Managing investigator payments faces specific, well-known challenges. Current systems are fragmented and manual, and in most cases are not transactional or financial-based.
The result of continuing with current processes is the inability to manage the complexity of the contract and budget terms that are negotiated and paid throughout the course of a clinical trial. Current document management systems (e.g., CTMS and other homegrown systems) are based on non-financial system information that doesn’t manage or account for the accuracy of payments made.
Additionally, routine data monitoring activity does not always include time or cost for re-monitoring efforts related to past payment activity (e.g., monitors do not evaluate past payments that would be impacted by changed data). This effort would require an additional burden to operational personnel to perform this type of activity, resulting in higher costs for the clients. Not to mention that the monitoring and re-monitoring efforts would delay the timeliness of completing the site monitoring process. This further illustrates that payment automation is a critical piece in the overall drug development space, as it impacts all areas of the clinical trial execution process.
An automated system for payments can increase efficiency, accuracy, productivity and scalability for your clinical trials. Completing an ROI evaluation can help your team determine the benefits of switching to an automated payments solution. We've put together a guide to help you go through an ROI evaluation, including ways to measure benefits as well as how to do a cost analysis.
If you're interested in learning more about how an automated investigator payments system can help your company, feel free to send us a message; we'd be happy to provide you with more information or set up a demo of our products.