Diamind Solutions

Finance Management: Streamlining Trial Payments

Effective financial management is essential for the success of clinical trials. The Finance Module in the Diamind Clinical Trials Management Solution (DCTMS) simplifies budgeting, invoicing, and payment tracking, ensuring accuracy and transparency throughout the trial lifecycle. This module automates complex financial workflows, reducing administrative burden and enabling better resource allocation.

Key Features

  • Automated Payment Eligibility Tracking:
    • Link site payments to trial milestones and event completion.
    • Automate invoicing and payment schedules for seamless transactions.
    • Automatic linking and tracking of event completion with other systems (e.g., EDC)
  • Customizable Milestones:
    • Define financial milestones based on trial protocols, including patient visits, data collection, and site activities.
    • Configure payment rules by site, event, or currency.
  • Multi-Currency and Tax Support:
    • Handle invoices across multiple currencies and tax structures.
    • Adapt to country-specific financial regulations.
  • Real-Time Financial Dashboards:
    • Monitor trial budgets, site-specific payments, and overall financial health.
    • Generate comprehensive reports for sponsors and stakeholders.
  • Ad-Hoc Payment Management:
    • Manage one-time payments, such as site initiation fees or bonuses, with ease.

Description

The Finance Management module in the Diamind Clinical Trials Management Solution (DCTMS) is designed to streamline the complexities of financial workflows in clinical trials. By automating budgeting, payment eligibility tracking, and invoice generation, this module ensures that trial finances are managed efficiently, accurately, and transparently. It enables researchers, sponsors, and site teams to focus on critical trial activities without being bogged down by administrative financial tasks.

With customizable milestone-based payment structures, the Finance Management module aligns financial processes directly with trial progress. Payments are automatically triggered by the completion of key events, such as patient visits, data collection, or site-specific activities. This eliminates manual tracking errors and ensures timely, accurate payments across single-site or multi-center studies. Additionally, its support for multi-currency transactions and country-specific tax structures makes it an ideal solution for global trials.

Real-time dashboards and comprehensive reporting tools provide sponsors and stakeholders with full visibility into trial budgets, site payments, and financial performance. Detailed audit trails ensure compliance with regulatory standards, offering transparency and accountability at every step. Whether managing recurring payments or handling one-time expenses like site initiation fees, the Finance Management module is a powerful tool for maintaining control over trial finances and ensuring the financial health of your clinical research projects.

How It Works

  1. Financial Setup:
    • Define trial budgets, payment milestones, and site-specific financial terms at the start of the study.
  2. Event-Linked Payments:
    • Automate payment triggers based on site activities, such as patient visits, data submissions, or milestone completions.
  3. Real-Time Monitoring:
    • Use interactive dashboards to track payment statuses, pending invoices, and trial-wide financial performance.
  4. Compliance and Audit Readiness:
    • Maintain detailed financial records with audit trails for regulatory and sponsor reviews.

Why Choose Our Finance Module?

The Finance Module removes the complexities of manual financial tracking by automating workflows and providing real-time visibility into trial finances. Its seamless integration with other DCTMS modules ensures that financial data is accurate, complete, and linked to trial progress. Whether managing budgets for a single-site study or a global multi-center trial, this module ensures that financial management is streamlined and compliant.

Driving Financial Transparency

With its robust reporting tools, the Finance Module empowers sponsors, CROs, and site teams to monitor financial performance and make informed decisions. It ensures that trial funds are allocated efficiently, site payments are accurate, and all financial processes adhere to regulatory requirements.

Streamline Your Trial Finances
Contact us today to learn how the Finance Module can optimize your clinical trial budgets and payment workflows.