When you’re about to embark on the important work of a research trial, the last thing you want to worry about is money. But your trial may be cut short—or fail to launch altogether—if your resources don’t meet the needs of the investigation. Investigator Initiated Trials need the same financial planning, diligence, and oversight as any other clinical trial. Your team will need to ensure that your financial management is secure so the trial can move along smoothly through the research process. Having a solid financial plan and using the right trial management system can help you avoid common budget oversights and take effective actions to course-correct throughout the study.
Under- or overestimating how much you’ll need to fund the trial.
Accounting for your expenses is all about the details, so don’t rush the process. A typical oversight is to budget for staffing while leaving out costs associated with other buckets, such as recruitment, QA, technology, study-related care, statistical analysis and data management, travel and meetings—even slow enrollment. Mentally walk yourself through all phases of the trial and make a note of every possible expense and contingency, no matter how small or unlikely. And talk to experienced investigators willing to share budgeting lessons learned.
Losing track of your budget during the study.
While an ideal budget accounts for contingencies, such as adverse events requiring follow-up monitoring, unexpected occurrences can send costs soaring. You’ll be able to respond faster if you have easy and quick access to the numbers. Even when there are no surprises, make a habit of checking your budget regularly to ensure adequate finances.
Using outdated tools to track your progress.
If you are using a spreadsheet to track finances, you may be missing the big picture. Is your budget on track with the financial needs of all parts of the study? A good clinical trial management system brings it all together. With a CTMS, you can set up and monitor multiple budgets for the same study, manage payables and receivables, and maintain invoices and other documents, all in one place. Like a file cabinet with interactive powers, it keeps everything organized and running smoothly.
Give your budget the time and attention it deserves and it will carry your clinical trial through to completion.
Looking to learn more about how a clinical trial management solution can help your research organization? Request a demo of CC CTMS today!