 |
Return on Investment - Global Payment Management
Outsourcing with CFS is pay as you go and does not require any capital outlays; however, here are some of the benefits of Outsourcing to consider within Operations, Financial Planning and Analysis, and Treasury Departments: Tangible Cost avoidance –A sponsor’s portfolio of clinical trials varies over time. Outsourcing Grant Payment Management eliminates staffing or workforce reduction issues as the clinical trial portfolio changes. Severance, relocation, hiring, training, and retention issues along with their related costs go away. Avoiding these costs can be significant to your organization. In addition, building the infrastructure to support a ‘best in class’ platform for investigator grant payment processing requires a significant capital investment. By outsourcing this process, these costs are shared across CFS’s client base allowing you to enjoy the benefits of this platform at only a fraction of the cost. Cost Reduction - By leveraging innovative internet technologies, combined with a lower cost structure and an operations staff that is exclusively focused in this area, our Grant Payment Service delivers higher productivity and superior negotiation experience which translates to lower costs for our clients. Improved Working Capital– Many sponsors provide the funds required to make Investigator payments to CROs months before it is required to be dispersed. CFS uses a “Just in Time” funding process that significantly increases the number of days a sponsor can use the cash for other purposes. Currency Fluctuation – CFS maintains accounts in several local currencies. Sponsors that have operations outside of the U.S. have the flexibility to settle payments made ex U.S. in local currency eliminating the risk of currency fluctuation. Virtual Audit – Detailed Support for all Investigator Payment information is available on line saving cost and expense of onsite audit projects. Other Tangible Benefits include: • Electronic remittances – Paperless…. CFS uses green technology! • EFT significantly less expensive than paper check • Error rate reductions Intangible Process Improvements -Providing investigator contract and grant payment management services is all we do at CFS, so our clients benefit from our best practices, domain experts, and innovative technology. When faced with the challenges that come with trying to improve upon existing internal processes, sometimes a better option is to outsource this work as it will deliver a more substantial ROI in a much shorter period of time. Reporting You Need - CFS provides near time reporting via the Internet. Sponsors have 24 x7 access to detailed information by investigator, institution or protocol. In addition, our systems enable accurate reporting by Investigator and/or Institution for compliance reporting. Focus on Core Business – No need for your clinical teams to be bogged down with calculating investigator grant payments or for your CRA to handle site payment questions. Utilize the time saved on other high value activities that are core competencies of your clinical teams. Other Intangibles Benefits include: • Quicker access to better information • Transparency • Strong internal controls • Speed and Flexibility These are some of the benefits that can yield significant return on investment for competitive advantage and more predictable cost structure. |