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Company News Release
Greenphire today announced the launch of a strategic integration of Greenphire’s eClinicalGPS, the leading global investigator payment technology, with IMS Health’s GrantPlan, the leading benchmarking and contracting tool for global clinical site grants.
Together, the two technologies will enable the companies’ clients to access valuable analytics that have previously not been available or near impossible to aggregate. Clients will be able to compare benchmarked data against both actual contracted amounts and actual expenses incurred, and precisely evaluate the performance of third parties responsible for negotiating contracts. Clients will also be able to proactively identify and mitigate unplanned expenses throughout a specific study and to better anticipate actual budget variance in future trials.
The product integration will also allow for a quick and easy transition from the planning and contracting phase of a clinical trial to the trial's execution by automating data-sharing throughout the clinical financial lifecycle. For site contracting processes, data will seamlessly flow in a closed loop from the benchmarking and planning phase, to the contracting and negotiation phase, through to the execution of payments to sites and payment data aggregation for the purposes of Sunshine Act and other required reporting.
Linda Drumright, General Manager of Clinical Trial Optimization Solutions at IMS Health, said, "This collaboration with Greenphire will build an integration between two of the industry's leading clinical financial technologies, enabling sponsors to gain further control over the costs associated with clinical trials, from budgeting and planning to payment execution, and to automatically access the information they need to keep their trials on track and remain compliant with global regulations."
"We are very excited to launch this integration with IMS Health's GrantPlan to drive additional value for our respective clients," said Greenphire Founder & CEO Sam Whitaker, "Our combined technologies will provide clinical trial managers with the tools they need to stay informed about how actual study expenses are lining up with budgets, in real-time, and accurately project future expenses against budgets. We are striving to not only further automate the contracting, negotiation and payment management environment, but also equip our clients with the data needed to make informed decisions that will enable them to course-correct and take action in the present to control costs at future points in time."
IMS Health's GrantPlan is the industry's leading benchmarking tool for current global clinical grant costs. It is the world';s largest database of such costs, containing extensive cost data at the cost per procedure, cost per visit, and cost per patient levels from around the world, including emerging countries.IMS Health's GrantPlan is the most recognized product representing current fair market value for investigator grant costs and is the world's first 100% web-based online benchmarking and negotiation tool for international clinical grants.
Greenphire's eClinicalGPS facilitates accurate payment calculation, manages complex payment approval processes, and automates payment execution in local currencies from sponsors and CROs to all investigators, sites and other vendors involved in a clinical trial on a global basis. Using an intelligent web-based clinical payment platform, the eClinicalGPS dramatically reduces the time and resources needed to calculate, approve and deliver site payments in local currency and produce complex reports, including aggregated reports needed to make disclosures required by the Sunshine Act and other global transparency laws. The eClinicalGPS turns a historically manual and tactical task‐driven administrative process into an automated process that provides strategic value to Greenphire's clients.