The greatest CTMS applications contain a wide array of financial reports that provide invaluable insights into the state of your trials and your business as a whole, but these financial reports are often more than a snapshot. Financial reports from a CTMS are often more robust than anything that can be created in MS Excel or exported from another type of software. Here are some things your boss should know that make financial CTMS reports much more valuable to the success of your business:
CTMS reports can be exported in real time. This allows you and your team to get the most up-to-date picture of your financial status a trial or your entire business. This reporting feature is extremely valuable when you want to look at the performance of a particular trial or location running a trial. Real-time financial reports allow your boss to better manage their financial goals and milestones to better ensure their trials are being completed on time and on budget.
Financial information from past trials can be saved and used to determine the likelihood of success for future trials. When looking at a new trial, your boss can use your CTMS to generate reports on your organization’s financial performance for similar trials. These reports can give you information on average procedure costs, overall profitability and much more, allowing you to better determine whether a trial is right for your organization or not.
With this, predictive financial reporting gives research organizations the ability to negotiate better with sponsors and develop cost-cutting initiatives that improve long-term profitability overall.
Great financial reports from a CTMS provide your organization actionable information rather than typical analytics. For example, reports can be created to analyze which locations are operating over their allotted budget, or which procedures are costing more than they should. With this information, you can take action to quickly resolve any issues and get your trials running as they should.
Billing Compliance Reporting
Advanced CTMS applications will also provide functionality within the system to review billing compliance – both from a site perspective and from a managerial “central office” perspective. This functionality should allow organizations to accurately identify charges that are allocated to sponsors, Medicare, third party payers and other financial entities in a way that complies with federal and state regulations. Reports that show audit histories and comparison reports between CTMS billing and hospital billing data are just a few reports to look for.