Rave Clinical Trial Financial Management
Make Smarter Decisions with Data-Powered Financial Management
Rave Clinical Trial Financial Management (CTFM) is a suite of solutions, including Rave Grants Manager (Planning and Contracting) and Rave Site Payments, paired with the industry-leading Rave EDC. CTFM provides Sponsors and CROs with a comprehensive, best-in-class financial management solution from study budget planning to site budget negotiations and site payments.
Benefits
Improved Operational Efficiencies
Leverage automated workflows, dashboards and calculations that facilitate quicker site negotiation and site payment processes all to ensure study timeline targets are met and financial visibility is at the forefront.
Data Powered Decision Making
Take a faster and smarter approach to financial management with the unification of all study data and financial data. Utilize real time financial data tracking and analytics to make proactive and faster decisions.
Full Financial Transparency
Gain full transparency throughout the study lifecycle from study budget planning and site budget negotiation, to site payments and budget amendments, while providing sites the financial transparency they need.
Shift Focus Back to Patients
Enable sites to spend less time worrying about finances and more time conducting the study and focusing on the care of patients.
Key Features
Study Budget Planning
Rave Grants Manager Planning allows for a quick way to build a study budget with benchmarks running at every level of detail, from just the therapeutic area and phase, all the way to geographical and even site specific. The selection of different benchmarks allows for real-time scenario planning. It also provides a way to measure burden on sites and patients during the study budget build process.
Site Budget Negotiation
Rave Grants Manager Contracting automatically pulls the budget template from Rave Grants Manager Planning. It then powers site negotiations with automated, transparent workflows, interactive dashboards, metrics and tracking to enable quick and easy budget negotiations with the sites.
Accurate & On-Time Site Payments
Rave Site Payments handles complex budgets and payment terms with automated cost calculations triggered by Rave EDC in real-time or any other EDC solution. Streamlined and controlled payment approval queues and funding processes eliminates payment delays.
Site Portal
The site portal provides complete visibility into the budget negotiation and payment processes. Site portal dashboards, reports & auto invoicing allow sites to conduct adequate financial planning, resulting in increased financial stability.
Data-Powered Reporting & Analytics
Unified data powers smart accrual tracking and forecasting that enables proactive financial decision making while obtaining complete visibility and meeting all compliance requirements.
Robust Global Invoicing
Rave Site Payments reduces processing time and errors with the global invoicing module that automates and distributes electronic invoices while taking the burden off the sites.
Related Solutions
Rave Site Payments
Rave Site Payments is a data driven system that provides real-time payment processing triggered by any EDC. Its capabilities allow for handling of complex budgets and payment terms while ensuring visibility and compliance through reporting and dashboards.
Rave Grants Manager
Rave Grants Manager manages the entire investigator grant life cycle of clinical trials. The solution provides Sponsors and CROs with a comprehensive, data-driven way to quickly and accurately develop investigator grant budgets and efficiently conduct the site budget negotiation process.
CTFM Content Resources
Join Medidata’s Clinical Trial Financial Management team in exploring timely and compelling clinical trial financial news and information.
Resources
Clinical Trial Financial Management
From study budget planning, to site budget negotiations and site payments, Rave Clinical Trial Financial Management ensures financial visibility for all stakeholders throughout the entire study life cycle. Read about all the features included within the suite of products.
Innovative Clinical Finance Video Series
The video series explores many topics based on deep knowledge and experience within study budgeting and site payments.
White Paper: How sponsors and sites can achieve a harmonious and optimized site budget negotiation process
Check out the data that Medidata collected from sites, sponsors and CROs about the site negotiation process. This whitepaper explores the challenges on each side of the negotiation and provides solutions for a successful modern day process.
POP Magazine
Check out the Power of Partnership (POP) quarterly magazine. Read the latest issues with timely and compelling clinical finance news and information. Sign up to receive the magazine.
