Number of Trials Being Managed:
Company and growth and increased profitability
“CC CTMS is a great tool; its flexibility and customizability made the system a great fit for our organization. I was able to take the application and mold it to match how we wanted to operate.”
The Coastal Carolina Research Center, founded in 1997, is a highly successful dedicated clinical research site based in Mt. Pleasant, South Carolina. Typically, the Center is conducting 25 and 30 studies at once. A number of their difficulties stemmed from the financial management of their studies. “Knowing how much money you are owed and being able to accurately forecast future revenues is the lifeblood of any organization,” said Nathan Morton, Director at the Coastal Carolina Research Center. “We were not able to accurately track who or what was owed to us, and we had a hard time showing sponsors exactly how many patients we had enrolled and how that correlated to dollars that were owed to our site.”
Coastal Carolina Research Center was not able to calculate the true costs of the studies they were conducting. They needed to be able to know the average cost for visits and studies, as well as show sponsors how many patients were recruited in a certain time period. After selecting CC CTMS to improve their financial tracking, they began to see significant improvements in their financial management.
Coastal Carolina Research Center has seen major improvements since their implementation of CC CTMS. Users have seen improvements in efficiency, accuracy, and staff satisfaction. While all these improvements have helped the Coastal Carolina Research Center to grow and become more profitable, the most important element was the ability to track finances at patient, visit, and study levels. “We had no idea the true cost of our studies prior to using CC CTMS; we had to use best guesses and estimates to negotiate budgets with CROs and sponsors,” said Morton. He and other administrators at the Center have been able to track and understand the costs associated with each study, each visit and each patient. They are now able to take this information and use it when negotiating budgets with CROs and sponsors, as well as showing them how delaying payments hurt the financial stability of sites and can put sites at risk of closing.