Monitor your contract and budget timelines, establishing a 3 week window from award to full CTA execution
Establish vendor costs to ensure expenses are covered, minimizing out of pocket expense
Review personnel expenses compared to revenues, keeping in mind your labor cost. In our industry, it should be at or close to 30%
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
Review screen failure to randomization ratios – are all screen failures being reimbursed? Can you renegotiate while the study is enrolling?
Set goals for each coordinator regarding studies managed and visits per week
Compare overall marketing budget to patient budget. Were you given enough funds and what was the ROI?
Familiarize yourself with your CTMS or look into a CTMS. Automation saves time and allows for productivity elsewhere.