PFS CLINICAL KICKS OFF 2017 WITH A HOST OF NEW INITIATIVES
MADISON, Wis. – (Apr. 4, 2017) – As quarter one of the new year comes to an end, clinical research administration service provider PFS Clinical is ramping up for an exciting year. With business growing nearly 200% last year, it’s no surprise that the company has big things in store for 2017.
Based in Madison, Wisconsin, PFS Clinical gained momentum in early 2015 after what was formerly PharmaSeek Financial Services rebranded, adding another branch of solutions aimed at research billing compliance. Today, PFS Clinical provides a multitude of services that typically take place in research administration offices, but are difficult for institutions to complete internally due to the highly-specialized processes required, and can pose significant financial and compliance-related risks if done incorrectly.
The first major update of 2017 is the grouping of PFS Clinical’s service lines into different categories to better serve their clients while giving prospective institutions and partners a better understanding of the company’s expertise. These categories, which align with the various stages of a clinical trial, are Smart Start, Revenue Guard, Boost, and Latitude.
Smart Start, a new name for a handful of PFS Clinical’s bread-and-butter services, provides on-demand study initiation services for contracts, budgets, payor coverage, and CTMS implementation. Specific services include regulatory package submission, coverage analysis, budget builds, contract redlines, and budget/contract negotiations. Smart Start services allow institutions to get their studies started more efficiently, while also ensuring billing compliance, adequate trial budgets, and favorable contract terms.
Revenue Guard is another group of service lines that allow institutions to improve cash flow, gain greater visibility into study financials, and remain financially viable. These offerings, which can uncover hundreds of thousands of dollars in missing revenue for research offices, are comprised of accrual accounting, reconciliation, and research encounter adjudication services.
Boost provides turn-key professional services for establishing, optimizing, or assessing an institution’s clinical research administration and billing compliance processes. This process starts with a thorough examination of the research office to identify areas of improvement, followed by the implementation of specific services based on the financial, compliance, or administrative needs of the institution.
Perhaps the most exciting addition to the lineup is Latitude, a newly developed self-service client portal for ordering PFS Clinical’s services, tracking delivery, and benchmarking performance. In addition to increasing turnaround times, the new software will allow institutions to gain real-time insights into the improvements of their research administration. Not only will clients benefit from the software, PFS Clinical staff will also be able to substantially increase operational efficiency. Latitude, which is currently in development, is expected to launch in Q3 or Q4 of this year after a short pilot phase takes place this summer.
What else is on the agenda for 2017? Ready with recently renovated marketing collateral, the company will be attending six conferences this year, some of which will feature PFS Clinical staff speaking on topics such as contract negotiations, standard of care, fair market value, and common struggles of investigator-initiated trials. PFS Clinical will also be holding a newly designed billing compliance workshop in May, based on what was previously a bi-annual training on coverage analysis. The new workshop, which aims to give attendees a more comprehensive guide to ensure billing compliance, will cover coverage analysis, budgets and contracts, negotiations, document synchronization, and maintaining compliance throughout the duration of studies.