Accounting Solutions for Clinical Trials Managers

When you’re managing a clinical trial, ensuring that your research comes in at or under budget is extremely important to both your success and the success of the study. Should you go over budget, someone you owe money to may not be paid, or you’ll have to beg your funding institution for more money. At least if you’re using a clinical trials management system with an accounting function, you’ll be able to point to exactly where that money went. If you weren’t using a clinical trials management system with any finance or accounting features, you may have a hard time convincing your funders to give you more money.

Implementing a Clinical Trials Management System that offers features to help you develop budgets, create invoices, record bookkeeping entries, and report on where and how money is being spent is an insanely useful tool for managers.

In this week’s post, we’ll cover three Clinical Trials Management Systems that have accounting specific features for use in your next clinical research study.

InfoEd’s Clinical Trials Management System (CTMS)

Website: http://infoedglobal.com/solutions/clinical-trials/

Accounting Specific Features: 

  • Capture details of the sponsor’s proposed budget and institutional costs of providing trial services
  • Automatically generate transactions for completed milestones and participant visits
  • Build and send invoices using customizable templates
  • Record payments and age receivables

Additional Features

  • Investigator and Coordinator Tools
  • Administrative Tool
  • Research Trial Design
  • Recruitment
  • Document Management
  • Reporting

EClinForce’s Smart Study Clinical Trials Management Systems (CTMS)

Website: http://www.eclinforce.com/sl_summary.aspx

Accounting Specific Features

  • “Users can set up study budgets by visit and/or procedure, then track actual study costs and revenues along with study progress. Users can also reconcile incoming and outgoing checks. These Financial module features facilitate enhanced management financial oversight and enhanced collections capabilities.”

Additional Features

  • Application Configuration
  • Study Management
  • Recruitment
  • Document Management
  • Reporting
  • Outside Data Integration

Wellspring’s Sophia Clinical Trials Management Systems (CTMS)

Website: http://www.wellspring.com/clinical-trials

Accounting Specific Features

  • Pricing Grid compares charge master and negotiated rates
  • Accurate “intelligent” invoicing
  • Reporting for reporting obligations, identify potential unallowable expenses, and forecast revenue based on enrollment estimates
  • Cost negotiation
  • Financial management

Additional Features

  • Research Coordinator Portal to monitor progress
  • Easy-entry Enrollment Grids
  • Intuitive interface
  • Quick, validated data entry
  • Procedure tracking
  • Audit & Review Board Tracking with automated follow-ups
  • iPad app
  • Powerful reporting

Whichever solution you go with, you now know just how important it is to have a way to quickly and accurately check the finances of your project. Having a system in place to automate and do most of the work will help you get back to what’s really important — your research.

We hope you enjoyed this article. If you found it useful, please feel free to share it and link back to it!

Happy researching.

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