Global site payment automation coupled with budgeting and forecasting drives efficiency, accuracy
Bioclinica® Financial Lifecycle Solutions (FLS), a division of eHealth Solutions, which pioneered fit-for-purpose financial automation tools in the pharmaceutical sector, today announces the release of the industry's first complete clinical financial lifecycle platform with ClinPay® for seamless global site payment automation coupled with trial budgeting and forecasting capabilities in the latest release of ClinPlan®, 2.0.
"By using ClinPlan and ClinPay, two best-in-class FLS solutions, our customers have end-to-end visibility, control and efficiency across their global site payments process along with trial budgeting and forecasting and site contracts," said Bioclinica Senior Vice President and FLS General Manager Bob Gabriel. The Bioclinica FLS platform is the industry's only financial software solution that delivers financial budgeting and forecasting capability enterprise-wide and provides uninterrupted insights from forecast to final payment.
ClinPay automation empowers the user to issue global investigator payments quickly and accurately, while providing transparency into payments for increased site satisfaction. ClinPlan addresses the major challenge of grants forecasting by accounting for actual trial costs over the course of a trial for substantially increased budget accuracy.
In addition to enabling organizations to continually update and reforecast clinical trial budgets based on trial cost actuals, ClinPlan 2.0 applies intelligent modeling algorithms to real-time site payment data from ClinPay for accurate mapping of actuals to detailed assumptions in the latest budget forecast. The ability to reforecast based on actuals as a trial progresses solves the problem of increasingly outdated original forecasts, thereby significantly decreasing budget variance while sharply reducing time-consuming and resource-intensive effort common with manual and other forecasting methods.
What's more, Bioclinica FLS technology is vendor-agnostic, featuring pre-built integrations with all leading EDC systems in use today. This is an important consideration for CROs that serve multiple sponsors on different EDC systems, necessitating a scalable solution that can be implemented quickly and easily.
"ClinPlan 2.0 is another example of how Bioclinica Financial Lifecycle Solutions is delivering tangible technology innovation to the pharmaceutical industry to help solve the most pressing financial management challenges in clinical research," noted Gabriel. "Now, companies can not only rapidly reforecast budgets based on the latest trial payments information, but also use Bioclinica's end-to-end financial lifecycle platform to promptly identify and correct problem areas such as overpayments, cash management and compliance."
Industry professionals can see FLS product demonstrations in booth 1027 during DIA on June 18-22 in Chicago where Bioclinica is exhibiting and showcasing eHealth Solutions. Learn more about Bioclinica Financial Lifecycle Solutions in the Bioclinica blog and on Bioclinica LinkedIn and Twitter channels.