Trends in Sponsor-of-Choice Initiatives: Consolidating Site Payments in a Multiple CRO Model</a></em>. </p> <p> <strong>BMS: Transitioning from Six Payment Systems to One Improved Our Business </strong></p> <p> BMS sponsors clinical trials across the globe, but their previous site payments model was segmented according to geography, CRO, or acquisition. Working with six separate systems created an unnecessary workload and made it more difficult to compensate their investigators on time. When BMS turned to IQVIA Clinical Trial Payments (CTP) to consolidate its system, its relationship with sites improved. </p> <p> &ldquo;Consolidating our payments system through IQVIA CTP puts us at the forefront of the industry because while economic conditions and business conditions change, a unified system gives us the capacity to pivot on the fly, expanding our global reach,&rdquo; Kourtsounis explained. </p> <p> Kourtsounis also stated that moving to a single payments model gives BMS consistency and speeds up their negotiation process with sites and investigators. Sites are often resource-strapped due to inflation and staffing shortages, and they rely on timely sponsor payments to continue to run their business &mdash; delays may cause sites to stop enrolling patients or deprioritize a trial. Consolidation has enabled BMS to negotiate more master service agreements and rate cards, accelerating contracting, site activation, and enrollment. </p> <p> Inside their organizations, sponsors working with numerous sites and contract research organizations (CROs) need transparent, standardized information to set budgets and manage payments. Outsourcing their payments to IQVIA CTP creates a single source of truth that allows BMS to forecast more accurately, improve cash flow management, and streamline compliance. </p> <p> &ldquo;Everyone in the industry is focused on speed and quality, and exceptions are the enemy of efficiency,&rdquo; Kourtsounis explained. &ldquo;When we look at the surveys we get from sites, we see that late payments, managing multiple systems, and resource constraints are at the top of the list of their concerns. By standardizing your site payments, you're improving all three issues.&rdquo; </p> <p> &ldquo;Moving payments to IQVIA CTP has increased transparency and reduced our resource burden. Changing systems is a complex process, but IQVIA CTP has been a great partner in helping us improve our business model and become a sponsor-of-choice for sites.&rdquo; </p> <p> <strong>CenExel Clinical Research: Consolidating Payments Is Music to Our Ears </strong></p> <p> Orvin confirmed that BMS was one of the first companies to react to the pandemic to improve site payments and create better site financial stability. He stated that two-thirds of sites have less than three months of operating cash, so timely installments are critical to running their business. Orvin is working with an SCRS team to create guidelines that sponsors can follow to improve their site relationships. </p> <p> &ldquo;Our initiative involves asking sponsors to eliminate withholding and commit to 30-day terms,&rdquo; Orvin explained. </p> <p> Sponsors wishing to establish trust with sites must prioritize transparency and communication. They should also help sites source materials and staff, reducing bottlenecks. The study-building process is accelerated when sponsors and sites share goals and pipelines. </p> <p> He also indicated that sites are most often conducting several studies per sponsor. The workload is amplified if each sponsor uses multiple payment systems and processes, and confusion frequently occurs at the site. However, when a sponsor standardizes its payments process instead of using a different one for each CRO, it eases the site burden and allows them to conduct trials more efficiently. </p> <p> &ldquo;We want sponsors to work with sites to be part of the solution,&rdquo; Orvin stated. &ldquo;When sponsors like BMS consolidate their payments systems, they establish trust, and we want to collaborate with them on future studies.&rdquo; </p>" /> Trends in Sponsor-of-Choice Initiatives: Consolidating Site Payments in a Multiple CRO Model</a></em>. </p> <p> <strong>BMS: Transitioning from Six Payment Systems to One Improved Our Business </strong></p> <p> BMS sponsors clinical trials across the globe, but their previous site payments model was segmented according to geography, CRO, or acquisition. Working with six separate systems created an unnecessary workload and made it more difficult to compensate their investigators on time. When BMS turned to IQVIA Clinical Trial Payments (CTP) to consolidate its system, its relationship with sites improved. </p> <p> &ldquo;Consolidating our payments system through IQVIA CTP puts us at the forefront of the industry because while economic conditions and business conditions change, a unified system gives us the capacity to pivot on the fly, expanding our global reach,&rdquo; Kourtsounis explained. </p> <p> Kourtsounis also stated that moving to a single payments model gives BMS consistency and speeds up their negotiation process with sites and investigators. Sites are often resource-strapped due to inflation and staffing shortages, and they rely on timely sponsor payments to continue to run their business &mdash; delays may cause sites to stop enrolling patients or deprioritize a trial. Consolidation has enabled BMS to negotiate more master service agreements and rate cards, accelerating contracting, site activation, and enrollment. </p> <p> Inside their organizations, sponsors working with numerous sites and contract research organizations (CROs) need transparent, standardized information to set budgets and manage payments. Outsourcing their payments to IQVIA CTP creates a single source of truth that allows BMS to forecast more accurately, improve cash flow management, and streamline compliance. </p> <p> &ldquo;Everyone in the industry is focused on speed and quality, and exceptions are the enemy of efficiency,&rdquo; Kourtsounis explained. &ldquo;When we look at the surveys we get from sites, we see that late payments, managing multiple systems, and resource constraints are at the top of the list of their concerns. By standardizing your site payments, you're improving all three issues.&rdquo; </p> <p> &ldquo;Moving payments to IQVIA CTP has increased transparency and reduced our resource burden. Changing systems is a complex process, but IQVIA CTP has been a great partner in helping us improve our business model and become a sponsor-of-choice for sites.&rdquo; </p> <p> <strong>CenExel Clinical Research: Consolidating Payments Is Music to Our Ears </strong></p> <p> Orvin confirmed that BMS was one of the first companies to react to the pandemic to improve site payments and create better site financial stability. He stated that two-thirds of sites have less than three months of operating cash, so timely installments are critical to running their business. Orvin is working with an SCRS team to create guidelines that sponsors can follow to improve their site relationships. </p> <p> &ldquo;Our initiative involves asking sponsors to eliminate withholding and commit to 30-day terms,&rdquo; Orvin explained. </p> <p> Sponsors wishing to establish trust with sites must prioritize transparency and communication. They should also help sites source materials and staff, reducing bottlenecks. The study-building process is accelerated when sponsors and sites share goals and pipelines. </p> <p> He also indicated that sites are most often conducting several studies per sponsor. The workload is amplified if each sponsor uses multiple payment systems and processes, and confusion frequently occurs at the site. However, when a sponsor standardizes its payments process instead of using a different one for each CRO, it eases the site burden and allows them to conduct trials more efficiently. </p> <p> &ldquo;We want sponsors to work with sites to be part of the solution,&rdquo; Orvin stated. &ldquo;When sponsors like BMS consolidate their payments systems, they establish trust, and we want to collaborate with them on future studies.&rdquo; </p>" />
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Blog
The Impact of Clinical Trial Payments on Site-Sponsor Relationships
Jim DiCesare, Sr. Director, Study Operations IQVIA Clinical Trial Payments
Aug 01, 2023
  • Blogs
  • The Impact of Clinical Trial Payments on Site-Sponsor Relationships

The sponsor-site relationship relies on good faith, but late payments sow mistrust. Sponsors that consolidate their payment systems in an enterprise strategy, rather than a trial-by-trial approach that varies by contract research organization (CRO) or study, improve their workflow and relationship with sites.

Recently, I had the opportunity to speak with George Kourtsounis, Senior Director for Clinical Trial Contracts and Grants at Bristol Myers Squibb (BMS), and Casey Orvin, Chief Commercial Officer at CenExel Clinical Research and former President of the Society for Clinical Research Sites, about how payment systems affect sponsor-site relationships. Our conversation was captured in the recorded webinar, Trends in Sponsor-of-Choice Initiatives: Consolidating Site Payments in a Multiple CRO Model.

BMS: Transitioning from Six Payment Systems to One Improved Our Business

BMS sponsors clinical trials across the globe, but their previous site payments model was segmented according to geography, CRO, or acquisition. Working with six separate systems created an unnecessary workload and made it more difficult to compensate their investigators on time. When BMS turned to IQVIA Clinical Trial Payments (CTP) to consolidate its system, its relationship with sites improved.

“Consolidating our payments system through IQVIA CTP puts us at the forefront of the industry because while economic conditions and business conditions change, a unified system gives us the capacity to pivot on the fly, expanding our global reach,” Kourtsounis explained.

Kourtsounis also stated that moving to a single payments model gives BMS consistency and speeds up their negotiation process with sites and investigators. Sites are often resource-strapped due to inflation and staffing shortages, and they rely on timely sponsor payments to continue to run their business — delays may cause sites to stop enrolling patients or deprioritize a trial. Consolidation has enabled BMS to negotiate more master service agreements and rate cards, accelerating contracting, site activation, and enrollment.

Inside their organizations, sponsors working with numerous sites and contract research organizations (CROs) need transparent, standardized information to set budgets and manage payments. Outsourcing their payments to IQVIA CTP creates a single source of truth that allows BMS to forecast more accurately, improve cash flow management, and streamline compliance.

“Everyone in the industry is focused on speed and quality, and exceptions are the enemy of efficiency,” Kourtsounis explained. “When we look at the surveys we get from sites, we see that late payments, managing multiple systems, and resource constraints are at the top of the list of their concerns. By standardizing your site payments, you're improving all three issues.”

“Moving payments to IQVIA CTP has increased transparency and reduced our resource burden. Changing systems is a complex process, but IQVIA CTP has been a great partner in helping us improve our business model and become a sponsor-of-choice for sites.”

CenExel Clinical Research: Consolidating Payments Is Music to Our Ears

Orvin confirmed that BMS was one of the first companies to react to the pandemic to improve site payments and create better site financial stability. He stated that two-thirds of sites have less than three months of operating cash, so timely installments are critical to running their business. Orvin is working with an SCRS team to create guidelines that sponsors can follow to improve their site relationships.

“Our initiative involves asking sponsors to eliminate withholding and commit to 30-day terms,” Orvin explained.

Sponsors wishing to establish trust with sites must prioritize transparency and communication. They should also help sites source materials and staff, reducing bottlenecks. The study-building process is accelerated when sponsors and sites share goals and pipelines.

He also indicated that sites are most often conducting several studies per sponsor. The workload is amplified if each sponsor uses multiple payment systems and processes, and confusion frequently occurs at the site. However, when a sponsor standardizes its payments process instead of using a different one for each CRO, it eases the site burden and allows them to conduct trials more efficiently.

“We want sponsors to work with sites to be part of the solution,” Orvin stated. “When sponsors like BMS consolidate their payments systems, they establish trust, and we want to collaborate with them on future studies.”

Learn More

Fact Sheet
IQVIA Forecasting
Blog
Enhancing Participant Payments: A New Approach with IQVIA’s Participant Payments Solution
By: Shaun Williams
Blog
Questions and Answers about Bristol Myers Squibb’s Consolidated Site Payments Strategy
By: Jim DiCesare, George Kourtsounis JD, Casey Orvin
Webinar
Trends in Sponsor-of-Choice Initiatives: Consolidating Site Payments in a Multiple CRO Model
Webinar
Navigating Complexities in Global Payment Operations
White Paper
The Secret Sauce in Successful Clinical Trial Payments Programs.
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