In our work with clinical research sites, we have come to understand that, more often than not, sites leave a considerable amount of money left un-invoiced and uncollected. While all sites work hard to negotiate a solid clinical trial agreement (CTA) that fairly covers all procedures involved in a protocol, following through on that agreement by appropriately and accurately invoicing the sponsor isn’t always easy.
As you begin to negotiate your next CTA, consider the following five areas. Are you consistently and accurately billing for these items? Do you have processes in place for sharing information about these five commonly unbilled items internally? If not, it’s time to revamp your billing practices and start billing for the money you’ve rightfully earned.
1. Serious Adverse Events
Serious Adverse Events (SAEs) are urgent and complicated, and when they happen they require a substantial portion of your staff’s time to address. How are you communicating the occurrence of SAEs to your billing staff? Are you consistently billing sponsors when SAEs occur?
2. Missed Visit Payments
It happens: CROs and sponsors fall behind in making payments. Do you know how much A/R is currently outstanding? How do you track and manage your A/R?
3. Study-Necessitated Expenses
Are you requesting adequate support for all the expenses your site will need to incur in order to fulfill a protocol’s requirements? Do you turn down studies because you do not have the necessary equipment?
4. Regulatory-Related Expenses
You may have negotiated these expenses into the budget, but how does your billing staff know when IND Safety Reports have arrived or IRB fees have been paid? Do you have processes in place to ensure your team knows when regulatory expenses have been incurred, so they can bill for them?
How are you tracking the percentage of payment the sponsor withholds until study completion? At 10% of the study value, withholdings can make up a substantial portion of your A/R. Accurately tracking these withheld amounts throughout the duration of the study will simplify study close-out and enable you to build a comprehensive A/R report.
If your site isn’t consistently tracking these five items, you’re missing out on revenue you’ve earned. Join us for a free educational webinar on September 22, where we’ll discuss the Top 10 Ways Sites Leave Money Uncollected. We will explore the five examples above in greater detail, along with five additional ways sites commonly leave money on the table. We’ll also discuss how a CTMS can help you address these commonly unbilled items. You’ll learn tips and best practices you can follow to ensure your site is collecting all the money you have rightfully earned.