Global Payment Management Services
The administration of investigator grant payments on a global scale is difficult, if not impossible, without the use of integrated technologies that automate the complex calculation of grant dollars and efficiently administer payments to the sites. Many organizations continue to use manual, stand-alone spreadsheets and databases to manage grant calculations, increasing financial risk and the probability of error. Because there is no integration with the Accounts Payable department once the grant is calculated, manual processes are used to provide these data.
CFS has surmounted these challenges by developing a highly controlled and fully integrated payment-processing environment. CFS integrates the latest technologies from EMC, SAP, Salesforce.com and Microsoft with our own proprietary investigator grant calculation engine. This technology-enabled process allows us to pay investigative sites around the world both quickly and accurately via electronic funds transfer (EFT). In addition, a detailed electronic payment statement is provided to the investigative sites, essentially giving them a complete inception-to-date financial summary with every payment. Through our tactical partnership with Wells Fargo, this information can be provided to sites in their local language and currency, making CFS your one-stop shop for global payment processing services.
Key Features
- Timely and accurate electronic payments in local currency
- Detailed remittance via the Internet in local language available 24/7
- Project and portfolio dashboards that support tactical project and strategic program management, facilitate collaborative communication, and serve as an online data repository
- Flexible integration options that allow subject visit information to be captured via Web services (XML), secure FTP upload or Microsoft Excel CSV file
- Proprietary application that automates the grant calculation process and provides seamless integration with your ERP solution
- Electronic e-billing transaction and internal purchase order creation for improved financial control
- No software implementation or conversion issues
Outstanding Benefits
- Improved productivity
- Better investigator relationships
- Refined reporting
- Increased cash flow
- Enhanced business intelligence, compliance and control
- Significantly more value from your EDC investment
- A quick payback and return on investment
Meeting Compliance Requirements
Most enterprise resource planning (ERP) systems lack the functionality necessary to address federal aggregate spend requirements, reporting only at the payee level and not at the required health care professional/investigator level. Working with CFS, you receive reports that exceed all current and planned Sunshine Act requirements. Our proprietary payment management system offers robust functionality designed specifically for clinical trials—enabling you to deliver all of the required detail in an accurate and timely manner.
Outsourcing the financial management of your clinical trial to CFS ensures that all of the critical financial aspects of the clinical trial process are in compliance with current regulations and reduces financial risk by:
- Improving the effectiveness of budgeting, planning, and consolidations
- Increasing the effectiveness of regulatory compliance efforts through comprehensive auditing capabilities, deep reporting and management of internal controls
- Reducing manual data redundancy
- Improving finance/treasury reporting and analytics
- Providing accurate and timely accruals