By Chris Manchester, Managing Consultant, Sikich
Clinical Research Organizations (CROs) must track expenditures across multiple phases of R&D trials, secure contracts and follow strict compliance requirements—all while overseeing patient billing and sponsorship claims. With so much complexity, it’s easy for clinical trials to go over budget.
Only 1 in 10 drugs make it through clinical trials, and it takes an average of $985 million to bring a single drug to market. With hundreds of millions of dollars on the line, optimizing your revenue in clinical trials is crucial. Unfortunately, this is easier said than done and requires better accounting, documentation, and visibility.
Tracking billing and expenditures with notepads and Excel spreadsheets isn’t enough to meet client needs and auditing regulations. Instead, you need a powerful software solution to keep up with documentation and billing in real time. With the right technology, your organization can overcome common challenges, improve profitability, and to the customer experience.