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Interspond Introduces Electronic Investigator Grant Payment Process at IIR's Partnerships with CROs Conference in Las Vegas.
Verona, WI-April 14, 2008-Today, Interspond unveiled its new electronic payment solution, RxPaying™, at IIR’s Partnerships With CROs conference in Las Vegas. This solution eliminates the current process of paying sites by cutting a paper check months after visits have occurred. The company expects their service to immediately impact the industry by paying sites in a more timely fashion, improving patient enrollment at the site level, and reducing costs for sponsors conducting clinical trials in the pharmaceutical and biotech research industries.
Kathy S. Cox, president and chief executive officer of Interspond, stated that “receiving grant payments in a timely fashion is the single most troubling event for sites in clinical research today. Paying sites electronically will improve their cash flow by significantly reducing the time it takes them to get the funds they need to continue operating and enrolling patients. Positive cash flow will lead to overall improved enrollment. That will ultimately improve the study cycle time. When we tie our service to an electronic trigger, the payment process can be automated; there will be no more need for the sites to wait 4 to 5 months for grant payments.”
Phil Billingsley, vice president of Interspond and head of new product development, also cited another benefit to sponsors in an overall reduction of costs. “It is more economical to compensate sites electronically, compared to the outdated paper process. The pharmaceutical industry tends to adapt to technological changes cautiously; however, even the federal government has adopted best practices for electronic payments with social security and food stamp benefits.”
Interspond’s new electronic payment solution also includes a service that can reimburse patients electronically for their participation in clinical trials through the use of an instant issue debit card. “We have a single goal in mind,” said Cox. “Faster payments will improve the process of conducting clinical studies for everyone involved. The sites benefit and the sponsors benefit. This is truly a win-win situation.”
Interspond ( www.interspond.com) is a Trial Management Organization (TMO) for the pharmaceutical and biotechnology industries working to identify study opportunities for sites’ participation. The company maintains a database of hundreds of qualified, experienced investigative sites capable of conducting Phase I through Phase IV studies. These sites are located throughout the country and are multi-therapeutic in nature.