Rave Site Payments
Rave Site Payments
Deliver financial transparency and forecasting while ensuring site satisfaction with accurate payments in near real time
Paying clinical sites is a critical part of every study, as is reimbursing sites for their efforts and expenses in a timely fashion. But sponsors and CROs face significant challenges when it comes to managing, reporting, and executing site payments with disparate systems, cumbersome integrations, and global tax and disbursement requirements. Rave Site Payments is a purpose-built financial management system for clinical research. It helps reduce the stakeholder’s FTE burden to reconcile and forecast, often eliminating the burden completely.
Why Rave Site Payments
As the only end-to-end global site payment solution that enables on-demand funding, the automated Rave Site Payments process generates value for clients from beginning to end. The EDC trigger that initiates the payment process helps improve EDC compliance and reduce administrative burden by using the data you enter for multiple purposes. Say goodbye to multiple duplicate data entries.
The current payment cycle process is highly manual, often Excel-based. FTE bandwidth is drained by having to chase payment status for reconciliation and reporting. This process has resulted in significant regulatory compliance risk and the tendency for sites to become more sponsor and CRO selective.
Rave Site Payments helps our clients achieve success by enabling:
- EDC-triggered calculation and disbursement for work completed
- End-to-end automated process to deliver global site payments in near real time
- Global regulatory compliance, including indirect tax calculations, disbursements, and ASC606 SCC regulations
- On-demand, real-time funding for optimal financial management
- Industry-leading data, technology, and regulatory certifications, including SOC1 and SOC2 with a seamless audit trail
- More than 50 standard reports with 24/7 system access for near real-time reporting and forecasting
Getting the most out of Medidata Rave Clinical Cloud with Rave Site Payments
End-to-end budgeting to payments, enabled by Rave Site Payments, Rave Site Grants, Rave EDC, and Rave CTMS
When you plan your study using the Medidata Rave Clinical Cloud, you can be assured of combining the right sites, procedures, budgets, and payment processes to minimize complexity and set the stage for operational efficiency by reducing the FTE time needed for reconciliations. Set up negotiated site costs in Rave Site Payments to calculate payment after a subject visit or procedure is complete in Rave EDC. Optimize the amount you pay for a procedure, subject visit, or other site fee by using Rave Site Grants to reference our comprehensive data set of fully executed investigator agreements. All the agreements have been negotiated with tens of thousands of sites to arrive at the optimal budget. Track every step of the budgeting and payment process using Rave CTMS.