METHOD AND APPARATUS FOR GENERATING A CLINICAL TRIAL BUDGET
A method for generating a clinical trial budget includes determining a plurality of procedures to be performed during a clinical trial, calculating the likelihood of reimbursement by a third party for each of the procedures, calculating for each of the procedures the expected reimbursement amount, calculating an expected net cost for each of the procedures based on the cost of each procedure and the expected reimbursement amount for each procedure, and summing up the expected net costs of the procedures to determine the clinical trial budget. An apparatus for generating a clinical trial budget is also described and claimed.
1 . A method for generating a clinical trial budget, comprising:
determining a plurality of procedures to be performed during a clinical trial, each of the procedures having a cost;
calculating a likelihood of reimbursement by a third party for each of the procedures;
calculating for each of the procedures an expected reimbursement amount based on the likelihood of reimbursement;
calculating an expected net cost for each of the procedures based on the cost of said each procedure and the expected reimbursement amount for said each procedure; and
summing up the expected net costs of the procedures to determine the clinical trial budget.
2 . The method of claim 1 , further comprising modifying the procedures based on the likelihood of reimbursement for each of the procedures.
3 . The method of claim 2 , wherein the modification of the procedures is based on minimizing the clinical trial budget.
4 . The method of claim 1 , further comprising calculating the frequency that each procedure is expected to be reimbursed during the clinical trial.
5 . The method of claim 1 , further comprising calculating the interval between performances of each procedure during the clinical trial.
6 . The method of claim 1 , further comprising collecting reimbursement data related to past performance of each of the procedures to calculate the likelihood of reimbursement and the expected reimbursement amount for each procedure.
7 . The method of claim 6 , wherein the reimbursement data comes from one or more public databases.
8 . The method of claim 6 , wherein the reimbursement data comes from one or more sponsors of clinical trials.
9 . The method of claim 1 , wherein calculating a likelihood of reimbursement by a third party for each of the procedures comprises using data from the country in which the clinical trial will be held.
10 . A method for calculating an expected net cost of a clinical trial procedure, the procedure having a cost, the method comprising:
calculating a likelihood of reimbursement by a third party for the procedure;
calculating an expected reimbursement amount based on the likelihood of reimbursement; and
calculating the expected net cost of the procedure based on the cost of the procedure and the expected reimbursement amount.
11 . The method of claim 10 , further comprising collecting reimbursement data related to past performance of the procedure to calculate the likelihood of reimbursement and the expected reimbursement amount.
12 . The method of claim 11 , wherein the reimbursement data comes from one or more public databases.
13 . The method of claim 11 , wherein the reimbursement data comes from one or more sponsors of clinical trials.
14 . An apparatus for generating a clinical trial budget, comprising:
a routine cost coverage analysis engine configured to:
collect reimbursement data related to past performance of a plurality of procedures to be performed during a clinical trial, each of the procedures having a cost;
calculate a likelihood of reimbursement by a third party for each of the procedures; and
calculate for each of the procedures an expected reimbursement amount based on the likelihood of reimbursement; and
a budget engine configured to:
calculate an expected net cost for each of the procedures based on the cost of said each procedure and the expected reimbursement amount for said each procedure; and
sum up the expected net costs of the procedures to determine the clinical trial budget.
15 . The apparatus of claim 14 , wherein the reimbursement data comes from one or more public databases.
16 . The apparatus of claim 14 , wherein the reimbursement data comes from one or more sponsors of clinical trials.
17 . The apparatus of claim 14 , wherein the budget engine determines the procedures to be performed based on the likelihood of reimbursement for each of the procedures.
18 . The apparatus of claim 14 , wherein the routine cost coverage analysis engine calculates the likelihood of reimbursement for each of the procedures based on the statistical mode of the frequency of reimbursement of said each procedure.
19 . The apparatus of claim 14 , wherein the routine cost coverage analysis engine calculates the likelihood of reimbursement for each of the procedures based on the statistical mean of the frequency of reimbursement of said each procedure.