This biotech originally managed the financial aspects of their insourced clinical trials through a homegrown investigator payment system (IPS) faced with limitations. The current system was not scalable; much of their payments tracking had to be done manually via spreadsheets, a time-consuming and often error-prone process, and there were multiple touchpoints the biotech had to go through before payments could be implemented, which overcomplicated the payments process. Additionally, the company outsourced some of its studies to CROs, which created an even greater challenge with managing payments since each of their CROs used their own internal processes that were manual and error-prone. Finally, their system did not provide the biotech with a historical view of payments that they could analyze in order to inform future budgeting and contract decisions. The biotech needed a new enterprise solution that would bring automation, simplicity, transparency and ease of use to their payments system for all current and future global studies.
The biotech researched several potential financial management solutions before coming to a decision. While other options were flashy on the surface, the biotech decided on ClinPay due to its core functionality and the depth of the system. ClinPay is part of a suite of products designed to automate the entire financial lifecycle of global clinical trials, including contract term translation, contract management, payments, accounting and reporting functionality.
In addition to ClinPay's functionality, accuracy, automation and simplicity, the biotech cited their confidence in the core Bioclinica team's expertise as a major factor in their decision.
Bioclinica has built a complex system integration with the biotech. To streamline the complicated processes the biotech had previously used for payments, Bioclinica was able to create a single sign-on (SSO) option for ClinPay that integrated with the biotech's current portal.
The biotech is pushing a significant amount of study data from their data warehouse through Bioclinica's API, ClinConnect, to ClinPay, which allows for greater efficiencies in study setup and data access. Bioclinica also built an interface with the biotech's External Accounts Payable (EAP) system to allow for the passage of both payment and settlement information via ClinConnect.
Additionally, the biotech requested a more simplified interface for executives who wanted a high-level overview of the data within ClinPay. Bioclinica was able to build this casual interface, which the biotech has since requested to use in other implementations as well.
While previously the biotech had CROs manage the payments for their outsourced studies, ClinPay will allow the biotech to take all of their payments back in house. Once implementation is complete, more than 30 global studies will be managed in ClinPay.
The biotech has found ClinPay's ability to show a historical view of payments, allowing for easier data analysis, to be extremely beneficial to their goals of improving efficiency in their trials. This historical view will inform how they budget and negotiate contracts in the future. Additionally, the biotech will be able to look at their entire study portfolio in one system and see reports for specific sites, which they cite as valuable. Now that the biotech has all their data in one place, they are looking to do more data analytics with ClinPay focusing on performance and costs in order to make their trials more efficient.
The biotech is planning to expand their use of Bioclinica's solutions even further to other areas of the business. With ClinPay, the biotech will be able to achieve simplicity and accuracy with their payments process as well as a better view into payments data that allows for analyses to inform future financial planning.