Clinical Trials Financial Services
CTSI's Clinical Trials Financial Services team supports clinical trials by providing staff skilled in understanding and negotiating contracts, as well as providing financial management and oversight of clinical trials.
Our experienced financial professionals work closely with Academic Health Center project managers and clinical coordinators to develop accurate clinical trial budgets, negotiate fiscally sound contracts, and provide financial management throughout the life of the trial.
We negotiate, analyze, recommend, and regularly review the financial components of a clinical trial.
From initial negotiations to eventual close-out, our dedicated team negotiates, analyzes, recommends, and regularly reviews the financial components of a clinical trial. This enables the principal investigator and study team to respond to issues in a timely manner, often preventing cost overruns.
Clinical Trials Financial Services supports all clinical trials regardless of funding source. This includes studies funded by the University of Minnesota, federal or state agencies, nonprofits, and business and industry.
How Clinical Trials Financial Services supports clinical trials
Pre-award budgeting and contract negotiation
- Develop budgets to project trial costs.
- Negotiate agreements and financial plans for funding costs.
- Facilitate contract approval.
Post-award oversight, invoicing, and reporting
- Monitor budgets and provide ongoing financial oversight.
- Ensure timely invoicing to sponsors and associated collections.
- Develop bi-monthly financial reports for principal investigators and clinical research unit managers. Reports provide an analysis of earned income, accrued expenses, and a variance analysis of budgeted vs. actual expenses, including labor variances.
- Quickly and efficiently investigate and address cost overrun issues.
How to receive Clinical Trials Financial Services support
In order to access services, a study team’s department/division must have a service agreement with CTSI. We currently support research teams from the University’s Masonic Cancer Center, Department of Pediatrics, Department of Psychiatry, and the Department of Medicine's Divisions of Cardiology and Hematology, Oncology and Transplantation.
To learn more about how CTSI’s Clinical Trials Financial Services team can provide financial services for your clinical trials, please contact the CTFS Director Kathy Quandt at 612-626-9725 or firstname.lastname@example.org.