With a primary vision to develop a sustainable comprehensive clinical trials portfolio in order to become the leading provider of clinical trials in the private sector in Australia, we recognized in 2016 that our method of managing our clinical trials finances was a major stumbling block to operational growth. Replacing manual burdensome excel spreadsheets was critical if we were to remain sustainable into the future. The pivot like combination of unpicking a Study Protocol and matching it with a study budget on a per patient basis required the flexibility and skill set of a contortionist.
To source, secure and implement a cost effective end to end clinical trial site management system (CTSMS) that enables historical recovery of lost revenue and will pro-actively manage a growing clinical trials portfolio.
Potential software provider identified. Formal business case with cost benefit analysis presented to our Board in February 2016. Projected net present value of future cash flow resulting from increased clinical revenue post implementation projected at $875K within 5 years of investment (internal rate of return 382%). Software installed in July 2016. Data migration presented challenges but with additional resourcing and a dedicated transition team CTSMS was released to operational staff in November 2016 with all studies fully migrated by February 2017.
Operationally: End to end management from expression of interest to study archiving is a reality. Significant improvement of staff administrative efficiencies, acting as an enabler to focus on quality and patient care.
Financially: $300K missed revenue recovered year 1; improved total revenue end year 2 $400K; total revenue recoveries as a direct result of CTSMS implementation, $700K against NPV forecast of $875K or 87.5% achieved within 2 years against 5 year forecast. Budgeting is a dream – who would have known?
From re-active to pro-active – our destiny belongs to us.