With costs always on the rise, it’s important to ensure that you are tracking each and every dollar correctly. Inaccurate tracking can be a potential disaster waiting to happen. Tracking finances to the necessary levels of granularity will help to keep a research organization profitable and compliant at all times.
Effectively managing billing activity for clinical trials can be a difficult, time consuming and arduous process, with the potential for serious consequences that include lost revenue, fines, ethical and legal issues and damage to an organization’s reputation. There are many factors that lead to inaccuracies in the billing process. It’s critical that your CTMS can accurately decipher exactly who gets billed for what clinical activities. Failure to accurately bill can lead to serious financial and legal ramifications.
In the event that study patients have multiple options for where a particular study procedure can be completed, it’s important for research organizations to be able to manage pass through costs. These are the cost differences for each of these locations, and that needs to be taken into account.
It’s not uncommon for budgets to change in the middle of the study, especially during trials that span large periods of time. Not being able to insert budget amendments into a study can be a huge problem for research organizations, as it leads to inaccurate financial reporting. It’s critical to be able to track historical costs for elements of a study as well as track updated costs for the same element.
Oftentimes, research organizations manage clinical research across multiple locations, making it critical to track finances in a great level of detail. It’s important that your CTMS be able to manage the finances of each trial location separately. While the same studies may be performed at separate locations, each location will have different costs associated with conducting a particular trial. The inability to track multi-site budgets leads to additional work and leaves the door open for potential errors and inaccurate financial reports.