FINANCIAL ANALYSIS OFFICE OF CLINICAL TRIALS
Description of Payment Process • Chartfield- All trials have a unique Chartfield. This is made up of FUND-ORG-PROGRAM-PROJECT number. • Invoices- When a new account is created, the Sponsor is invoiced for initial payments. Milestone/Time –initiated research study will be accomplished by the OCT based on the conditions presented in the executed contract. • Checks- Upon receipt of a detailed invoice, the Sponsor submits payment via a lockbox or by mail to the Office of Clinical Trials. Checks are then submitted to Treasury.
ACCOUNT CREATION • The Office of Clinical Trials is the central repository for all industry-related reimbursement. Research study accounts are established in the SoM FAME system. • They follow the general account string:- 27- Industry (set up by OCT) 26, 28- Grants/foundations (set up by SPA) 11- Operating accounts 51- Discretionary accounts FAME account string looks like :- 27-CXXXX-12345-ABCDE
Accounts Receivable • When the account is created, the OCT will enter all budgetary information in the SoM Finance system to create an account receivable for each research project. • OCT will provide copies to Finance which will be logged and maintained in a study-specific accounts receivable format.
Types of Payments Received • Progress Payments – These are paid based on patient CRF’s, visits completed or study advances. Institutional overhead is applied. • Pass through Payments- These are billable items which are invoiced as stated on the budget. These payments do not have institutional overhead.
Funding for Clinical trials • (NIH) National Institute of Health • (VA) Veteran’s Administration • Pharmaceutical Companies • Volunteer groups • Research Organizations