Revolutionizing CRO Operations: Insights from Top Step and Sikich

Clinical Research Organizations (CROs) face numerous operational challenges in today’s complex landscape. In a recent webinar, experts from Top Step and Sikich shared strategies to optimize study execution and financial management for CROs. The discussion focused on ways to streamline processes, enhance efficiency, and drive business growth.  Be sure to read to the end – we have also included the question asked along with the answers.

Key Challenges Addressed

• Managing complex, long-term studies: CROs struggle with executing and tracking multi-year studies involving hundreds of deliverables.
• Reliance on cumbersome spreadsheets: Many CROs manage studies, financials, and forecasting using error-prone Excel files.
• Handling frequent change orders: The volume and impact of change orders on timelines, budgets, and billing is a major pain point.
• Inefficient unit-based billing: Manual billing processes for delivered units are time-consuming and prone to inaccuracies.
• Lack of real-time visibility: Siloed data in disparate systems hinders CROs from gaining a comprehensive view of study progress and financials.

Strategies to Streamline Study Execution and Financial Management

Automate Study Startup

As Ronn Breaux from Top Step noted, “Excel is a great tool for putting together the study and getting client sign-off, but it fails in executing the study. Systemizing the workbook into a tool like OpenAir is key.” By uploading study details into a Professional Services Automation tool like NetSuite OpenAir, CROs can eliminate manual data entry and streamline study startup.

Streamline Unit Delivery Tracking

OpenAir’s resource booking functionality can be leveraged to plan, track, and adjust unit deliveries across the study timeline. This enables CROs to efficiently manage the complex delivery of hundreds of units throughout the study’s duration.

Simplify Change Order Management

Automated workflows in OpenAir provide visibility into the impact of change orders on budgets and timelines. By streamlining the change order process, CROs can quickly adapt to the frequent changes inherent in clinical trials.

Automate Unit-Based Billing

Customizing OpenAir to convert delivered units into billable dollars allows CROs to generate accurate invoices while saving hours of manual effort. This automation reduces billing errors and ensures timely revenue recognition.

Enhance Financial Forecasting

By establishing charge projections in OpenAir, CROs can forecast unit delivery and billing amounts for future periods. This functionality provides valuable insights for resource planning and financial management.

Unify Operational and Financial Data

Chris Manchester from Sikich emphasized the importance of getting the financials right: “If we don’t get the financials right, it doesn’t bode well for the rest of the project. It’s the core backbone, and we focus on it first to ensure the organization can record transactions and outputs from various systems efficiently and accurately.” Integrating NetSuite financials with OpenAir provides a holistic view of operational and financial metrics.

The Questions Asked

Is this similar to an FP&A tool?

While there are some similarities, NetSuite and OpenAir are distinct from FP&A tools. They offer budgeting and forecasting capabilities, but FP&A tools provide more advanced features like distributed budgeting, what-if scenarios, and multiple versioning.

If a company implements the solution but they’re not a CRO, how can they take advantage of it?

The strategies and solutions discussed, although focused on CROs, are applicable to various professional services organizations. The underlying principles of automating processes, streamlining data flow, and gaining real-time visibility are beneficial across industries.

Is this system integrated with other CRO platforms?

Yes, both NetSuite and OpenAir have open APIs that allow integrations with CRMs, CTMS, HCM, and other systems commonly used by CROs.

What’s the timeline for executing a project like this?  

A typical deployment spans 8-10 months, with the option to phase the rollout starting with financials followed by project execution. The timeline depends on factors like data migration, integrations, and resource availability.

In Conclusion

The webinar showcased how CROs can revolutionize their operations by adopting a strategic approach to financial management and study execution. By automating manual processes, leveraging purpose-built tools, and establishing a unified data platform, CROs can enhance efficiency, profitability, and scalability.

Watch the full webinar recording for more insights and real-world examples. To explore how Top Step and Sikich can help transform your CRO operations, contact our experts today. We’ll assess your current challenges and chart a path to operational excellence tailored to your organization’s unique needs.