The King of Prussia, PA-based company provides clinical trial payment automation solutions and was recently named to the 2018 Inc. 5000 list – a rank of the fastest-growing private companies in America – for the sixth year in a row.
So, we sat down with Greenphire’s CEO Jim Murphy to discuss how the company has evolved, maintained its high growth, and what the future might bring.
How has Greenphire’s business model evolved since the company’s inception?
Greenphire originated as a company providing payment tools allowing sites to automate participant stipends and reimbursements. While optimizing clinical trial payment processes remains our key focus, Greenphire has expanded our offerings to address the continually evolving market challenges that are shared by global clinical trial stakeholders (participants, sites, sponsors and CROs).
Our business has expanded from participant payment workflow automation to a platform which includes global travel services, investigator payment workflow automation, comprehensive financial analytics, contract execution and budget negotiation services. We have established ourselves as the market leader, delivering technology-enabled solutions and services that enhance all clinical payment processes.
In what ways do its automated payment solutions help increase speed, reduce cost, and improve quality?
Historically manual clinical trial payment processes were tedious and drained resources, wasting hundreds of thousands of hours per year, creating burdens for participants, site personnel, sponsors and CROs.
Greenphire’s financial workflow automation solutions are specifically engineered to eliminate fragmented manual payment processes, alleviating administrative burdens, increasing control and improving financial visibility.
Our transformative clinical payment workflow automation solutions allow clinical trial staff to spend less time on business and administration and more time on treating patients.
How has Greenphire been able to sustain such high growth over many years?
The Greenphire culture is characterized by a passion for solving challenging clinical research problems and a deep commitment to continuous improvement. Since we are a technology company, the manifestation of this culture is rapid innovation.
Much of Greenphire’s success is due to the team’s diverse professional background combining financial services, clinical research and technology. Greenphire’s organizational and technological advances have proven successful in addressing some of the industry’s greatest points of friction and frustration.
What do you expect from the next five years?
We anticipate that site and patient-centric initiatives will continue to build momentum across the global clinical research community. Protocols will continue to increase in complexity and clinical systems, as well as data flows, will need to keep pace.
Sponsors, CROs, and other clinical trial stakeholders will be looking for partners that provide solution flexibility, global expertise, and a consultative approach.
Based on these trends, Greenphire will remain focused on building upon our existing payment and business workflow automation capabilities, delivering comprehensive solutions that add a strategic advantage to our clients.
What does inclusion on The Inc. 5000 list mean for the company?
Greenphire is extremely honored to be included on The Inc. 5000 list for the sixth consecutive year.
This achievement is a testament to our company’s focus on transforming the industry by removing barriers to clinical trial participation and introducing operational efficiencies that improve workflows for all stakeholders.
We are excited for what the future holds as Greenphire continues its trend of rapid growth, further pioneering payment workflow automation for clinical trials around the world.
What keeps you up at night?
I typically sleep very well at night – possibly the byproduct of being the youngest of six children and having to fall asleep before everyone else, while there was a ton of activity going on in the house.