A client describes how the mdlogix Financial Management module successfully meets all his institution’s clinical research budget and billing needs:
“One of the biggest issues in financial planning for clinical trials today is failure to capture costs of rendering services and performing procedures. In my experience, when you are able to show the sponsor the component costs of providing a service, they are much more willing to pay. It is not uncommon for a sponsor to say, ‘What do you mean it’s going to cost $70 to capture a tube of blood that’s going to be sent to a central lab?’ They don’t appreciate everything that goes into it. The mdlogix Financial module allows you to build a budget that captures this level of detail for every procedure in your trial.
“From the other side, most health care professionals come from a research mindset. They are not business people. They are not considering all the little costs involved in running a trial, and those costs add up.
“Additionally, the system is building on the shared experience of a number of people budgeting for studies across multiple departments. Pooling that knowledge is invaluable to educating less experienced administrators in smaller departments where budgeting is just one of the jobs a study coordinator may have to do.”
The mdlogix Financial Management module also allows clients to set up billing milestones and track payment from sponsors. It can tie in with AR/AP systems for a full-circle financial perspective on the trial. The result is being able to look back at a study budget, compare it with the actuals, and determine if the study was a success.
Said the client, “It will tell us the profitability of our trials across sponsors and provide us with better leverage for negotiating the next time we start a trial.”