#Clinical Trials #Suvoda #budgeting

Suvoda Revolutionizes Clinical Trial Budget Management

In the ever-evolving landscape of clinical trials, the importance of efficient financial planning cannot be overstated. Suvoda, a prominent player in clinical trial technology, has recently unveiled an innovative split budget functionality within its Budgeting & Benchmarking solution, a game changer for sponsors and Contract Research Organizations (CROs) navigating the intricate maze of site budget development across global studies.

The Challenge of Complex Budgets

Managing clinical trial budgets has traditionally been fraught with complications. Clinical trials often require multiple agreements, especially when different areas within a single site—like investigators, imaging departments, and external laboratories—are involved. This complexity has historically necessitated the use of offline tools, creating inefficiencies that can lead to compliance issues and delays in patient enrollment.

Suvoda's newly introduced split budget feature aims to address these challenges head-on. This functionality allows users to create and manage multi-payee scenarios directly within the Budgeting & Benchmarking tool, eliminating the need for external spreadsheets and manual processes. This enhancement not only streamlines budget creation but also connects budget structuring directly to payment execution downstream, which is crucial as over 70,000 sites across 80 countries utilize Suvoda’s systems for site payments.

Key Features of the Split Budget Functionality

The split budget capability allows sponsors to:

• - Configure distinct payee structures for various entities involved in a clinical trial at a single site.
• - Negotiate cost allocations separately for different stakeholders including investigators and departments engaged in the trial.
• - Maintain a unified budget workflow, providing consistency across different countries and sites in research studies.
• - Prepare budgets that are readily compatible with the configuration required for site payments.

Significance of Enhanced Budgeting Tools

“Ideal budgeting is not just an administrative task, but it is foundational to building robust sponsor-site relationships and ensuring smooth, timely payments,” said Iain Wood, Senior Product Manager at Suvoda. By minimizing manual input and leveraging automated processes, the risk of errors is significantly reduced, allowing clinical trials to adhere to planned timelines more effectively.

Clinical trial sponsors now have the ability to reflect the actual operational needs of clinical sites with the flexibility of split budgets. As the paradigm of what constitutes a