Financial Management

The financial module of the CRMS helps study staff more effectively manage the budgeting and billing activites associated with clinical trials, ensuring regulatory compliance and improving the overall outcomes – both financial and clinical – of clinical trials. It allows the study team to develop a protocol’s budget by mapping out the study’s procedures over time. Through interface with the Schema module, it captures and projects costs of all scheduled events. The system improves billing compliance by automatically separating charges for research and “standard of care” activities so Medicare is never mistakenly billed for research-related procedures, and billing status is clear for auditing purposes. Improved accuracy means reduced billing rework and minimized risk of compliance failure.

Contract management is facilitated by allowing members of the study team to collaborate on contracts, protocol development and financials, integrating the financial piece into study development.

Finally, the system reconciles the initial budget against actual costs of a study at any point during the trial, determining the cost per subject and projecting costs based on anticipated accrual.

Key Benefits:

  • Generate budgets based on study schedule
  • Create "what if" budgets
  • Update procedures and budgets with negotiated charges
  • Complete Medicare Coverage Analysis
  • Create billing milestones based on enrollment, procedures, or visits
  • Generate invoices to Sponsors
  • Manage payments from Sponsors
  • Track study performance on the Financial Dashboard