FOR IMMEDIATE RELEASE
Seamless Flow of Trial Data from Medidata Rave into ClinPay
Enables Faster and More Accurate Investigator Site Payments
NEW YORK, N.Y. – June 2, 2011 – Medidata Solutions (NASDAQ: MDSO), a leading global provider of SaaS-based clinical development solutions, today announced Clinverse as the 13th partner to join its Technology Partner Program, for solution providers that have leveraged Medidata products for data sharing with their clinical systems. Clinverse has been recognized for a new integration between its ClinPay™ eClinical commerce network and the Medidata Rave® system for clinical data capture, management and reporting. Using Medidata Web Services open web application programming interfaces (APIs), automatic data sharing between the two systems enables sponsors and CROs to make more efficient, accurate and timely investigator payments, which can directly impact site satisfaction, retention and productivity.
A global technology company specializing in solutions for the financial management of clinical trials, Clinverse provides leading sponsors and CROs with a comprehensive solution to address the historically lengthy and error-prone site payment process. ClinPay is a robust accounting solution with global payment capabilities that can manage site payments in 130 currencies. Replacing tools and approaches that are heavily manual and paper-based, ClinPay electronically tracks investigator grants and compares actual terms in agreements with trial milestone data to make accurate payments to investigators for completed patient procedures.
The integration means that customers who enter clinical data from trial subjects into Medidata Rave automatically trigger payment milestones in ClinPay. With the automatic import of trial milestone data from Rave into ClinPay, both investigator sites and sponsor staff no longer have to manually enter the same trial milestone data into ClinPay. As a result, ClinPay receives information earlier about the completion of a negotiated term from the investigator contract, such as a patient visit or a specific procedure, and rapidly issues appropriate electronic payments. Consequently, a process that previously required several manual steps and often duplicative data entry is now largely electronic and automatic, enabling sites to be paid more quickly and more accurately. Moreover, sites are freed up to focus on clinical trials rather than spending time invoicing and tracking their payments. Increasingly, investigator sites expect this level of process automation and system integration from sponsors and CROs.
“Investigator recruitment and retention is a growing concern for sponsors, and inaccurate and untimely site payments are causing a negative impact on these relationships,” said Tim Immel, chairman and CEO, Clinverse. “ClinPay integrated with Medidata Rave brings together two innovative eClinical solutions to further speed the site payment process while increasing accuracy as well as enhancing the focus of sponsor and site personnel on the clinical trial rather than on financial management. We anticipate customers using the two systems together can reduce payment cycle time from as long as six months down to 30 days or less.”
ClinPay’s easy-to-use web-based interface also provides sites with transparency into the status of their contracts and payments. The integration with Medidata Rave means that ClinPay provides sites with even earlier access to payment status with audit ability.
“Sponsors recognize both the opportunity for efficiency gains in the site payment process, as well as the need for fast payment processing to maintain investigator sites’ interest and attention,” said Glen de Vries, president, Medidata Solutions. “Clinverse’s investment in technology to address this significant pain point, as well as to support transparency for financial reporting and compliance, makes the company an ideal partner for us as we continue to solve challenges across the clinical trial process.”
About Clinverse
Clinverse, Inc. (www.clinverse.com) is a privately held global technology company that delivers SaaS-based financial management and payment solutions for the clinical trial industry. Solutions are delivered through the industry’s first global eClinical commerce network. The company’s flagship product, ClinPay™, automates the financial management of trials thereby allowing sponsors, CROs and investigators to focus on clinical operations instead of burdensome payment administration. Clinverse’s patent pending technology platform supports payments in 130 currencies, is fully customizable and provides transparent financial and workflow management for all users.
About Medidata Solutions Worldwide
Medidata Solutions is a leading global provider of SaaS clinical development solutions that enhance the efficiency of customers’ clinical trials. Medidata’s advanced solutions lower the total cost of clinical development by optimizing clinical trials from concept to conclusion: from protocol development (Medidata Designer®), trial planning and management (Medidata Grants Manager®, Medidata CRO Contractor®), clinical portal (iMedidata™), randomization and trial supply management (Medidata Balance™), monitoring (Medidata Rave Monitor, Medidata Rave Targeted SDV), safety events capture (Medidata Rave Safety Gateway), clinical data capture and management (Medidata Rave®) to advanced reporting and analytics (Medidata Insights™). Our diverse life science customer base spans biopharmaceutical companies, medical device and diagnostic companies, academic and government institutions, CROs and other research organizations, and includes more than 20 of the top 25 global pharmaceutical companies as well as organizations of all sizes developing life-enhancing medical treatments and diagnostics.
Contact:
Susan McCarron
Lois Paul & Partners
781.782.5767
Susan_McCarron@lpp.com