FINANCIAL ANALYSIS - PowerPoint PPT Presentation

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FINANCIAL ANALYSIS

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  1. FINANCIAL ANALYSIS OFFICE OF CLINICAL TRIALS

  2. Process of Payments

  3. 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.

  4. 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

  5. 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.

  6. 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.

  7. Revenue Distribution

  8. Funding for Clinical trials • (NIH) National Institute of Health • (VA) Veteran’s Administration • Pharmaceutical Companies • Volunteer groups • Research Organizations