The success of clinical trials depends on an adequate supply of experienced clinical site investigators. However, the pool of qualified investigators has been shrinking in recent years and a growing proportion of “one-and-done” investigators stop leading clinical trials after one trial. Nearly one-third (30%) of all sites engaged in research currently are first timers. The loss of experienced investigators could threaten the quality and efficiency of clinical trial execution.
Even so, it’s understandable. The manual processes and administrative burdens on investigators and their staff are not always worth the additional effort or payment, plus it steals time away from patients. More than 4,000 sites responding to CenterWatch’s 2019 Global Site Relationship Survey rated sponsors and CROs on 40 factors and found the biggest problem areas were contracting and budgeting. In another survey, 70% of sites expressed a negative view of the payment process’s effectiveness. In addition the primary causes of departure for principal investigators include the time to initiate and implement a trial (63%), and general dissatisfaction with finance-related issues (46%).
Introducing Veeva Vault Payments – a new cloud solution that automates payment processing to not only improve efficiency for sponsors and CROs but also for sites. Vault Payments (see news below) is seamlessly integrated with the Clinical Trial Master System for faster, easier processing of payment reimbursement to sites – reducing the burden on investigator sites and encouraging repeat principal investigators while reducing inefficiency for sponsors/CROs. Ultimately, Veeva’s innovation speeds and enhances trial execution.
FOR IMMEDIATE RELEASE
Veeva Introduces New Application to Speed Payments to Clinical Research Sites
Vault Payments enables sponsors and CROs to automatically create, track, and report payments
in Vault CTMS for greater accuracy and visibility
PLEASANTON, CA — Jan. 8, 2020 — Veeva Systems (NYSE:VEEV) today introduced Veeva Vault Payments, a new add-on application for Veeva Vault CTMS that manages the payment and reimbursement process to clinical research sites. Vault Payments automates payment tracking and provides complete financial visibility across study partners. Now sponsors and CROs can speed payments to sites and provide full transparency into payment status and schedules, all within their Vault CTMS workflow. Vault Payments is now available and three early adopter customers already have implementations underway.
“The complexity and global nature of clinical trials have made site payments increasingly difficult,” said Henry Galio, senior director for Veeva Vault CTMS. “Veeva Vault Payments automates the payment process so sponsors and CROs can pay sites accurately and on-time.”
Manual processes and fragmented systems often delay payments, leading to high dissatisfaction among clinical research sites. With Vault Payments, sponsors and CROs can automatically match clinical activities with a site’s fee schedule to pay sites faster with greater visibility and accuracy.
Vault Payments leverages study information such as patient visits, procedures, and milestones in Vault CTMS to create payable items and payment requests for a specific study or site. Customers have the flexibility to configure fee templates and schedules, make adjustments on-the-fly, and generate payments for multiple sites in every country, all at once.
Seamless integration with Vault CTMS enables sponsors and CROs to streamline and automate payment processes within their existing trial management activities and workflow to ensure sites get paid on-time. Real-time reports also give sites a complete view of all upcoming payments.
Vault Payments is part of the Veeva Vault Clinical Suite, the industry’s first and only suite of unified clinical operations applications for CTMS, eTMF, study start-up, and payments on a single cloud platform. Vault Clinical Suite enables companies to eliminate system silos, streamline end-to-end trial processes, and improve collaboration across sponsors, CROs, and clinical research sites. For more information, visit veeva.com/Clinical.
In other news today, Veeva announced the availability of Veeva SiteVault Free, a free eRegulatory solution built specifically for clinical research sites that is 21 CFR Part 11 and HIPAA-compliant. Read the Veeva SiteVault Free press release to learn more.
See how Vault Payments enables faster, more accurate payments to clinical research sites by watching an online demo at veeva.com/PaymentsDemo.
For more on Veeva Vault Payments, visit: veeva.com/Payments
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About Veeva Systems
Veeva Systems Inc. is the leader in cloud-based software for the global life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 800 customers, ranging from the world’s largest pharmaceutical companies to emerging biotechs. Veeva is headquartered in the San Francisco Bay Area, with offices throughout North America, Europe, Asia, and Latin America. For more information, visit veeva.com.
This release contains forward-looking statements, including the market demand for and acceptance of Veeva’s products and services, the results from use of Veeva’s products and services, and general business conditions, particularly in the life sciences industry. Any forward-looking statements contained in this press release are based upon Veeva’s historical performance and its current plans, estimates, and expectations, and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent Veeva’s expectations as of the date of this press announcement. Subsequent events may cause these expectations to change, and Veeva disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially. Additional risks and uncertainties that could affect Veeva’s financial results are included under the captions, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in the company’s filing on Form 10-Q for the period ended October 31, 2019. This is available on the company’s website at veeva.com under the Investors section and on the SEC’s website at sec.gov. Further information on potential risks that could affect actual results will be included in other filings Veeva makes with the SEC from time to time.