Clinical Trial Agreements (CTA’s) contain the business arrangement between Site and Sponsor. The agreements contain the business terms including: the amount the Site will receive for each visit or milestone, the advance and holdback amounts, the screen failure terms, the timing of payments, and other business terms. The agreements usually require the Sites to invoice for some onetime charges but the majority of CTA’s do not allow Sites to invoice for subject visit activity. Sponsors track the subject activity and make payments based on the receipt of EDC or information received through other internal methods. Because of cost and complexity, most Sites have not invested in systems and the processes to produce an invoice but rely on the timely and accurate payments to be made by the Sponsors. This can lead to passive, ineffective business practices that can effect areas of accounting, compliance, operations, cash flow, and overall management of the organization.

Benefits

CFS Receivable Management can provide a cost effective solution to your organization. By outsourcing this critical function to CFS your business will benefit as follows:

• Actively manage your Accounts Receivable and reduce the time between patient visit and receipt of payment to improve cash flow
• Create a controlled environment with a consistent approach for billing One Time and subject visit activity to improve cash flow
• Initial and ongoing reconciliations to ensure that your has been reimbursed for all work performed to improve cash flow
• Accurate reporting for business intelligence and financial compliance
• Eliminates recruiting and training for new hire or replacement positions
• Frees up resources to redirect to other areas of the business

How it Works

CFS uses a proven process to help your Site get—and stay —on the right track:

• A CFS Project Manager is assigned to work with your representative(s)
• CFS reviews your portfolio of active projects and jointly selects projects to be included in the program
• CFS ‘Zero Bases’ the selected studies to establish and validate the earned revenue, payments received, and outstanding accounts receivable from the beginning of the trial
• CFS converts all information into the CFS accounting system
• CFS utilizing internet technology, establishes a secure collaborative workspace where information is shared between CFS and your Site
• CFS creates and maintains subject activity logs and your site can upload information from your CTMS application or enter information via the internet
• Based on subject visit logs, CFS creates and maintains pro-forma invoices in our proprietary accounting system
• CFS performs invoicing for pass-through expenses as required (for example, IRB, pharmacy and advertising fees)
• Acting as liaison between your organization and the Sponsor, CFS performs collection and reconciliation activities
• When payments are received from Sponsors, CFS applies the payment to the appropriate study
• Through the internet, the Site is provided with online access to Clinical Trial Agreements, subject logs, collection and reconciliation data and other monthly reports