Which is the number one reason that stops sites from finishing a clinical trial? (infographic)
There is one reliable way to minimize the complexity of the financial status of clinical trials and it is better management with appropriate tools. If you haven’t adopted a clinical trial management system (CTMS) yet, then you might be experiencing certain hindrances in your payment relationships. Chiefly, complicated payments in clinical trials are the result of hitherto prevailing usage of manual systems to manage payments.
Bringing about additional complexity are the difficulties that CROs face when gathering information from multiple data sources (sites, vendors, and institutions), checking manually different schedules, spreadsheets and reports, and eventually patching together the entire data needed to make payments correctly. It is not a surprise then that delays are often experienced and they usually lead to dissatisfaction for both sides.
It has been estimated that only 65 per cent of the sites that initiate clinical trials officially end them. And the number one reason for this is the discontentment with the payment process. On the other hand, the successful sites become overloaded with clinical trials, making the entire process ineffective in terms of time and money.
The solution to all this is the implementation of a single centralized management system, like CTMS. The software can manage all payment processes, compute and automate the entire financial lifecycle, make needed forecasting, as well as convert currencies and take taxes in mind, and eventually do the accurate payment. Even more, this happens in real time because of the online access of actual data.
More benefits concluding from here include making informed decisions and quick responses to site’s performance, managing sites with transparency and on time. Happy sites deliver better and faster results, improving trial execution and protecting your interests.
Clinicubes is a clinical trial management system that can help you simplify the processes behind the studies you conduct. It delivers transparency to all operations and makes payments functionally satisfying for everyone included in the process. The implementation of a good CTMS can not only save you a lot of the operational costs, but also reduce the workload and attract new sites that complete studies on time. Check out the Infographic below to get more insight.
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You can find a PDF version of this article here: Manual Payments vs Payments via CTMS
You can download the PDF version of the infographic here: Manual Payments vs Payments via CTMS Infographic