Overview
Per candidates competency & experience level CRFA I, CRFA II, Sr. CRFA leveling may be reviewed for placement alignment.
The Clinical Research Financial Analyst is a position that resides in the Office of Clinical Research (OCR) of Wake Forest University School of Medicine (WFUSM) Clinical Translational Science Institute (CTSI) team. Under the direction of a Clinical Research Administration Manager, the position is a high-level performer of clinical research administration functions and activities. The position will support and mentor entry-level and mid-level colleagues with assigned activities. The Clinical Research Financial Analyst may be assigned any of the following pre-award or post-award activities for a portfolio of clinical research studies: calendar builds in OnCore (clinical trial management system); Coverage Analysis; budget development and negotiation in OnCore; the setup of studies in ClinCard (electronic participant payment); ClinCard payment coordination; sponsor invoicing; sponsored account invoicing; accounts receivable activities in OnCore; study closeout in OnCore, ClinCard, and EPIC (electronic health record and patient billing system).
EDUCATION/EXPERIENCE:
Financial Analyst I
- Bachelor's degree in Business, Accounting, Finance or a related field with 0-1 years of relevant experience in clinical research or research administration; or an equivalent combination of education and experience.
- Minimum of 1-year Business Office experience in a healthcare environment or Research Office experience preferred.
Financial Analyst II
- 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.
Senior Financial Analyst
- Bachelor's degree in Business, Accounting, Finance or a related field with 3 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 required.
- Minimum of 3-years of Business Office experience in a healthcare environment or Research Office experience preferred.
ESSENTIAL FUNCTIONS:
Medicare Coverage Analysis (MCA)
- Reviews complex study protocols, sponsor agreements, informed consent forms and related documents as needed to determine whether a study is a “qualifying clinical trial”.
- Develop coverage (billing) grids in OnCore.
- Analyzes Medicare benefit policies, coverage determinations, and medical practice guidelines related to study specific interventions (e.g., physical exams, labs, radiological scans, etc.).
- Collaborates with the Principal Investigator and the clinical research team to finalize the MCA and designate funding sources for research costs.
- As needed, develops a comprehensive cost analysis for the clinical research study when preparing the initial study budget.
- Maintains a “library” of information on standards of care, National Coverage Decisions (NCDs), Local Coverage Determinations (LCDs), etc.
- Stays abreast of Medicare, sponsor and other federal policy and regulatory issues.
- Senior Financial Analyst - Provides CRMS/WISER training to study staff and entry level colleagues.
Budget Development and Negotiation
- Works with the Principal Investigator and the clinical research team to develop an internal budget that includes all costs applicable to the study.
- 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.
- Creates visit schedule and budget in OnCore.
- Negotiates with sponsors to reach agreements appropriate to the costs of the trial (as needed).
- 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
- Supports the study team in the financial management of clinical trials originating from federal, foundation, and industry funds by performing all accounts receivable functions.
- Generates and sends invoices to study sponsors.
- Tracks and monitors receivables from sponsors, including pass-through fees and milestone payments.
- Generates reports to project study financials.
- Reconciles payments received to OnCore and CORE Connect (Oracle Cloud – institutional financial system). Notifies Financial Services of appropriate study account to receive payment.
- Resolves any financial issues with sponsor as needed.
- Ascertain amount paid and remaining amount due on assigned study sponsor accounts; establish payment plan with Department.
- Contact guarantors regarding past due accounts; re-evaluate existing payment plans as needed when account is delinquent.
- Follow up with Departments to ensure proper amounts are collected; independently recommend action to be taken regarding the account.
- Initiate calls to Departments to ascertain whether the proper amount has been paid on the research account.
- Mail financial statements to Departments.
- Review balances on account and communicate with Departments via phone and email to explain professional and hospital billing and collection policy and procedure.
- 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.
- Supports the closeout of study activities in OnCore, ClinCard and EPIC.
Reporting and Analysis
- 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.
- Assists Principal Investigators with budget monitoring and prepares projections.
- Production of ad hoc analyses as needed.
Systems Support
- Primary user of OnCore, ClinCard and EPIC.
- Senior Financial Analyst - Provides education and assistance as needed to new users and study team members in the use and functionality of OnCore and ClinCard.
General Support
- 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.
- Demonstrates responsibility for personal development by participating in continuing education offerings.
- 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
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