Raleigh, NC (PRWEB) October 23, 2013
Clinverse, Inc., provider of the first end-to-end, cloud-based financial lifecycle system for automating global clinical payments, announced today that Naurex Inc. has implemented ClinPay® to automate investigator payments for a current Phase II trial.
Naurex, a clinical-stage company developing treatments to address unmet needs in psychiatry and neurology, implemented ClinPay for a Phase II trial of its investigational antidepressant agent, GLYX-13. The trial is expected to enroll subjects at up to 25 sites across the US.
Naurex’s VP of Finance, Jim Schulz, was focused on finding an automated payment solution that would allow the biotech company to have complete control over its financials, including payments, invoicing, and cash management. According to Schulz, “As a smaller company, having a system in place that allows us real-time visibility into our financial outlook is an important time and resource saver, and in turn gives us a higher level of confidence as we move forward in our trial.”
In addition, drug development teams at companies such as Naurex require solutions that can efficiently address several other key financial management issues:
1. Ability to generate benchmark data for financial trending and forecasting for future trials – predicting how much and when the company will be spending cash in future studies.
2. Level of control over financial data that leads to significant time saving and resource efficiencies.
3. Ability to ensure timely and accurate payments to sites, which result in better performing, higher enrolling, and more satisfied sites.
ClinPay’s open application programming interface (API) provides seamless integration with existing external systems, such as the EDC system used by Naurex and other biomedical firms. When data is captured in the EDC system, those clinical activities are matched to relevant contract terms in ClinPay, triggering payment transactions, which can be reviewed online and then automatically routed for payment. Clients also rely on reports directly from ClinPay to help complete month-end accounting. ClinPay’s fully validated accounting system also provides automated GAAP standards and compliance, automated contract amendments, and full audit trail capabilities.
“In the past, our old system required an 8-10 hour manual process on a monthly basis to reconcile payments,” noted Schulz. “With ClinPay, at the simple push of a button, a report is generated which shows how much we owe each site. What used to be a cumbersome process has been streamlined to a 5-minute process, providing us with definitive results that show our real-time, true liabilities.”
ClinPay’s patent-pending contract meta language (CML) converts contracted payment terms, regardless of complexity, into actionable items triggered by clinical activity, without further programming required. With these capabilities, sponsors can expect to reduce costs and manual efforts required to pay sites and other vendors by as much as 30-40% or more.
“The ability to pay our sites accurately and more frequently, even when managing very complex payment terms and guidelines, has changed our site relationships for the better,” said Kamran Alam, Director of Finance at Naurex.
Based on the success of the ClinPay implementation with the current Phase II trial, Naurex plans to use ClinPay in an upcoming Phase III trial.
About Clinverse, Inc.
Clinverse, Inc. offers the industry’s first end-to-end, cloud-based financial lifecycle system for automating clinical payments globally. Used by leading BioPharma companies, our clients benefit from reduced costs through automated financial processing and unprecedented transparency and workflow. Powered by our highly secure technology platform, our solution manages millions of global financial transactions in 140 different currencies. For more information, please visit http://www.clinverse.com.