The current clinical trial environment demands an effective financial management strategy for sites to remain viable in an increasingly competitive market. Sites must exercise discretion in the selection of studies, effectively negotiate fees and reimbursements, and reduce their billing compliance risk — all of which pose significant challenges. To meet those challenges, a site needs to gain a comprehensive financial outlook. Steps for obtaining the full financial picture include developing and maintaining a comprehensive budget that accounts for all costs up front, tracking sponsor payments, and projecting revenue from studies.
Meet the Challenges with a CTMS
While it is simple to list key actions for effective financial management, the much more difficult task comes in the form of execution. Creating and maintaining an accurate and comprehensive financial outlook can seem like an overwhelming endeavor for many sites. However, there is technology available that can assist a site in achieving financial management goals. Clinical trial management systems (CTMS), such as Forte’s OnCore Enterprise Research CTMS, can provide automated functionality in several areas:
Real-Time Visibility into Studies:
There are several tools that can track the ongoing financial health of trials. Real-time reporting can help answer questions, such as:
- How much money are we waiting for and how long has it been outstanding?
- What financial activity has happened so far per protocol and what is still outstanding?
- How much payment have I received and what types of things have I been paid for?
Consistent Budgeting Functionality:
Master lists of charge events can help maintain consistency and avoid missing items as the budget is developed and this can help a site understand the true costs of running a trial, which will assist them in better negotiations with sponsors.
Automated Invoicing and Payment Tracking:
This functionality can prevent and identify missed items, speed invoicing times and reduce payment delays. It can also help prevent billing errors and reduce compliance risk.
Automated Revenue Forecasting:
Reporting functionality can project the expected revenue for a protocol based on criteria, such as current subject enrollment and the most up-to-date visit information. Invoice reconciliation and automated calculations also assist sites in viewing outstanding balances and invoice ages.
These are examples of some of the key financial management functionality provided by a CTMS. Of course, all systems are not created equal and the functionality may differ greatly between systems. Delve into the details of how a CTMS can help you successfully manage site financials in our eBook.