Financial management of clinical trials

Financial management of clinical trials

by Stephanie Courcy


Posted on January 1, 2018 at 12:00 PM



One of the biggest challenges for research organizations is financial management of clinical trials. Does your site struggle with answering any of the following questions:

  1. How can we easily track when patient events have been completed and then notify our billing department?
  2. How can we manage the checks we receive from the sponsor and ensure we’re being paid for what we’re owed?
  3. What is our revenue for any given month?
  4. Do we have any accounts that are past due?
  5. How do we keep track of that 10% holdback to make sure we’re paid the correct amount when the study closes?
  6. Is there an easy way to know when screen failures happen and how much the sponsor pays for them?
  7. Where do I even start to keep track of billing compliance?
  8. How do we manage the invoices we get from labs and other providers and track these payables?
  9. Administration needs financial details immediately, how can I pull this information together quickly?
  10. How can I assemble the data for my monthly financial reports in minutes instead of hours (or days?)

 

A clinical trials management system (CTMS) can, and should, be able to provide solutions to all of these questions, and more. If your organization is not currently using a CTMS for financial management, it’s time to explore your options!