The main purpose of a clinical trial team’s work is supporting its patients while delivering valuable data on drugs and treatments that have the power to change lives. Seeing that work through the lens of business operations can be a challenge, but losing a focus on key business deliverables can be hugely detrimental to a clinical research trial organization. Specifically, it is crucial for research organizations to maintain thorough and accurate reporting. It’s essential to establish and maintain a culture of billing compliance among the entire site team. The first step? Evaluating the current state of your billing compliance practices. Consider these areas for evaluation:
Review Revenue Cycle Integrity. Review and understand your site’s business functions by evaluating revenue cycle and use functionality including coverage analysis, budgeting, sponsor invoicing, reconciliation, paper and digital management controls, and opportunities to optimize revenue using data.
Analyze Trends in Your Site’s Research Portfolio. Are your trials focused upon sponsored drug clinical trials or are they instead investigator initiated trials? Understanding the compliance elements unique to each type of research can help determine which areas should be addressed to improve the culture around billing.
Determine and Document Billing Process Functions. When looking to improve the success of a clinical research organization, operations executives need a way to test their current practices and identify ways they can be optimized. Leveraging CTMS allows sites to uncover success or inefficiencies in both front- and back-end billing processes.
Assess the Personnel Needed to Advance a Culture of Billing Compliance. Identify organizational policies, procedures and workflows under the lens of staffing; are the right people trained, deployed, and supported to get billing compliance work done effectively and efficiently?
Leverage Learnings from Site’s Financial Data. Deploying a strong CTMS can use site data to uncover key billing compliance learnings, which can then be leveraged throughout site operations. These opportunities could include understanding the scope of unbilled payments, connecting financial tracking to specific trial activity, or auditing compliance within both individual trials and across the site. The right CTMS partner can help you set up trials to best capture this data into usable insights.
Now is an ideal time for clinical research trial sites to invest in tools that support billing compliance. Check out our latest webinar, “Compliance and Culture: How Design and Approach Can Help Support Clinical Trial Billing by Utilizing Your CTMS” for more information or see our CTMS in action.