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Study Site Budget & Payment Management

Study site budget and payment management is not only a financial matter but more importantly is linked to the proper, ethical and efficient conduct of clinical studies.

At HKU-CTC, study site budget and payment management is integrated with study site operations to ensure that all study requirements are well-considered and reasonable resources are available for proper completion of each clinical study. Its team of project executives are well-trained on study site operations and are capable of developing study site budgets that are both reasonable and realistic for meeting the needs of study sites and sponsors. HKU-CTC’s proprietary electronic site financial management system – COSST (Central Operating System for Site Transactions) – was specifically designed to support linking of study protocols and study site operational arrangements with study site budgets and the payment management process. All budget items are clearly itemized and justified to allow easy understanding, communication and adjustments. Instantaneous budget reconciliation and invoicing is possible simply by updating the progress of a study on COSST. All payments received from sponsors/CROs are automatically distributed to investigators and participating parties based on the latest study site budgets, and are notified to them by full statements.

COSST supports financial accountability on the basis of transparency, traceability and auditability. Complete records of all financial transactions are maintained on COSST, making financial audits simple and easy.

Highlights
Professional consultation on study site budget and payment management
Central study site financial management through COSST
Study site budgeting
Study progress tracking and invoicing
Receipt and distribution of payments
Management of passthrough expenses
Management of accounts receivable and accounts payable
Updated financial statements for investigators
Complete, audit-ready central financial records