Oct08

Okay, We Have a Strategy…But is it Working? 6 Metrics to Determine the Success of Your Business Practices

Earlier this year we discussed 6 key business strategies for improving your research. Now that there has been some time to implement some, or all, of these strategies within your organization, it is important to take a look at some metrics that you can use to determine if the strategies you have implemented are succeeding. If you missed the previous articles, you can get up to speed by viewing them here: Part 1 and Part 2.

Implementing new processes is a critical component of succeeding in clinical research financially, but it’s only half of the battle. The other half is determining if those processes are working and are doing what they were indented to do. Let’s outline some key metrics to determining the success of your business strategies.

As a quick refresher, here are the 6 strategies we suggested implementing within your organization.

  1. Staffing and organization management
  2. Trial portfolio management
  3. Pre-award process management
  4. Post-award management
  5. Compliance management
  6. Metrics for monitoring program success

In order to determine if these 6 strategies were successful, you need to review the following reports.

  1. Overall program profit/loss

Take a look at your bottom line after you’ve been doing metrics tracking for some time to see if you can derive an improvement in your organization’s performance. More than likely you will!

  1. Individual trial profit

This is a great report to help you filter out bad trials for your organization and look for ones that bring in great profits. Over time, this report will be a favorite, because it will help you direct your organization towards long-term success.

  1. Clinical trial program cost recovery

After you’ve committed to better understanding your organization through metrics, you will likely find money you’ve previously left “on the table”. It’s important to see areas where you have recovered costs so you can ensure they are not overlooked again.

  1. Patient enrollment

Understanding your enrollment patterns is essential, and it will help you make future trials more successful. With this report, you can see which enrollment efforts provide the maximum ROI and you can even determine the best methods to attract particular audiences.

  1. New business on the horizon

Knowing what is in the pipeline can help you make more long-term business decisions regarding materials, personnel, space etc. This report will keep you from getting overwhelmed with work or overspending when work is low.

  1. Staff capacity

With visits scheduled and completed, you can determine the workload your team members are carrying and make necessary adjustments in team size to eliminate wasted money or optimize productivity.

Bio-Optronics