DIA 2017

Greenphire launches payments advisory group for CROs

By Melissa Fassbender contact

- Last updated on GMT

(Image: iStock)
(Image: iStock)
The goal of the group is to provide a platform for contract research organizations (CROs) to help shape the payment automation market.

The clinical trial payment automation company announced the advisory group in June in connection with DIA 2017.

The purpose of this group is to empower CROs to play a more active role in shaping the rapidly evolving payment automation market​,” said Dave Espenshade, VP of CRO Partnerships at Greenphire.

The advisory group will serve as a forum for CROs to collaborate and understand how to leverage automation opportunities, he told us.

According to the Clinical Trials Transformative Initiative​ (CTTI), payment delays result in high turnover rates among clinical investigators – with many reporting a general dissatisfaction with finance-related issues, as per a recent survey​.

In such a growing market, a CRO can significantly set themselves apart through their ability to attract, develop and train top performing investigative sites​,” said Espenshade, who explained naïve investigative sites with untapped patient populations are a significant competitive advantage for a CRO.

One way to ensure the site/CRO collaboration remains strong and trusted is with tools that deliver value and efficiencies, such as payment automation​,” he added. “When CROs are able to answer common questions such as – where is my payment, when will I get paid and why am I not getting paid for x, y, z? a huge administrative burden is reduced and timelines are not put at risk​.”

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