Whether it is financial process support, study lead generation or improved subject enrollment you can count on Research Answers to meet all of your research program business development needs.
The first step in the coaching process is an introductory meeting and assessment to understand the most significant areas for development and obstacles to success. Then, an individual productivity plan is built to create goals in key areas of skill development such as:
• Financial management
• Budget negotiation, revenue collection, financial forecasting
• Study procurement
• Patient recruitment
• Billing compliance
Once we have identified areas for improvement, our consultants will perform onsite, in-depth training with all appropriate site personnel.
Monthly meetings are held to reinforce training, measure progress, create accountability, and overcome obstacles. While each meeting follows a similar format, the content is customized around areas of specific need. A simple reporting tool is used to track activity and results. During the monthly meeting a 30-day action plan is built to guide activity until the next meeting, and measure progress to goal
Each coaching client receives an individual productivity plan focusing on site development, improved efficiency, and enhanced compliance. Monthly meetings measure progress to goal.
Research Answers coaching clients should expect to receive a 2:1 ROI within the first year and increasing ROI thereafter. How does Research Answers do this? Let’s review a typical client scenario.
1. Review of collections process:
* Research Answers found $14,700 of accrued revenue which was never collected
2. Marketing plan development:
* Client was awarded two additional studies within the first year of implementation. Average revenue for each study totaled $75,000.
3. Improved budget negotiation
* Research Answers provides the tools and education to increase study budgets by 10% on average. Total increase $50,000
4. Superior patient enrollment
* Over 50% of sites do not meet the contracted amount of subjects in a given study. While 25% of sites consistently overachieve. Research Answers will create a standardize process employed by these high achieving sites to maximize enrollment 10% increase in the subjects enrolled. Total revenue increase $80,000
In this case ROI was 6:1 . This result may be on the high end of expected results. However it is a very good illustration of how RESEARCH ANSWERS probes multiple areas of potential that a site may not have recognized as a concern.
Contact Research Answers today for a 15 minute consultation