RxTrials Communiqué - A Blog About Clinical Research

Tracking Sponsor Payments During Clinical Research: Is it Difficult for You?

RxTrials welcomes Michael Bonavilla & Tara Kerpelman with Bio-Optronics, as guest bloggers who wrote the below post.

One of the biggest challenges that arise for doctors at clinical research sites is tracking the finances involved in the research itself. Very often payments that come from many different places and for several different projects are paid out at different times.

And it can get confusing to keep track of just how much money from various contracts is coming in.

Sponsor payments are one of the most important sources of funding for clinical research. Crucial to the continuation of long-term research, it can often be difficult to see which sponsors still owe during the course of the project.

Some products such as spreadsheets can be time-consuming, frustrating and error-prone due to the tiring manual entry of information.

With a research-based software tool, it is a lot easier to track sponsor payments, so much so that you are even able to figure out (and most importantly --- RECOVER) otherwise lost or missing funds. There are many examples of sponsors being even up to 120 days behind on their payments and it can be a mess.

These systems that are built especially for clinical research sites even give you the option to monitor different methods of payments and accounting, and automated finance tracking by first entering all of the contract terms and it can be both a time and money-saving investment.

But even with such helpful products around, there is always a need to improve the overall tracking of research. What do YOU find most challenging when it comes to sponsor payment tracking? What products have YOU used and which would you recommend?

This guest blog contributed by: 

Bio-Optronics, Inc. develops, deploys and operates software products and custom information technology solutions to help healthcare professionals manage and optimize workflow, thus enhancing quality, productivity, and patient and staff satisfaction.

For 25 years, Bio-Optronics has demonstrated leadership in innovation, expertise in workflow and integration and a singular approach to unparalleled customer service.

Bio-Optronics, (877) 279-8377, http://www.bio-optronics.com; Maria Durkin, VP, Director Marketing and Operations, mdurkin@bio-optronics.com

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