Debbie Taylor, CEOHaspoa Horizon makes it easier for trial site managers to monitor cash flow and revenue in real time. An all-in-one, easy-to-use app, Haspoa Horizon was developed with industry experts to effectively streamline life science business processes.
Contracts between clinical research organizations, drug development companies, medical device developers, and trial sites have become increasingly complex. For every patient visit, hospitals are entitled to compensation. In addition, site managers have to submit specific invoices for other expenses. Some payments are withheld until the end of the trial, making it even more challenging to track and receive all the money the trials have earned.
As back office and administrative tasks rapidly move online, CROs and pharmaceutical companies increasingly use software to track their study site-related payments. This accelerates the need for study sites to be prepared and aware of every step of the trial's progress. If site administrators are less proficient with technology than clinical research organizations and study sponsors, their site risks losing substantial money.
Calculating the money owed to study sites depends on various factors. While some costs are based on the number of patient visits, others rely on what happens during the patient visit. In addition, some invoices are submitted automatically through an electronic system, and some must be emailed. Even when study sites receive payment, getting it to the doctors and centers that have earned the funds is difficult.
Haspoa Horizon provides a user-friendly and secure web-based system to streamline these financial management procedures, giving hospital and medical center staff complete control over who can access them and what information can be shared.
"Our system tracks expenses, invoices, as well as forecasted and paid revenue so users can see what they've earned and received to date," says Debbie Taylor, CEO of Cloudbase Services, the company that created Haspoa Horizon.
The Haspoa Horizon system offers users three quantitative benefits: increasing their revenue, lowering personnel costs, and discovering unrecognized revenue.
In one instance, a medical center using Haspoa Horizon increased their income from clinical trials by 20 percent annually. A different hospital using Haspoa Horizon reduced their operations headcount by 33 percent, freeing one out of three employees to work on critical tasks other than invoice processing. CloudBase Services, the company that created and supports Haspoa Horizon, also helped a large oncology research institution find $10 million in missing revenues within one year.
Using Haspoa Horizon saves medical centers time and money. Before using Haspoa Horizon, a hospital finance staff used to:
• Contact each study coordinator monthly to determine the expenses incurred for each study.
• Finance department staff also needed to call hospital departments (like radiology) to determine the costs the care facility had incurred in caring for patients.
Our system tracks expenses, invoices, as well as forecasted and paid revenue so users can see what they've earned and received to date in real-time
• Type all of that information into .pdf forms and submit those to the CRO running the trial.
Haspoa Horizon flipped this script by allowing the medical center to generate accurate invoices in minutes using its secure, cloud-based information storage.
CloudBase Services licenses and supports Haspoa Horizon. At the heart of these successes is CloudBase Services' team of seasoned professionals with deep clinical trial experience working across hospitals and healthcare systems. The team comprises business and finance experts who understand the back-office processes for billing, along with collecting and receiving revenue. In addition, CloudBase Services has technologists who consistently update and maintain this easy-to-use software. These competencies uniquely position it to help hospitals and other care institutions that act as study sites to ensure they always receive the funds they earn.
CloudBase Services continues to emerge as a prominent player in the clinical trial management space, offering a user-friendly, time-saving, customizable, integrated, and secure financial management system to help trial sites improve their cash flow and revenue.
