CHICAGO – January 25, 2011

According to the American College of Healthcare Executives (ACHE), financial challenges ranked as the top concern of hospital CEOs in 2010. The focus of that concern relates to government and private payor reimbursement, bad debt and increasing costs.

In light of this six-year trend, hospitals continue to seek ways of bringing in new revenue to help offset the losses. Some community hospitals are turning to the strategy of establishing clinical research programs in their facilities with the idea of capturing dollars from non-traditional sources -- pharmaceutical and device companies.

“With traditional payor reimbursement continuing to be a constant struggle, conducting clinical research opens the door for revenue to come from a completely different industry,” comments Rhonda J. Paz, PhD, CCRP. "In addition to these sponsors paying for clinical trial activity, research attracts new patients to both the hospital and physicians.”

To be financially viable, a multi-specialty research program should be developed based on industry standards and benchmarks. It also requires meeting a myriad of regulatory and compliance guidelines required for research activity.

“We strongly recommend that hospitals seek expert knowledge when developing a research program,” says Dr. Paz. “Once a solid clinical research program is in place and managed properly, it will become a self-sustaining effort while increasing the volume of other hospital services.”

About GuideStar®

GuideStar® Clinical Trials Management is a comprehensive, outsourced clinical research company for health care organizations across the country. It provides “private label” clinical research departments for hospitals, physician practice groups and health care centers. Through GuideStar, these facilities have a cost-effective means to be at the forefront of clinical trials for the benefit of patients, attractiveness to physicians, and enhancement of their own reputation.

GuideStar® holds in the highest regard the principles governing clinical research. It recognizes the precision of execution, efficiency and operational excellence needed to navigate client partners through the complex, multi-layered processes of FDA compliance and industry regulations. For more information, please visit www.GuideStarClinical.com.