Author: Richie McCann, Global Vice President of Site Payments and Data Analytics, Suvoda
Snapshot:
- Sponsors can face extended negotiation with sites: Sites and sponsors can spend 100+ days negotiating oncology study budgets.
- Real-world data on site costs transforms financial planning: Billions in actual site payment transactions provide reliable fair market value (FMV) benchmarks for site costs.
- Faster budgeting means faster trial startup and faster care for patients: Greenphire Clinical Finance suite combines proven site payments with contemporary FMV data on site costs, smoothing trials for sites and ultimately patients.
I joined the clinical trial technology field from a different industry where everything revolved around data-driven consumer experiences. The transition opened my eyes to something that surprised me: large consumer brands like Nike or Adidas create seamless journeys for their customers, but patients volunteering for important clinical trials, often fighting for their lives, can get stuck in outdated, inefficient processes.
What struck me most was how the industry approached financial planning. Where I worked previously, we had access to real-time data on everything from customer behavior and market trends to pricing optimization. All of which meant we could make intelligent decisions quickly and bring products to market faster.
But in clinical research, I saw something troubling about how sites and sponsors have historically approached budget negotiations. During my early clinical trial industry events, I heard study sites describe their data as a “graveyard”: outdated, unreliable information passed down through informal networks. Sponsors would obtain their data on clinical trial site costs from Google searches or colleagues. The process reminded me of making financial decisions based on guesswork rather than evidence.
The real cost of guesswork
The financial planning challenges I observed in clinical trials have serious consequences for patients and the industry. Sites spend an average of 100+ days negotiating budgets for studies.1 Forty percent of sites declined initial contracts during negotiation.2 Meanwhile, 79% of sites say they don't have enough money to run sustainable businesses.3
During a recent webinar, Holli Anderson, Director Clinical Trials Business Office for Moffitt Cancer Center, shared something that stayed with me: “We've had patients waiting for this trial and because of these barriers, they cannot wait any longer and they have to go to standard of care treatment.” When budget negotiations drag on for months, patients who could benefit from experimental therapies are limited to previously approved therapies that in many cases have not worked for them.
I've seen this firsthand in bid defense meetings where negotiation teams, after pulling up our contemporary data (real site costs from the last three months), cut their negotiation time in half. Multiply that across hundreds of trials, and you're talking about significant time returned to focus on patients.
Discovering a data goldmine
When I started this role, I was excited about supporting sites and sponsors with a comprehensive financial solution for site payments, but what really grabbed my attention was the data treasure sitting beneath our platform. We process billions of dollars in site payments globally. Every transaction represents real-world evidence of what clinical procedures actually cost, not theoretical estimates or outdated benchmarks.
We weren't just a clinical trial payments and travel company anymore—we were becoming a data company. We could aggregate this information and make it available to the industry to eliminate the guesswork causing those start-up delays.
Importantly, these data are global. Suvoda brings deep knowledge about how financial transactions are handled in countries around the world. Take Macedonia and Greece as examples. A sponsor recently discovered that in these countries, sites must issue invoices, get paid first, then receive payment confirmation—a workflow that’s different from most other regions. We already know these nuances because we execute payments there regularly. Global tax requirements, banking regulations, and payment workflows vary widely, and getting them wrong can derail a trial.
Introducing integrated clinical finance
The Greenphire Clinical Finance suite combines our proven Site Payments product with our Budgeting & Benchmarking solution powered by contemporary FMV data on site payments.
Our dataset updates quarterly with real transaction data from 70+ countries, 100+ sponsors, 30+ CROs, and 30,000+ unique payees. We've layered the Current Procedural Terminology (CPT) code library with 250+ proprietary research codes covering standard procedures, admin fees, and often-hidden costs.
The impact of FMV data on site costs isn’t limited to faster negotiations. “It creates autonomy for team members and budget negotiators,” Holli explained. “They don't have to escalate to management because they have the information and knowledge they need to make decisions right away.”
Why financial operations matter for patients
People often view site payments and budgeting as back-office functions separate from patient experience. I see them as foundational. Without accurate forecasting, proper benchmarking, and timely site payments, other aspects of the trial can suffer.
When sites aren't paid on time, they can't train people properly or upskill their teams. The clinicians and nurses caring for patients can become frustrated and disengaged. Patient experience and retention can be directly impacted when we miss these core financial ingredients.
Holli shared an excellent example of how prolonged budget negotiations affect trial teams, “When you're running in circles or you're getting nowhere and [budgeting discussions] continue on for weeks, it's very discouraging. It's very stressful, and it can impact team member morale.”
When site personnel feel supported and valued, they are free to bring more focus to patient care. I feel that strong financial practices not only strengthen site operations but also create a more positive experience for the patients at the heart of every trial.
Building toward complete patient journeys
The merger with Suvoda creates an opportunity I find genuinely exciting—developing a complete platform to streamline clinical trial financial management, improve financial predictability, and strengthen site relationships. Our unified approach means sponsors can build reliable budgets, execute global site payments, and track performance against forecasts throughout the trial lifecycle. We're creating a single workflow from financial planning through payment execution.
At a practical level, we're helping sponsors make strategic decisions about resource allocation. For example, why pay significantly more at one institution if you're getting better enrollment at another? Those savings can fund additional patient retention programs or expand access to underserved populations.
Improve patient access through financial innovation
Every negotiation cycle we shorten gives time back to patients who need it most. Every dollar we help sponsors use more efficiently can improve patient experiences and accelerate life-saving treatments to market.
The Greenphire Clinical Finance suite represents our commitment to that vision, where financial intelligence serves patient access, contemporary data accelerates decisions, and integrated technology supports the complete trial journey from planning through execution.
Author
Richie McCann
Global Vice President of Site Payments and Data Analytics
References:
- Geffon S. Supporting site sustainability with data. Greenphire. March 31, 2025. https://www.suvoda.com/insights/blog/supporting-site-sustainability-with-data
- Baffa A. Insights from the SCRS: Site feedback to drive change. Greenphire. January 27, 2023. https://www.suvoda.com/insights/blog/insights-from-the-scrs-site-feedback-to-drive-change
- Vega J. 5 tactics for sites to improve on-time payments. Greenphire. October 24, 2023. https://www.suvoda.com/insights/blog/5-tactics-for-sites-to-improve-on-time-payments