Clinical trial expense management
An opportunity to optimize clinical trial expense management utilizing industry-leading technology
While supporting our life sciences clients, we’ve seen firsthand the challenges of managing clinical trial expenses. Our clients have said the process is:
- A high-risk area for auditors
- Manual, Excel-based and often lacks connections between finance and clinical operations
- Challenging to forecast due to the uniqueness of clinical trials and inevitability of change orders
Informed by first-hand experience working with clinical research organizations and biopharmas, RSM’s clinical trial expense management solution merges our industry experience with optimized processes and advanced technology to alleviate complex back-office burdens, drive finance transformation and enable business success.
RSM can be your one-stop provider covering all phases of the life sciences company life cycle, from drug discovery to post-commercialization, offering technical accounting, management consulting, risk advisory and technology consulting.
RSM’s Clinical Trial Expense Management solution
RSM provides a comprehensive solution addressing all aspects and stakeholders of clinical trial expense management, including financial planning and analysis, clinical trial accounting, and clinical operations alignment.
Biopharma strategy and process improvement
We identify gaps in strategy and processes and suggest industry-leading practices to drive improvements, including:
- Assessment of current state of clinical trial expense management processes
- Gap analysis summary of issues and recommendations
Innovative technology implementation
Our team implements industry-leading technology from Auxilius, designed with the complexity of clinical trial expense management in mind. This one-of-a-kind clinical trial expense management SaaS platform is built to handle the complexity of clinical research and development. The platform’s capabilities include:
- Consolidation of financial and clinical data to streamline financial close and mitigate audit risk
- Ownership of your numbers without excessive reliance on third-party vendors
- Elimination of the need for spreadsheets, and alignment between clinical finance and operations
Managed end-to-end services
RSM provides tailored ongoing services to maintain your clinical trial expense management process and alleviate your administrative burden.
Managed services include:
- Financial planning and analysis
- Accounting
- Financial reporting
- Cash flow management
- Creation of a defensible audit trail
- Process outsourcing
A proven methodology for the transition of business processes
Our team follows a collaborative and phased approach, with ongoing two-way communication, to implement and optimize the clinical trial expense management solution and provide the client support needed to ensure a smooth service transition.
Our methodology:
- Enables human capital resources to be deployed on value-added initiatives
- Provides a defensible audit trail for management’s estimates
- Streamlines an efficient and consistent clinical trial expense management solution across the enterprise
- Allows you to grow and evolve at any speed due to the platform’s flexibility and scalability
- Improves speed to close while providing better visibility into clinical spend
I could reduce my time to close by more than one week with a capable end-to-end solution.
Chief financial officer, at a middle market biopharma
Auditors consider clinical trial expense management to be the highest area of risk.
Vice president of finance and accounting, at a middle market biopharma
Relevant insights for biopharma businesses to help you adapt, grow and innovate
- /insights/industries/life-sciences/biopharma-trial-expenses
- /insights/industries/life-sciences/scaling-at-the-speed-of-change-biopharma
- /insights/industries/life-sciences/life-sciences-outlook
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