Financial Management
Flexible and scalable accounts receivable management and claims review/adjudication solutions designed to help improve the financial performance of your site.
Uncover uncollected revenue and improve your financial results
Improve your research site’s financial performance and create a more financially sustainable clinical research program with flexible and scalable financial management services.
From study start-up to study close-out, WCG partners with your research program to enhance your site’s financial health with billing and accounts receivables management services to claims review and adjudication services.
Included with our financial management services, you gain access to our financial management tracking portal, which provides you with an easy-to-use dashboard to track earned revenue, advance balances, sponsor payments, invoices, and aging receivables.
How we’re helping sites find and recover missed revenue:
We find an average 15% error rate on research claims during our audits
On average, we find between $4,000-$8,000 of uncollected revenue per trial
We collect 80% of identified revenue within 90 days of our initial review
Services designed to improve the financial health and performance of your research site:
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 and 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.
Benefits of WCG’s Financial Management services for your site
Collect all earned revenue and shorten AR days
Capture all the revenue your site is owed and increase cash flow by reducing accounts receivable days.
Access enhanced financial reporting
Better understand your research portfolio and increase your financial visibility with enhanced reporting.
Limit billing errors and reduce denials
Reduce denials and improper billing for research claims to increase your site’s financial health.
Do you want to improve your site’s financials and find revenue you are owed?
Complete the form to schedule a consultation with WCG.
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