Clinverse Hits Five-Year Mark; Bright Future Ahead
By Mia Burns (firstname.lastname@example.org)
Clinverse, Inc., a provider of the first end-to-end, cloud-based financial lifecycle system for automating global clinical payments, has celebrated its five-year anniversary with tremendous growth momentum, on track to double revenue year-over-year in 2013, and is projected to again double revenue in 2014. Associate Web Editor Mia Burns interviewed Clinverse CEO Denis Connaghan about his company’s achievements.
Q: What is the momentum behind the growth that has occurred at Clinverse?
A: The growth we are experiencing can be attributed to several factors, the first of which is our increasing client base. The number of ClinPay clients more than doubled in 2013, and is expected to do so again in 2014. In Q2 2013, a top five global biotech implemented ClinPay to automate site payments in 25 countries, and several other enterprise-level contracts are currently in negotiation.
The second, and most important factor to which our growth can be attributed, is our people. We are very fortunate to have the building blocks in place for achieving even greater results in the future because we have a team of very bright, dedicated and passionate people who have played an integral role in our company’s growth, and who will allow us to scale with client demand. These highly motivated, committed individuals share the Clinverse vision and understand the myriad of challenges biopharma companies face managing the clinical payment process and the positive value ClinPay can bring to our sponsor and CRO clients. As we continue to grow and create more opportunities, attracting, developing, and retaining “A” players will always be a top priority for Clinverse.
Before Clinverse was founded, there was no such thing as an automated clinical trial financial solution. Sponsors and CROs either managed payments through a purely manual process requiring lots of resources and spreadsheet tracking, or they did so through a semi-automated process using cobbled-together systems and traditional spreadsheets. As a result, our team has had to educate the clinical trials industry to generate awareness that an alternative to the historically painful process for managing clinical trial financial processes now exists. Over the last couple of years, the interest in an automated solution has significantly increased among sponsors and CROs. They are beginning to understand the potential to realize significant cost savings and efficiencies through automating this process with ClinPay. As the “early adopters” have recognized the value of our solution, a snowball effect was created as demand continues to build, resulting in the growth that we are seeing here at Clinverse.
Q: What can you share about the expected product pipeline expansion for 2014?
A: Clinverse will continue expanding its financial lifecycle system with the addition of new products expected to be released in 2014. Having been the architect of ClinPay, the first and only complete solution for automating and transforming global clinical trial finance, Clinverse continues to look for new ways to bring innovative clinical financial tools to the market, investing heavily in new product development based largely on client feedback and industry trends. In the next 12 months, we will be adding functionality to provide sites better access into the payment process. We are also building out functionality that allows sponsors and CROs to better leverage clinical trial data in order to make data-driven projections, allowing them to better predict future costs of their trial-driven financial activities.
Q: In your view, what are the potential benefits of automated payment solutions to sponsors and contract research organizations?
A: Automating the payment process provides a number of significant benefits to both sponsors and CROs, as well as to investigative sites. By implementing a solution like ClinPay, sponsors and CROs gain competitive advantages, including reduced workload, time, and related costs. For example, ClinPay reduces time spent on financial and administrative duties by clinical operations staff by as much as 40 percent, allowing them to focus their time on what they do best—running the clinical trial activities. We experienced this firsthand with one of our clients, who was able to enroll 9,000 subjects in six months with Clinpay, something they were only able to accomplish by allowing their clinical team to focus on enrolling patients, not dealing with payment administration issues.
Additionally, ClinPay provides complete real-time, role-based visibility into and control over the financial status of their clinical trials, including payments, invoicing, and cash management. Finance staff can also generate benchmark data to predict and forecast accurate spend on future studies.
Automated accruals and ongoing reconciliation throughout the trial eliminate end-of-trial reconciliation. By reducing the time it takes to close out a trial, our clients increase their chances of meeting or reducing their study timelines.
Additionally, sponsors and CROs using ClinPay are better able to attract and retain high-enrolling, high-performing sites for their studies. Competition for these investigative sites is at an all-time high. Automated payment systems, based on established payment terms, helps increase site satisfaction and engagement, promotes positive site behaviors and results in a higher likelihood of recruiting those sites for current and future studies.
Q: Now that Clinverse is celebrating its fifth anniversary, would you say that you were able to achieve the vision that you held for the company when it was founded five years ago?
A: Historically, sponsors and CROs were making clinical payments to investigative sites using a labor-intensive and error-prone manual process. Our founders recognized that there must be a better and more efficient way to manage the clinical trial payment process. It is with this belief and commitment that we set out to develop a comprehensive, automated payment application that could revolutionize the entire financial process in clinical development on a global scale.
Over the last five years, and based on the growth we are experiencing, we are clearly seeing the fruits of our labor. We are excited to see the growth in ClinPay adoption and increased awareness in the industry. We are well on our way to achieving our original goal of revolutionizing global clinical trial finance—automating the entire process from start to finish so that sponsors and CROs can reduce the burdens, complexities, workload, time, and costs associated with managing all financial aspects of clinical trials.
Q: What goals would you like to see Clinverse reach by 2018?
A: In such a fast-paced, ever-changing world of technology that we live in, I believe it is very difficult to say where we, or anyone else, will be in five years. I have been, and will continue to encourage our great team to innovate and lead the way for automated clinical financial technologies, build strong collaboration with our existing and future clients, and continue to focus and evolve our software platform to support the unique requirements of an industry. Our financial software platform supports such a highly regulated industry that is ready for a new method for paying vendors and investigative sites that is more reliable and manageable. We aim to design, develop, and deliver financial solutions that will continue to revolutionize clinical finance and that will have greatest impact on the efficiency and effectiveness of clinical trials. To best serve the industry, we are confident that ClinPay and ClinDebit, as well as several other product modules we have coming out over the course of the next year, will allow our clients to bring their products to market faster while reducing overhead costs.
Posted: December 2013