Site Services

PharmaSeek has developed a number of financial service offerings for research facilities, both members and non-members, of PharmaSeek’s Investigative Site Network. These services include Receivables Management, Receivables Factoring / Short-term Study Financing, and Budget Negotiation.

Receivables Management

A recent ACRP White Paper stated that “providing/receiving grant payment is the single most inefficient activity in study conduct.” As a result of this dilemma, research facilities are opting to outsource the Accounts Receivable portion of the financial equation, allowing them more time to focus on the clinical elements of their business. PharmaSeek’s Receivables Management Program provides a cost effective solution for sites wanting to outsource the tracking of grant payments. Benefits include a reduction in receivable days, capture of all revenues earned, improved cash flow, and accurate financial reporting.

Research facilities choosing PharmaSeek’s Receivables Management solution are assigned a dedicated PharmaSeek Financial Manager who will work to understand each facility’s unique business operations. As an integral part of the Receivables Management Program, the Financial Manager will develop a customized set of reports which will clearly communicate the site’s financial position at any given point of time. Once this framework is defined, the Financial Manager serves as an advocate for the site, contacting the sponsor on the site’s behalf, ensuring timely and accurate payment of monies owed for clinical trial activity.

Receivables Factoring / Short-term Study Financing

The continued escalation in Accounts Receivable aging from increased delays in receiving payments has put a significant cash flow strain on research sites. The lack of available funds can hinder a site’s growth prospects, and in extreme cases lead to bankruptcy. For many sites, study financing is not available from traditional financial institutions that have a poor understanding of the clinical research industry. To address these issues, PharmaSeek has developed a range of Receivables Factoring options to provide cash when needed. Whether you chose to finance all your receivables or are seeking a short term bridge for periodic cash shortfalls, PharmaSeek can tailor a financing solution to meet your needs.

Budget Negotiation

Inadequate study grants are often cited as the leading reason why investigators stop practicing research. This problem has been further exasperated by the recent pullback in domestic research activity, leading many underutilized sites to accept lower budgets.

Whether new to research or a seasoned professional, PharmaSeek can help secure fair compensation for your research efforts. Our seasoned professionals will negotiate on your behalf to obtain the budget you deserve, at the same time provide training on helpful techniques that can be used to maximize study grant amounts.