Legal Services
Professional Legal Services
Full Credential Description
Bayer, a leading pharmaceutical company, faced significant challenges in its clinical trial site management processes, particularly regarding site payment efficiency and accuracy. The company identified that complex invoicing processes and a lack of transparency in payment statuses were hindering its relationships with clinical trial sites. This inefficiency not only delayed payments but also complicated the reconciliation process for clinical sites, ultimately affecting their ability to focus on patient recruitment and research. To address these issues, Bayer partnered with Ernst & Young LLP (EY US) to implement the Automated Site Payments and Invoice Resolution (ASPIREs) program. This tailored solution aimed to streamline Bayer's clinical site invoicing and payment processes by enhancing efficiency, improving site satisfaction, and increasing transparency. The ASPIREs program focused on four key areas: reducing inefficiencies in site management, enabling timely and accurate payments, providing real-time reporting on invoicing statuses, and utilizing third-party to eliminate manual tasks. The results of the ASPIREs program were significant. Bayer achieved a remarkable reduction in the average cycle time for payments to clinical sites, dropping from 75 days to fewer than 35 days. Additionally, the company reported a 75% reduction in payment-related questions and disputes, a 55% reduction in payment processing cycle time, an 80% reduction in the number of templates required for reporting and forecasting, and a 90% reduction in monthly hours spent supporting payment processes per study. These improvements not only enhanced Bayer's operational efficiency but also strengthened its relationships with clinical trial sites, positioning the company as a preferred partner in clinical trials and allowing it to focus on delivering innovative therapies to patients.
Qualifications & Expertise
Leading international law firm with verified case studies