KOP’s Greenphire Flourishes as Clinical-Trial Payment Manager
King of Prussia’s Greenphire, a company that develops and markets clinical trial payment management and data analytics software, was recently profiled in the Philadelphia Business Journal for its success in the industry.
Founded in 2008, Greenphire was acquired by Riverside Co., a New York-based private equity firm, in early 2015. The company employs 95 people, up from 60 last year, and expects to be at 120 by the end of this year.
“We operate in the crossroads of banking regulations and clinical trials regulations,” Greenphire CEO Jim Murphy said. “It’s a very nuanced area.”
Clinicians serving as lead investigators for clinical studies of experimental therapies have to spend time and resources coordinating and administering stipends for, and reimbursing the expenses incurred by, volunteers participating in drug studies, writes John George of the Journal. The process can be difficult to administer and is complicated by patient confidentiality requirements.
Greenphire’s software allows the clinical study sites to issue patients reloadable credit cards to facilitate payments. The systems can also be used to remind patients of upcoming appointments. The systems make the payments processing faster and easier, which helps with patient recruitment and retention – and provides a way to track and analyze money flow.
According to George, Greenphire works with more than 500 pharmaceutical companies, clinical research organizations, and research universities and hospitals. Its clients include the University of Pennsylvania.
Click here to read more about Greenphire in the Philadelphia Business Journal.
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