Looking to improve your site’s financial management with shorter A/R days, improved cash flow, and better overall visibility into your finances? Enter your email below to get in contact with one of our experts at Elevate:
REVENUE PROTECTION
Addressing Inefficiencies in CRO and Sponsor Reimbursement Practices
A recent publication from ACRP identifies, “providing/receiving grant payments is the single most inefficient activity in study conduct.” Most CROs and sponsors rely on antiquated reimbursement processes that oftentimes leads to sites being underpaid.
Industry associations estimate that less than 20% of research sites reconcile payments for work performed. Those tracking payments often times utilize their CTMS to do so. Unfortunately, these systems are not designed for accounting, and lack the flexibility to accommodate the myriad of payment rules that dictate how sites are paid. Conversely, Elevate utilizes a proprietary process and system for ensuring that sites are paid correctly for work performed.
Benefits of outsourcing Revenue protection
Outsourcing revenue protection to a specialized provider like Elevate Clinical Research Solutions offers several key benefits:
Ensuring the Site is Properly Compensated: Sites are not only paid correctly but also promptly, reducing the risk of underpayment and financial strain. Consequently, sites can focus more on their core research activities rather than financial management, fostering a more productive and sustainable research environment.
Reduced Accounts Receivable Days and Improved Cash Flow: This expedited payment process not only minimizes accounts receivable days but also enhances overall cash flow, enabling sites to better manage their finances and allocate resources more efficiently. Improved cash flow allows research sites to invest in necessary equipment, staff, and other resources, thereby supporting continuous and high-quality research activities.
Detailed and Customizable Financial Reporting: With this level of detail and customization, research sites can track revenue, expenses, and payment statuses with greater precision. This not only aids in effective financial management but also supports strategic decision-making by highlighting trends and identifying potential areas for improvement. Consequently, sites can enhance their financial planning, ensure compliance with various regulations, and maintain a transparent and accountable financial system, all of which contribute to long-term operational success.
Improved Organizational Checks and Balances: The system's robust checks and balances facilitate regular audits and compliance with regulatory requirements, providing peace of mind to research sites. Furthermore, these improved controls help streamline operations, ensuring that all transactions are properly authorized and documented. This not only boosts confidence in financial reporting but also supports better decision-making and fosters a culture of integrity and responsibility within the organization.
How it works
1.
Submission of the Budget and CTA
The process begins with the site sending Elevate the budget and clinical trial agreement (CTA) and providing CTMS access (if applicable).
2.
Study Activity & Payment information
Then the site forwards patient visit information and payment receipts on a periodic basis.
3.
Tracking activity and invoicing
Elevate tracks patient visits and payments. Where appropriate, Elevate invoices the CRO/sponsor.
4.
Payment resolution
Elevate communicates directly with CRO/sponsor to resolve payment discrepancies.
5.
Monthly Summary Reports
Summary reports are sent to the site on a monthly basis.
FAQ’S
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Managing receivables is crucial for maintaining the financial health of research sites. Efficient receivables management ensures timely payments for work performed, reduces account receivable days, and improves overall cash flow, enabling sites to better manage their finances and allocate resources effectively.
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Research sites often face challenges such as delayed payments, underpayment, and difficulties in tracking payments. Many sites use Clinical Trial Management Systems (CTMS) not designed for accounting, lacking the flexibility to handle complex payment rules, leading to inefficiencies and financial strain.
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Elevate utilizes a proprietary process and system specifically designed for accurate and timely payment reconciliation. This system accommodates various payment rules and complexities, ensuring that sites are paid correctly and promptly, thereby reducing the risk of underpayment and financial strain.
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Elevate offers detailed and customizable financial reporting, enabling research sites to gain comprehensive insights into their financial operations. This feature allows sites to track revenue, expenses, and payment statuses with greater precision, aiding in effective financial management, strategic decision-making, and compliance with various regulations.
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By ensuring accurate and timely payments, reducing accounts receivable days, and providing detailed financial reporting, Elevate enhances the financial stability of research sites. This stability allows sites to focus on their core research activities, maintain continuous operations, and invest in necessary resources without the constant worry of financial shortfalls.
About Elevate clinical research solutions
ELEVATE CLINICAL RESEARCH SOLUTIONS SERVES A WIDE RANGE OF CLIENTS, INCLUDING ACADEMIC MEDICAL CENTERS, INTEGRATED HEALTH SYSTEMS, DEDICATED RESEARCH SITES, MULTI-SPECIALTY PRACTICES, AND TRIAL/SITE MANAGEMENT ORGANIZATIONS. OUR SERVICE OFFERINGS EXTEND BEYOND REVENUE PROTECTION AND INCLUDEs COVERAGE ANALYSIS, BUDGET DEVELOPMENT AND NEGOTIATION, CONTRACT REDLINE AND NEGOTIATION, CTMS BUILDS, AND RESEARCH TEAM STAFFING.
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