In clinical research, costs change. Costs for one procedure may change from year to year, from one study to the next or vary between multiple locations. Oftentimes, it’s difficult to track and accurately implement these budget changes, and even technology solutions have their limits.
Fortunately, some CTMS providers offer the ability to create budget snapshots. Budget snapshots let organizations create snapshots of their budgets at a point in time, and costs for a certain study, certain time or certain location can reference that particular snapshot. At a high level budget snapshots vastly improve the tracking capabilities organizations have in terms of understanding a truly complete financial situation of their organization.
What’s more, negotiations with sponsors or managing offices becomes easier because researchers can reference correct historical budgets to determine the amount of funding necessary to cover costs. Adding to this, you can pull up multiple snapshots from past trials and compare them in order to determine how you should begin the negotiation process. These tools also let you know which sponsors are a good fit for your business, allowing you to avoid potentially unprofitable trials.
As research continues to become more prominent in the healthcare industry, make sure the CTMS system you use has all of the tools you need to ensure you attain maximum profitability. This means looking out for budgeting snapshots as you evaluate CTMS vendors.