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Company News Release
CFS Clinical (CFS) achieved a significant milestone of $700 Million in site payments issued – a number that continues to grow as pharma drives to accelerate trials and comply with the latest Sunshine Act legislation. Since its inception, CFS has been perfecting its first-to-market solutions to solve the number one issue among doctors participating in clinical research – getting paid timely to improve cash flow. Not only do better payment processes promote research for new medicines, but also the Centers for Medicare & Medicaid Services (CMS) Sunshine Act, now known as “Open Payments,” is mandating transparency with a national program for these payments. While the Open Payments program has created significant challenges for the industry, it is also disrupting antiquated payment processes and forcing the adoption of better practices for keeping clinical trials a viable business model for physicians.
CFS’s methodology to this complex payment process entails a highly controlled and fully integrated global payment environment, which improves pharmaceutical sponsor compliance with the U.S. Federal Open Payments, state, and growing global aggregate spend reporting requirements. Moreover, the process drives physician’s satisfaction and ability to participate in research, which is critical to bring new drugs to market. As the market leader, CFS is also the only company in its space with a SSAE16 SOC 1 Type II report for its investigator site payment processing environment.
“Reaching this milestone of nearly three quarters of a billion dollars in investigative site payments is exciting for us, but we’ve only just begun,” comments Greg Seminack, President and Managing Partner of CFS Clinical. “The advent of the TransCelerate initiative is proof of the industry’s desire to drive positive disruptive change, and CFS is well positioned with a core competence in transforming the business and financial management of trials.”
The team of CFS experts leverages its technology platform, CFS Payment InSite™, to issue payments electronically to sites on behalf of pharmaceutical sponsors around the world, efficiently and accurately. In addition, CFS supports its clients by navigating the global tax complexities and contractual considerations inherent in the process – an essential service when dealing with the 40+ countries in CFS’s current portfolio.