Since PCRS has many years of experience running clinical research operations and negotiating study budgets and contracts, we are deeply knowledgeable about the activity a study will create at your site. We review your daily subject visit activity and all other completed tasks, and compare them to the study’s negotiated budget conducting a comprehensive line-by-line assessment of all study activities. We then invoice and track all revenues and payments received, and reconcile them for accuracy. Finally, at the end of each study, we reconcile all details to ensure nothing was missed and no underpayments are overlooked.
Accounts Receivable Management Service
PCRS Network, LLC Accounts Receivable Management Service ensures that sites like yours are paid on time and receive full compensation for research work completed.
How it Works
We’ve found that despite the rigor sites apply to quality and productivity around study conduct, there are a number of significant gaps in revenue and payment systems. A staggering amount of revenue goes uncollected, which considerably impacts profitability.
In response, PCRS developed its Accounts Receivables Management Service to alleviate sites like yours of the burden of managing your accounts receivables – and more importantly – to ensure that you are paid on time for all amounts you have earned.
A few of the gaps we see most frequently occur around these areas
- Assumptions that study payments are automatically generated through EDC entries
- Lack of detailed knowledge regarding revenue earned and accurate application of the payments received
- Unpaid retention or other amounts that are either overlooked or not discovered until after the study closeout and payment reconciliation deadline
- Inadequate receivables management processes
In one client project at a high-enrolling site, PCRS promptly uncovered over $219,000 in items that were not previously invoiced or identified. Additionally, PCRS completed over 30 study reconciliations for this client, revealing more than $168,000 of past due receivables. After bringing the past due amounts to the attention of the Site and the Sponsors/CROs, PCRS obtained payment for the site within days.
In many cases, PCRS has re-negotiated budgets and CTAs on behalf of the site when, in the course of our work, we determined the budget the site negotiated was inadequate, resulting in higher budgets and more favorable terms.
With more than 30 years of experience working with pharmaceutical companies, running clinical research sites, and negotiating budgets and contracts, the experts at PCRS are uniquely qualified to help ensure your site receives payment for all completed research work.
”PCRS is very good at locating revenue. They ask the right questions, they’re professional to work with and are very efficient and quick. By managing the accounts receivable process, our internal staff is free to handle other issues. I would absolutely recommend them to other sitesSite ManagerHigh-Enrolling Site