Fair market value (FMV) is hardly a new concept in the clinical research industry, but the complexities surrounding its determination are increasingly at top of mind for both sponsors and sites. Both parties equally face the difficult task of defining fair market value for medical services completed as part of clinical studies, and benchmark databases aren’t necessarily the single source of truth. A lack of universal definition and an unclear understanding of the needs of the other party can leave both sides in a state of frustration as they attempt to manage trial negotiations. To help clear up some of the uncertainty and exasperation, this article provides some background information on fair market value and offers some tips sponsors and sites can use to make the difficult situation of determining FMV a more mutually efficient process.
With about half of a clinical trial budget made up of investigator grants, site payments are a hinge point in the relationship between CROs, sponsors and sites. As a CRO, you must devote quality attention to your payments, but a lack of in-house resources, time, and administrative expertise can leave you with an unintended reputation for poor payment processes. Luckily, this doesn’t have to be the case. Here are five reasons CROs should outsource site payments:
The success of your studies is greatly affected by your relationship with your sites, and confusing -or ineffective- payment processes are bound to reduce site satisfaction. How do you know if your current payment process (whether in-house or external) is hindering the success of your studies? Here are 12 signs that it might be time to consider a change to your current site payment strategy:
We consider sites as beneficiaries of our streamlined payment service that we provide to sponsors and CROs. Check out this post for some practical tips that sites can use to expedite their site payments.
For those who have spent any amount of time in the clinical research space, there has always been an apparent and unspoken priority to the different operational components of trial execution.