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Clinical Research Financial Analyst

Winston Salem, NC, United States
Job ID: 131199
Job Family: Financial Services
Status: Full Time
Shift: Day
Detailed Shift and Schedule: M-F 8AM-5PM
Job Type: Regular
Department Name: 55811085045501-Clinical and Translational Science Institute (CTSI)

Overview

JOB SUMMARY: 

The Clinical Research Financial Analyst II will facilitate the financial management associated with planning, negotiating, setting up, managing, and closing out clinical research studies. Primary responsibilities include evaluating study protocols and developing accurate budgets; meeting with research personnel in a collaborative effort to identify and quantify pertinent information impacting clinical trial finances; and distinguish between billable (standard of care or SOC) and non-billable costs to ensure overall adherence to Federal compliance in the budgeting process. This individual will also be a central resource to Business Administrators, Principal Investigators, Study Staff and Sponsored Programs personnel. Serves as a primary resource on the business aspects of clinical research and maintains appropriate records and databases. Works with the study teams to develop coverage analyses, clinical trial budgets, and reports to track and monitor receivables. Develops integrated revenue/expense analyses, projections, reports, and presentations. Creates and analyzes clinical trial financial reports and ensures financial information has been recorded accurately. Communicates findings and makes recommendations as appropriate. Performs financial forecasting and assists in the reconciliation of internal clinical trial accounts. Takes an active leadership and training role within the Clinical Trials Offices Study Administration Team. The Wake Forest Clinical and Translational Science Institute (CTSI) is a unified research organization designed to provide innovative, efficient, and sustainable infrastructure that accelerates the translation of discoveries to improve health. Its Academic Programs and Biomedical Research Services and Administration components support faculty and staff conducting research at Wake Forest Baptist Medical Center through the provision of creative tools and services while maintaining the highest standards for conducting safe and ethical research. 

EDUCATION/EXPERIENCE: 

  • Bachelor's degree in Business, Accounting, Finance or a related field with 2 years of relevant experience in clinical research as a financial analyst or similar position;  or an equivalent combination of education and experience. 
  • Knowledge of OnCore, ClinCard, and/or EPIC research administration is preferred. 
  • Minimum of 2-years of Business Office experience in a healthcare environment or Research Office experience preferred.

REPORTS TO: 

Pre-Award Finance Manager

LICENSURE, CERTIFICATION, and/or REGISTRATION: 

N/A 

ESSENTIAL FUNCTIONS:

Medicare Coverage Analysis (MCA)

  1. Reviews complex study protocols, sponsor agreements, informed consent forms and related documents as needed to determine whether a study is a “qualifying clinical trial”.
  2. Develop coverage (billing) grids in OnCore.
  3. Analyzes Medicare benefit policies, coverage determinations, and medical practice guidelines related to study specific interventions (e.g., physical exams, labs, radiological scans, etc.).
  4. Collaborates with the Principal Investigator and the clinical research team to finalize the MCA and designate funding sources for research costs.
  5. As needed, develops a comprehensive cost analysis for the clinical research study when preparing the initial study budget.
  6. Maintains a “library” of information on standards of care, National Coverage Decisions (NCDs), Local Coverage Determinations (LCDs), etc.
  7. Stays abreast of Medicare, sponsor and other federal policy and regulatory issues.

Budget Development and Negotiation

  1. Works with the Principal Investigator and the clinical research team to develop an internal budget that includes all costs applicable to the study.
  2. Develops detailed final budgets by identifying all activities, tests and procedures to be performed during the conduct of the study based on the protocol, study calendar and other study documents.
  3. Creates visit schedule and budget in OnCore.
  4. Negotiates with sponsors to reach agreements appropriate to the costs of the trial (as needed).
  5. In collaboration with Research Billing Team, reviews patient care charges associated with each clinical research study on a periodic basis. Works with Special Billing and Department post-award personnel in to ensure that charges for all patient procedures are treated appropriately.

Financial Management

  1. Supports the study team in the financial management of clinical trials originating from federal, foundation, and industry funds by performing all accounts receivable functions.
  2. Generates and sends invoices to study sponsors.
  3. Tracks and monitors receivables from sponsors, including pass-through fees and milestone payments.
  4. Generates reports to project study financials.
  5. Reconciles payments received to OnCore and CORE Connect (Oracle Cloud – institutional financial system). Notifies Financial Services of appropriate study account to receive payment.
  6. Resolves any financial issues with sponsor as needed.
  7. Ascertain amount paid and remaining amount due on assigned study sponsor accounts; establish payment plan with Department
  8. Contact guarantors regarding past due accounts; re-evaluate existing payment plans as needed when account is delinquent.
  9. Follow up with Departments to ensure proper amounts are collected; independently recommend action to be taken regarding the account.
  10. Initiate calls to Departments to ascertain whether the proper amount has been paid on the research account.
  11. Mail financial statements to Departments.
  12. Review balances on account and communicate with Departments via phone and email to explain professional and hospital billing and collection policy and procedure.
  13. At the completion of the study, supports Department post-award personnel and Sponsored Programs in the review of revenue received prior to closeout of the study account.
  14. Supports the closeout of study activities in OnCore, ClinCard and EPIC.

Reporting and Analysis

  1. Financial Analyst II and Senior - Prepares analyses and reports of clinical trial financials for presentation to Clinical Research Administration Managers, Directors, study teams, Financial Services, and others as requested.
  2. Assists Principal Investigators with budget monitoring and prepares projections.
  3. Production of ad hoc analyses as needed.

Systems Support

  1. Primary user of OnCore, ClinCard and EPIC.

General Support

  1. Prioritizes job tasks; demonstrates willingness to assist Manager/Director in the completion of special projects and daily task to support the Department’s productivity and efficiency.
  2. Demonstrates responsibility for personal development by participating in continuing education offerings.
  3. Performs other related duties incidental to work described herein.

SKILLS/QUALIFICATIONS:

  • Excellent oral and written communication skills. 
  • Excellent phone etiquette and internal/external customer service skills, required.
  • Strong interpersonal skills and attention to detail.
  • Experience with computerized databases (e.g., Microsoft Excel), word processing (e.g., Microsoft Word), and presentation software (e.g., Microsoft PowerPoint).
  • Demonstrates ability to work independently and manages competing priorities.

WORK ENVIRONMENT:

  • Clean, comfortable, well-lit, office environment.
  • Work from Home

PHYSICAL REQUIREMENTS: 

Amount of time spent performing the following activities: 0% 35% 65% to to to 35% 65% 100% N/A Activity x Standing x Walking x Sitting x Bending x Reaching with arms x Finger and hand dexterity x Talking x Hearing x Seeing Lifting, carrying, pushing and or pulling: x 20 lbs. maximum x 50 lbs. maximum x 100 lbs. maximum

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