Revenue from Document Management and Retention Fees
A portion of the cost of eBinder tools can be recuperated via cost pass-through. Specifically, the following line items can in total drive on average $1,000 in additional revenue per contract.
$1,000 average per study
• Startup • Document management • Monitoring prep
• Document storage • Regulatory upkeep • Query response
Net: we estimate an additional $1,000 per industry in document management and retention fees.
Cost Reduction During Remote Monitoring
Remote monitoring is a goal for many sponsors, but the practice shifts work to sites. Requests for scans and emails of paper documents can quickly become overwhelming. In 2016, MAGI and Florence teamed to analyze the workload impact of remote monitoring. The study found that during the course of the average trial, approximately 2.5 visits were conducted remotely, and the prep time for each visit totaled 225 minutes—more than 2x the prep time required for an on-site monitoring visit. Remote monitoring visit prep time can be reduced to zero if access to digital regulatory and source is permitted through an eBinder tool. This recoups an estimated 9 hours of research teamwork per study, per year. Net: Nine hours of work per study per year, or about $400, can be saved by providing remote monitor access via an eBinder system.
$400 average per study per year
The ROI of an eRegulatory Platform
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