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How to Build a Budget

How to Build a Budget. Wendi R. Mason, NP Interstitial Lung Disease Program Coordinator. Objectives. By the end of this discussion, participants will realize the importance of recognizing all aspects of a study budget. know who to contact with particular questions

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How to Build a Budget

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  1. How to Build a Budget Wendi R. Mason, NP Interstitial Lung Disease Program Coordinator

  2. Objectives By the end of this discussion, participants will • realize the importance of recognizing all aspects of a study budget. • know who to contact with particular questions • learn some organizational tools for creating future budgets • recognize the importance of work associated with a study and include that time as a cost in your budget • know the order of events to contract/budget approval • have been introduced to FACTR

  3. Getting Started

  4. Getting Started Mr. Industry says, “We’re very excited for you to join our study and our team. When can you get this submitted to your IRB?”

  5. Getting Started: Be Organized • Create a list of common billing items CPT Code CDM Descriptor Cost D&H_______ 94720 28010031 Diffusing capacity $317.00 $136.00 94240 28010056 TLC $389.00 $124.48 94060 28010098 pre-post bronchodilator $622.00 $199.04 Update this regularly!! Prices change several times over the year! • Include in this list those items that occur that you may not see in a Schedule of Events. • Creation of HRCT de-identified disks • Fees to Pathology for reading slides / completing paperwork

  6. Getting Started: Be Organized

  7. The Budget“Here is our budget. When can you submit the protocol to your IRB?”

  8. The Budget: D&H vs. Direct Cost • Compare: • How much will this cost me directly? and • How much are they paying? • Determine how much the study would cost if you were billing each item as Standard of Care.

  9. The Budget • Include a line item for your time • Include professional fees for everything • Include CRC • Nursing, facility • Longitudinal studies • Build in a price increase • Overhead/Indirects • 29% institution; 5% division

  10. The Budget: Don’t forget! • Annual Fees • IRB fees • Pharmacy fees • Patient reimbursements • Additional Supplies • Equipment, supplies • Screen failures

  11. The Budget

  12. Discuss Study with Sponsor • How much will be expected by the coordinator • Number of patients expected to enroll (increased patients amplifies the responsibilities of the coordinator) • CRFs – paper/web-based; difficulty level; how much data is captured for specific tests • CRF completion within x days of visit • Collection of outside specimens (such as biopsies, disks, records) • Patient reimbursement or compensation • Frequency of monitoring visits • DCF turn around • Obtaining wet signatures of PI on every item • Protocol – Consent form changes (IRB submissions!) • Sub-study involvement • Acceptance of electronic record/source documentation

  13. VICTr • Vanderbilt Research: Institute for Clinical and Translational Research • Websites: • http://www.mc.vanderbilt.edu/victr/pub/ • https://starbrite.vanderbilt.edu/ • Funding Clinics: • Every Monday • 10 am to 11 am • CRC Conference Room A-3210 MCN

  14. VICTr

  15. VICTr

  16. VICTr

  17. What happens when you don’t ask…

  18. Discuss with Sponsor’s Budget Agent • This is usually a different person than the “Study Start Up” group. • Ask for the most that you believe that you can get. • Keep a documentation trail. “So we’ve agreed on a budget…. When can you submit this to your IRB?”

  19. Submit to your Department • Check with your Department • If required, electronically submit • your agreed budget amount • Contract • Protocol • Informed Consent (if you have it completed) • Continue to communicate with your Department and the Sponsor’s Contract Agent

  20. Department’s Responsibilities • Completion of several internal budget forms, request center number, obtain signatures, create and submit a transmittal form to Grants and Contracts • This may take several weeks.

  21. Grants and Contracts • The Department submits to G&C where it is logged in, given a contract number, and assigned a Contract Analyst. • Continue to communicate.

  22. Budget Building Made Easy • FACTr • https://webapp.mis.vanderbilt.edu/factr/home.jsp • A web-based system for all budget-related needs • D&H requests • Center number requests • Grant submissions • Budget building • Training Classes – March 22, 9am, Crystal Terrace • http://vanderbilt.mzinga.com/app/servlet/goTo?Page=CourseInfo&DirectLinkID=78797

  23. FACTr

  24. FACTr

  25. FACTr

  26. FACTr

  27. FACTr

  28. FACTr

  29. FACTr

  30. FACTr

  31. Resources • Your Department Administrator • Know this person! • Dept of Finance (prefer email) • Dianne McGrath (Contracts) 2-4549 • Theresa Shalaby (research rates [through FACTr]) 2-0200 • Cara Baughman (StarPanel forms, FACTr questions) 6-2641 • Sandy Greeno (Grants, billing issues) 3-3653 • Grants and Contracts • Janet Fry 6-5886 • Carolyn Strickland (Contracts) 6-6691

  32. The Budget after Study Start-Up Further discussion and just as important! • Accounting for your Center number • Watching patient billing charges • Watching professional fees Thank you for your time and attention wendi.mason@vanderbilt.edu 3-7068

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