Consistent financial practices at community sites improve performance and sustainability: A case study of validated...

Community research site finances continue to emerge as substantial topics of concern. Financial management solutions are possible; however, they must be continuously managed and incorporated to realize optimal business quality. The current case study assessed key financial metrics prior to and one year following a clinical research site's financial review and implementation of improved practices. Financial activity and sustainability metrics were collected and assessed. Staff were interviewed prior to and after the financial review. Results analyzed differences in processes to further elucidate impact and explore best practices. Following review and best practice implementation, the site realized not only an immediate improvement in record management and an increase in revenue realization, but also a substantial increase in 12-month metrics. Fewer visits were performed year-to-year; however, management improvements yielded overall revenue and accrual increases. The site owner and staff members noted a relief and excitement when "Finance is Everybody's Job" cultures were adopted throughout site departments. Newly established financial processes demonstrated an immediate improvement in site sustainability and, when routinely managed, stabilized monthly finances during lower visit periods. Future studies may assess long-term effects of financial management or analyze each financial component for process refinement and optimization.