Velocity Clinical Research has partnered with Palantir Technologies for streamlining and automating payment reconciliation processes in trials, marking an advancement in the application of AI to industry-wide administrative challenges.
Velocity noted that the process of reconciling invoices and payments in clinical research has traditionally been a time-consuming activity that is prone to errors.
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Clinical sites typically operate with various siloed systems to handle their invoices, whereas sponsors and contract research organisations (CROs) use separate financial systems, leading to a lack of efficiency and consistency.
The companies’ automated reconciliation solution is said to integrate the agentic AI technology of Palantir with Velocity’s workflows.
The application streamlines the reconciliation of customer payment reports for Velocity’s Finance Collections team, resulting in considerable time savings and allowing the team to focus on more important tasks.
The initiative represents a move towards modernising trial operations, with the potential to benefit sites, sponsors, and patients alike.
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By GlobalDataPayments in clinical research, often linked to subjects’ visits or performance milestones, present a forecasting and budgeting challenge due to their variability.
Velocity’s technological advancements began last year with the use of generative AI agents to reveal missed revenue opportunities, such as unrecorded monitoring visits.
This helped to establish the current automation project with Palantir, combining Velocity’s clinical operations knowledge with Palantir’s AI systems and modelling offerings.
With the financial workflows automated, Velocity noted that it is looking to extend intelligent automation to other operational fields.
The goal is to create a continuously learning financial system that enhances processes and allows human experts to remain involved in strategic decision-making.
Velocity Clinical Research chief technology officer Raghu Punnamraju said: “Velocity’s partnership with Palantir is one more example of how our size and scale is bringing new types of partnerships and innovation to the clinical trials sector. Automating the AR reconciliation process is a game-changer for clinical trial sites.
“Our collaboration turns months of manual effort into near-instantaneous insights, enabling our finance teams to focus on strategic, high-value work instead of wrestling with spreadsheets.”
Earlier this year, Velocity Clinical Research announced a partnership with Verified Clinical Trials to address the issue of the double enrolment of subjects in trials.
