Accurately tracking and managing financials is important for your site's successful conducting of a trial, as well as the site's general success in the long-run. There are 2 possible outcomes by not taking proper care of your site's financial activities, either you're losing unaccounted money or you're spending a lot of unnecessary time and effort to make sure you're not missing anything. Sites nowadays use electronic systems for financial management such as a CTMS (clinical trial management system).

1. CTMS for Your
Site’s Financial
Activities

2. Introduction:
- Accurately tracking and managing financials is important for your site's successful
conducting of a trial, as well as the site's general success in the long-run.
- There are 2 possible outcomes by not taking proper care of your site's financial
activities, either you're losing unaccounted money or you're spending a lot of
unnecessary time and effort to make sure you're not missing anything.
- Sites nowadays use electronic systems for financial management such as a CTMS
(clinical trial management system).
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In the beginning, while your site is still
young and new, you might start using
traditional methods of financial
management, such as paper-based
documents.
However, once your site's study
pipeline starts to grow it becomes
more and more difficult to manage
your financial activities with such
methods.
For this reason, sites nowadays use
electronic systems for financial
management such as a CTMS
Problems of Using Traditional Methods of
Financial Management

4. ● When you're tracking and accounting your
financial activities, you need to cover all bases:
sponsors, vendors, investigators, and subjects.
● The most common traditional methods of
managing your site's financial activities are:
- Paper-based spreadsheets (hard-copy); and
- Accounting Software;
● Paper-based documents and spreadsheets lack
many advantages when compared to electronic
forms of financial management.
- First of all, there's always the possibility of
human error.
- Second, it's extremely easy to damage or lose
such paper documents.
- And third, there's no possibility of multiple
staff members accessing these documents at the
same time.
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Problems of Using Traditional Methods of
Financial Management

5. ● Accounting software can be great
for tracking your site's cash flow, but
it lacks...
-
integration
- merging with other site activities;
● As a consequence, the person
responsible for financial activities
will have to enter all this missing
data manually, thus creating more
risk for human error.
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Problems of Using Traditional Methods of
Financial Management

6. ● A CTMS can help clinical research sites in the following areas:
- Financial Management;
- Patient Recruitment;
- Subject Visits;
- Business Development;
A CTMS for Financial Management
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A CTMS is a clinical trial management system meant for managing
all the data involved in conducting a clinical trial.
The biggest advantage of using a CTMS instead of traditional
financial management methods is the merging of all trial data into
one organizational structure.
A CTMS will provide the following financial perks for your clinical
research site:
- Generating Invoices and Reconciliation
- Budgeting and Anticipated Revenue
- Managing Payments
- Generating Reports
A CTMS for Financial Management

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Benefits that you'll get by
implementing a CTMS:
- Quick invoicing process;
- Avoid missed/skipped
invoices;
- Avoid delays of payments;
- Receive everything that the
sponsor owes you;
A CTMS will reconcile
payments against invoices, in
order to make sure that there
aren't any missed patients or
visits that your site still didn't
get reimbursed for.
Sites should try to issue
invoices to sponsors as soon as
possible after every completed
visit. Using a CTMS on your
site will give you exactly this –
a quick invoicing process.
Due to its automatized properties,
data entered after a visit merges
into the financials of the system.
Based on information that's
entered in the system previously,
a CTMS will generate prompt and
accurate invoices.
Generating Invoices and Reconciliation

9. - By using a CTMS, you'll have all the necessary tools that
will help you plan and allocate your budget better. A
CTMS will merge the financial data of all procedures,
patients, visits, etc. in order to calculate your site's costs
as accurately as possible.
- Once you have a clear budget, you will have the base to
be able to forecast your anticipated revenue. A CTMS can
give you daily, weekly, or monthly forecast reports, so
that you always know the real situation of your expected
income.
Benefits that you'll get by implementing a
CTMS:
- Know all your costs;
- Find out if you have any hidden costs;
- Calculate your costs of doing business
(overhead);
- Sum up your true costs for the trial;
- Be able to negotiate a better budget with
sponsors by showing them real and
supported numbers;
- Consistency across budgets, procedures,
and protocols;
- Get revenue forecast reports;
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Budgeting and Anticipated Revenue

10. Your industry partners that you will have to
make payments to are the investigators,
vendors, and subjects. Paying these 3
groups promptly and accurately will
strengthen your relationship with them.
A CTMS will gather all the information and
make sure that you never miss a payment
to vendors, investigators or patients
(subjects).
Benefits that you'll get by implementing a
CTMS:
- Accuracy and promptness;
- Consistent payments;
- Reduce calculation errors;
- Avoid missing payments;
- Decrease staff time and efforts
spent on calculating;
Managing Payments
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Generating Reports
With the help of a CTMS, you'll be able to generate any sort
of financial (and other) report at any given time. These
reports will always be current, in-depth, accurate, and in
real-time. Doing this will give you full visibility into your
site's financial activities.
A CTMS will generate your reports by gathering
previously entered data, and merging it to form an
accurate report. Every CTMS has the option of
customizing reports
Types of reports that can be generated with a
CTMS:
- Pending invoices;
- Milestones that haven't been invoiced
yet;
- Pending investigator payments;
- Pending reimbursements of subjects;
- Separate study invoices and receipts;
- and a lot more!

12. ✓ A CTMS will help you generate invoices for quick and accurate
reimbursement from your sponsor;
✓ Using a CTMS will help you with reconciliation of invoices against
receivables, so that your sponsors don't skip a payment;
✓ Planning your budget for conducting a trial will be much easier with
the help of a CTMS;
✓ A CTMS can also help you with anticipating and forecasting your
site's revenue (income);
✓ Using a CTMS will help you with prompt payments to your
investigators, vendors, and subjects, so that you always maintain a
good relationship with them;
✓ And finally, with the help of a CTMS, you'll always be able to
generate any type of financial report customized to your needs;
Checklist
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13. A CTMS for your clinical research site is
nowadays not optional, but considered to be a
crucial necessity. Without the help of a clinical
trial management system, it's almost impossible
to manage not only your financial, but also
every other aspect of conducting a successful
trial.
Your site will greatly benefit from the
organizational features that a CTMS offers, and
you'll notice an immediate improvement in the
efficiency and efficacy of your working.
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Conclusion