Day 1:
Monitor your contract and budget timelines, establishing a 3 week window from award to full CTA execution
Day 2:
Establish vendor costs to ensure expenses are covered, minimizing out of pocket expense
Day 3:
Review personnel expenses compared to revenues, keeping in mind your labor cost. In our industry, it should be at or close to 30%
Day 4:
Monitor your receivables and cash closely. Large accounts receivable is good if it is current. Your DSO (Days Sales Outstanding – how quickly you get paid) should be under 40 days
Day 5:
Review screen failure to randomization ratios – are all screen failures being reimbursed? Can you renegotiate while the study is enrolling?
Day 6:
Set goals for each coordinator regarding studies managed and visits per week
Day 7:
Compare overall marketing budget to patient budget. Were you given enough funds and what was the ROI?
Day 8:
Familiarize yourself with your CTMS or look into a CTMS. Automation saves time and allows for productivity elsewhere.
