Ideas for Managing Clinical Trial Finances Post-Pandemic
While the pandemic’s long-lasting effects on clinical trials are not yet fully known, effective financial management is a critical component to inform the business adjustments your site is making in an ever-changing industry. Rethinking how your site’s fiscal priorities have shifted–and the possible effects of these shifts on operations, sponsors, and participants–can help ensure your financial management leads to long-term business success.
While the basics of tracking clinical trial financial activity have not changed, the tools used and the varying trial designs have significant ramifications on how clinical research sites comprehensively manage finances. Now more than ever, clinical research organizations need actionable business insights. Trial complexity, increasingly challenging recruitment, and shrinking study budgets all necessitate strong financial management.
Using clinical trial software empowers organizations to understand, monitor, and adjust financial operations as needed, especially over time and through changing industry dynamics. Clinical trial software is often equipped with business intelligence modules, allowing research organizations to get the answers they need with unparalleled access to real-time business data with the ability to create actionable reports almost instantaneously. The ability to visualize financial information at a granular level not only supports trial work but is necessary to satisfy sponsors and regulators.
Beyond day-to-day fiscal oversight and analytic evaluation, financial management supports clinical trial innovation, drives business growth, and increases revenue. Deploying a clinical trial management system (CTMS) and eClinical solutions enables sites to run distinct reports across all levels of the business. This helps visualize best (and worst) practices to enhance risk mitigation and leads to future growth opportunities. These reports help organizations make necessary business decisions regarding materials, personnel, space, and technology investments, all facilitating success.
It’s critical for CTMS and eClinical systems to support financial data collection, analytics, and reporting in order to maintain effective and efficient fiscal management. Leveraging a powerful and comprehensive suite of solutions can help a site manage the industry complexities at play today and for years to come.