One of the biggest challenges for research organizations is financial management of clinical trials. Does your site struggle with answering any of the following questions:
- How can we easily track when patient events have been completed and then notify our billing department?
- How can we manage the checks we receive from the sponsor and ensure we’re being paid for what we’re owed?
- What is our revenue for any given month?
- Do we have any accounts that are past due?
- How do we keep track of that 10% holdback to make sure we’re paid the correct amount when the study closes?
- Is there an easy way to know when screen failures happen and how much the sponsor pays for them?
- Where do I even start to keep track of billing compliance?
- How do we manage the invoices we get from labs and other providers and track these payables?
- Administration needs financial details immediately, how can I pull this information together quickly?
- How can I assemble the data for my monthly financial reports in minutes instead of hours (or days?)
A clinical trials management system (CTMS) can, and should, be able to provide solutions to all of these questions, and more. If your organization is not currently using a CTMS for financial management, it’s time to explore your options!
Want to learn about CREDIT clinical trials management system from DDOTS? Take 10 minutes and watch our demo video.