorie.McClain@bioclinica.com.