10.2 Financial Management Setup |
The first step in the recommended process of financial management setup is to ensure that all of your requisite financial data is in place. For example, ensuing that your event costs and cost types, Calendar settings, patient cost items and coverage analysis grid have been configured with all the required financial information for your study. You can learn more about configuring study-specific calendars and events with financial information by reviewing the Associated Calendars section, or library calendars and events by reviewing the Calendar Management section.
Once your requisite financial data is in place, you will want to create a new budget with the goal of using that budget to estimate study costs, generate visit and event milestones, and potentially for use in contract negotiations. The recommended type of budget is a calendar budget template as they are dynamic and pull financial data directly from your study calendar(s), however, you can create different types of budgets to align with your study needs. See Budget Types to learn more about each type.
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Note:
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It is not recommended to associate a calendar with a Browser Budget as any associated calendar modifications will not update in the browser budget. The user would need to remove the calendar and re-associate it to the browser budget to see the calendar changes in the budget.
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If a budget template type is created, that budget should then be associated with a calendar, and any necessary modifications and adjustments should be made to the costs. This can be done manually or via the Bulk Edit Tool. From there, milestones (financial achievement triggers) need to be configured to define what should be paid, to whom, and how that payment milestone is achieved.
Before getting started, it is extremely important to understand that budgets and milestones build upon the information established in the foundational elements created in other modules of Velos eResearch, such as calendars, studies, and patient management. Financial Management cannot function properly without all of the foundational elements being in place first. It is also recommended that all stakeholders involved in these key areas have, at a minimum, a high-level understanding of financial management to ensure the accuracy of study financial records and processes.
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Note:
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Calendars are the driving force behind Financial Management, in that they are the source of most cost information for budgets. In addition, they define patient schedules and may be used to generate Visit and Event milestones.
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Warning:
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Prior to setting up budgets and milestones, ensure that study calendars are fully configured.
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To learn more about these foundational elements, refer to the following sections of the user guide:
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