Uncover Uncollected Revenue and Improve Your Financial Results
What if you could empower your research team to work more efficiently while also supporting your site’s financial goals? At WCG, our research administration experts work with sites across the country to help them improve their financial performance through flexible and scalable financial management services. By partnering with WCG, you gain an agile ‘right-sized’ team that supports your site’s evolving needs, allowing you to build a more durable research program and business model free from the burdens of training and turnover.
15%
We find an average 15% error rate on research claims during our audits
$3.5k-8k
On average, we find $3,500 of uncollected revenue per trial for independent sites, and $8,000 per trial for institutions
80%
We collect 80% of identified revenue within 90 days of initial review
Services to help improve your site’s financial health
Accounts Receivable Management
At WCG, we are determined to get our clients the revenue they are owed. Each CTA has different payment terms that follow an unscripted payment schedule, and sometimes the payments come in after the data is monitored, and other times it’s when the sponsor/CRO can process its payables.
Our team manages the tracking and reconciliation of study receivables and generates financial reports to get an accurate picture of your current research portfolio. Our flexible approach ensures financial success while adapting to the needs of your site. Regardless of your specific financial system, EHR, or CTMS, WCG can help your site build a process that ensures payment.
Claims Review & Adjudication:
Each research site we partner with has a financial fire to put out, and many don’t realize their losses until we audit a few of their trials. The government estimates that about 6.3% of all Medicare FFS claim payments are flawed, and errors stemming from faulty claims review are huge contributors to these losses. In fact, in the health care industry alone, almost $25.74 billion dollars are lost every year from errors like these.
Our claims review and adjudication services provide peace of mind by reviewing the payer selected against the coverage analysis to ensure it’s properly assigned and coded, helping our clients limit denials and improper billing.
The Benefits of Financial Management Services
Shorten AR days
Increase cash flow by reducing total accounts receivable days
Access Financial Reporting
Access enhanced financial reporting so you can better understand your research portfolio.
Collect All Earned Revenue
Capture all the revenue your site is owed.
Limit Billing Errors
Reduce denials and improper billing for research claims.
Do you want to find revenue you are owed?
We’d love to partner with you for a limited audit of a study that’s closing in the next month. This is the best possible path to recover the revenue and collect before study close-out. Contact us here.