Correct billing practices are essential in every clinical trial – that’s why any worthwhile CTMS has had billing compliance functionality built directly into the application. With complex oncology trials, it’s essential that billing functionality be even more developed. One of the handiest tools in ensuring accurate and correct billing in oncology studies is a cost allocation grid.
Cost allocation grids make it easy to understand everything related to your study billing. All studies can benefit from these grids, but oncology trials require multi-arm cost allocation grid functionality. This allows different arms of the same trial (which have different procedures, timelines and costs) to still be billed correctly. Without multi-arm cost allocation capability in their CTMS, organizations run the risk of suffering costly errors in their clinical billing.
Below are some of the key benefits that come from using a cost allocation grid in all of the arms of your oncology trials:
You know which visits receive which elements
Cost allocation grids allow you to map out which visits receive which study elements. Once mapped, you can begin to attribute providers and determine when to invoice. For multi-arm studies, this makes it easy for each arm of the study at each location to know which elements belong to which visit – eliminating lots of unnecessary confusion.
You can see set who pays for each element
This is critical, since incorrect billing can result in felonies. A cost allocation grid lets you determine whether a sponsor, patient provider or governmental healthcare organization pays for a particular element based on the study protocol. Once set in the CTMS, you can be assured that you are in compliance and less at risk for major billing errors. Multi-arm studies benefit even greater from this feature since elements in different study arms may be covered by different entities, especially if multiple locations are involved.
You can set how to invoice each element
This is another great tool that comes with a well-built cost allocation grid. It gives you the tools to set when a study element is set to be invoiced. This way you can ensure every procedure conducted at every arm of every stage of your oncology trials are billed on time, giving you a better indication of when you can expect revenue from sponsors and providers.